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SPH On Look-Out for Attractive Residential Sites (BT)

BackJun 08, 2010

SINGAPORE Press Holdings' property unit is on the look-out for residential sites to buy, says the unit's executive director Seow Choke Meng.

Times Development, a wholly owned subsidiary of the media group, yesterday held the completion ceremony for its maiden residential project Sky@eleven.

All apartments and penthouses in the 273-unit development off Thomson Road were snapped up within 30 hours during the property's January 2007 launch.

The freehold condo obtained its temporary occupation permit last month.

Speaking to reporters, Mr Seow said that the project has delivered good returns to SPH shareholders and he remains on the lookout for land.

"We are still looking for sites for residential development," he said. SPH is open to buying sites in prime districts as well as suburban plots, he said.

But it will only pick plots that can deliver returns as good as Sky@eleven did, he said.

SPH chairman Tony Tan said that the completion of Sky@eleven has proven that the company can deliver more than media products. "It is a testament to SPH's growing versatility, dynamism and willingness to seek opportunities to create shareholder value," he said.

Besides Sky@eleven, SPH's property ventures include Paragon, a prime retail and office complex in Orchard Road. The mall recently got an $82 million face-lift and boasts a new facade, It has a 100 per cent occupancy rate.

SPH also has another retail property, Clementi Mall, in its portfolio.

The company, with NTUC FairPrice and NTUC Income, won the mall in a tender in November 2009, in which the consortium put in the top bid of $542 million.

"With Paragon's winning track record, I am confident the development of the new mall, which is scheduled to begin operations in the first half of 2011, will undoubtedly be another success for SPH," Dr Tan said.

SPH's counter lost 11 cents or 2.9 per cent to close at $3.68 yesterday amid a broad market retreat.