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Stocks In Focus SG (GLP, Sunpower, AsiaMed) – 09/07/13
GLP To Commence JPY15.7b Development In Greater Osaka
Global Logistic Properties (GLP) will be commencing the development of GLP Naruohama, a 110,000 square meter multi-tenant logistics facility in Greater Osaka. The total development cost is estimated to be JPY15.7 billion (US$160 million) with construction expected to begin in May 2014 and slated for completion in June 2015. The facility will consist of five floors above ground, with double rampways allowing truck access to every floor. This project is GLP’s 21 st facility to be located in Greater Osaka and is also the fifth development under GLP Japan Development Venture, which is a 50:50 joint venture between GLP and the Canada Pension Plan Investment Board. To date, the venture has announced five projects for a total investment of JPY59 billion (US$603 million).
Significance: The project is strategically located in one of Japan’s largest consumption areas and is an attractive market for logistics with strong demand as vacancy rate for large multi-tenant facilities are standing at a low of 1.5 percent.
Sunpower Secured Rmb253.5m EPC contract with BaoTa Petrochemical Group
Sunpower Group announced that it has secured an Engineering Procurement and Construction (EPC) contact worth Rmb253.5 million ($48.8 million) with Xinjiang Kuishan BaoTa Petrochemical, a joint venture and a investment holding company of BaoTa Petrochemical Group. The EPC contract includes the integration of sulphur recovery and flare systems into Xinjiang Kuishan Petrochemical Base – the supply of sulphur recovery system is valued at Rmb206 million and to be delivered by the end of 2015. While the supply of the flare systems, valued at Rmb47.5 million, is to be delivered by the end of 2014. The expected aggregate revenue will have a positive impact on the group’s FY14 and FY15 result. In commenting on the contract secured, chairman of Sunpower, Goh Hongxin, prides the efficiency of its wholly-owned subsidiary, Jiangsu Sunpower Technology, in its ability to deliver high value contract.
Significance: In view of China’s objective to reduce total sulphur dioxide emissions by 8 percent per unit of industrial added value within the 12 th 5-year plan of petrochemical and chemical industries, Sunpower is optimistic will be able to capture higher market share demand for its sulphur recovery systems in various industrial sectors and clinch more contracts.
AsiaMedic Reveals New Subtenant Nichii International Clinic With Its Expansion Plan
AsiaMedic, a premier healthcare provider in Asia, announced it has secured the lease extension of its approximately 13,500 square feet flagship medical center and additional floor space of approximately 8,500 square feet at Shaw House for a total of 15 years. The expansion is scheduled for completion by the second half of 2013 and will lift its total floor space by over 50 percent to approximately 22,000 square feet. This enables AsiaMedic to expand its core advanced imaging services, and at the same time create more medical suites for own use and sublease. The group’s new sub-tenant, Nichii International Clinic (NIC), subsidiary of Tokyo-listed Nichii Gakkan, will be taking up approximately 1,680 square feet to house its maiden general practice, which is expected to commence by the third quarter of this year. It will be a clinic providing very high quality service to both Japanese and non-Japanese clients.
Significance:Nichii Gakkan, being one of the largest healthcare companies listed on the Tokyo Stock Exchange, is believed to draw a larger pool of patients that will benefit AsiaMedic’s imaging and diagnostic business.Having recently collaborated with LifeForce Cryobank and now included NIC into its medical centre, AsiaMedic has been building a reputation as a recognised player to support its vision of being the premier health provider in Asia.
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