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Stocks In Focus SG (Far East Hospitality Trust, Giken Sakata, Singapore Exchange) – 22/09/14
Far East Hospitality Trust (FEHT) entered into a 30:70 joint venture with Far East Organization Centre and Fontaine Investment for the development of an 850-room hotel located on a 60-year leasehold land site in Artillery Avenue, Sentosa Island. The development, Outpost Hotel Sentosa and Village Hotel Sentosa, measures 35,748 square metres in gross floor area and is projected to cost $443.8 million in development costs (FEHT: $113.1 million, according to its stake in the joint venture). Expected to be completed by 2018, FEHT intends to finance the joint venture fully by debt.
Giken Sakata (S) entered into two cooperation agreements, Trembul and Gabus, with a government-owned corporation based in Central Java. The Trembul and Gabus agreements will grant the rights to manage 24 and 46 oil-wells respectively. Under the agreements, the company is responsible for the procurement of equipment, transportation, manpower and working capital, in return for 80 percent of proceeds generated from the sale of oil produced from the two oil fields. The agreements are valid for 5 years from 15 December 2011.
Hiap Hoe proposed the sale of five unsold units in Skyline 360 Degrees and two unsold units in Signature At Lewis for $35 million and $7 million to its subsidiaries, Bukit Panjang Plaza and Guan Hoe Development respectively. The prices for the properties are arrived based on their market value. The disposal is in respect to an internal restructuring exercise of the group.
Keppel Land agreed to sell its entire stake in SSP for at least IDR400 billion ($42.8 million). SSP developed and owns a 90 percent interest in BG Junction, a six-storey strata-titled retail mall with an adjoining multi-storey car park building in Surabaya, Indonesia. The completion of the sale is expected to be completed by no later than 31 January 2015.
Ley Choon Group Holdings opened a single asphalt recycling plant in Singapore. Located at No. 3 Sungei Kadut Drive, the new plant has a production capacity of 400 tons of asphalt per hour and triples the group’s production capacity from 175 tons per hour to 575 tons per hour. In addition, the plant is able to recycle bitumen by up to 70 percent and houses a research and development centre for improved formulations of asphalt premix.
Singapore Exchange launched a new research and company fundamentals portal on its website. The portal named SGX StockFacts is a research database that provides a variety of features and information such as stock fundamentals, a stock screener and charting tools. The company views that the portal will enhance the ability of investors to make more informed investment decisions.
United Engineers was selected as the preferred bidder under the scheme of design, build and operate for the second NEWater plant at the Changi district. The project is expected to generate a daily production capacity of 228,000 cubic metres and is expected to be completed in late 2016. The plant will be constructed on the rooftop of the existing Changi Water Reclamation Plant and will purify treated used water from the facility into ultraclean, high-grade reclaimed water known as NEWater.
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