Singapore Corporate News - 3 Aug 2007

Half of Scotts Sq units snapped up in a week

LUXURY developer Wheelock Properties has sold half of the 338 units in its upmarket Scotts Square development over the past week to buyers of its previous projects, it said yesterday.

The 169 units were sold at an average price of $3,983 per square foot. The highest price was $4,430 psf for a one-bedroom apartment on the 41st floor, Wheelock said.

About 63 per cent of the units were bought by Singaporeans or permanent residents. As for foreigners, the buyers were predominantly Indonesians, the developer said.

'We have been receiving numerous enquiries from both locals and foreigners as early as 2005,' said Tan Bee Kim, Wheelock's executive director. 'The private placement was offered to our established clientele who understand the outstanding value of the development since Scotts Square is one of the rare freehold luxury homes located in Orchard Road.'

Scotts Square consists of two super-luxury residential towers of 35 and 43 storeys connected by a sky bridge. An upmarket retail podium with lettable area of about 80,000 sq ft will occupy four floors in the development - from Basement 1 to Level 3.

Tubindo wins US$10m fabrication contract

INDONESIAN tycoon Kris Wiluan's PT Citra Tubindo Engineering has just clinched a US$10 million fabrication deal - part of a US$500 million-plus conversion project in Singapore of the world's first FDPSO (floating, drilling, production, storage, off-loading) vessel, which will be deployed in the Congo in Africa.

Tubindo said its fabrication deal, 'with the first phase valued at up to US$10 million' is from US-based Nabors International, one of the world's largest drilling companies. It opens new opportunities for Mr Wiluan's listed Singapore trio (including Aqua-Terra Supply and SSH Corp) led by KS Energy, which has a joint venture with the Batam-based Tubindo yard.

Separately, PT Citra Tubindo, which supplies specialised pipes for the offshore oil/gas industry, said it has also just signed an MOU with a US$1 billion Islamic Fund to explore oilfield equipment processing opportunities in the Middle East and energy investments in Indonesia.

The MOU with Emerging Markets Partnership, Bahrain, which is the general partner and manager of the Islamic Development Bank Infrastructure Fund, also involves cooperation in training of Indonesians to equip them with skills for oil-and-gas jobs in the Gulf region.

On Tubindo's participation in the mega FDPSO fabrication deal here, which is understood to be by Keppel Corp, it said that Tubindo's Batam facility will carry out fabrication of components including decks, substructure, mud systems and power systems.

This is where the Singapore trio will be involved, as KS Energy, under its joint venture with Tubindo signed last August, will provide project know-how and supply equipment, parts and accessories to the Batam facility.

Commenting on the deal, Mr Wiluan, president director of Jakarta- and Surabaya-listed Tubindo and chairman and CEO of the Singapore trio, said that 'the boom in drilling activities worldwide has resulted in a shortage of facilities with the skills and capacity to fabricate large-scale systems for drilling units. With these opportunities at our doorstep, Tubindo hopes to become a major player in supply and refurbishment of drilling systems.'

The FDPSO vessel will be used to develop the Murphy Oil Azurite project in the 4,500 ft-deep Mer Profonde field in the Congo, which is expected to produce over 40,000 barrels of oil daily.