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Stocks In Focus (GRP, TEE Int’l, Tiong Seng) – 18/06/13
GRP Proposes Expansion Into Property Investment And Development
GRP, a manufacturer and supplier of high quality hose and fittings, intends to expand its core business to include property investment and development. Under the proposal, GRP will look to undertake property development activities including acquisition, development and/or sales across residential, hospitality, commercial (retail and office) as well as industrial types of properties. The firm will also consider acquiring and holding property related assets for long-term investment purposes such as rental collection, capital growth potential and/or property related services and facilities. GRP is of the view that the property market growth in the Asean region has led to a sustainable and long term value proposition due to the rising income levels. GRP is not planning to restrict the property investment and development to any specific geographical markets but will focus on the Asean region, specifically in Myanmar, during the initial stages.
Significance: The proposed new business would reduce GRP’s reliance on its existing business which remains competitive and challenging, while potentially, forming part of the core business of GRP in the future.
TEE International’s Subsidiary Secures Water Management Contract
Global Environmental Technology (GET), partly owned by TEE International’s subsidiary, TEE Resources, has formed a consortium with Cisco Engineering (Cisco) and Lam Water Solution (Lam) to secure a water management contract. The contract, which was entered into with Bangkok Metropolitan Administration, tasks the consortium to manage and control the water level at Makkasan Water Catchment area by periodically pumping water into the Chao Phaya River. The contract, worth approximately $8.6 million, commenced from 1 May 2013 and will last for a period of three years.
Significance: GET, Cisco and Lam will own 30 percent, 50 percent and 20 percent respectively in the consortium which TEE International’s total effective interest being 14.7 percent.
Tuan Sing’s Subsidiary Obtains Tender To Gilstead Court
Tuan Sing Holdings’ subsidiary, Dillenia Land, has been awarded the tender for the collective sale of all strata lots and the common property in Gilstead Court for $150.2 million. The freehold property has an approximate site area of 75,479 square feet. Gilstead Court is situated along Gilstead Road, within the highly exclusive and sought after Novena/Newton district with close proximity to their respective MRT stations. The area is a long serving private residential estate accompanied by commercial developments including Velocity @ Novena Square, United Square, Square 2 and Oasia Hotel. With Mount Elizabeth, Novena Hospital, Novena Medical Centre and Novena Specialist Center located in the vicinity, the area has earned the reputation of a medical hub. Tuan Sing has developed distinctive projects including Leedon Park Good-Class Bungalows, Botanika and the upcoming Cluny Park Residence. The firm intends to develop a high-end project for this exclusive freehold site.
Significance: With a plot ratio of 1.4, the price of $150.2 million would translate to $1,292 per square feet per plot ratio, including a 10 percent balcony area.
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