Singapore Corporate News - 29 Nov 2007

Keppel Land to build 140 Viet waterfront villas

KEPPEL Land will build 140 waterfront villa homes in Ho Chi Minh City, its eighth residential development in Vietnam this year.

In a statement yesterday, Keppel Land said that it had formed a joint venture, through wholly owned subsidiary VN Investment Pte Ltd, with Vietnamese property developer Hung Phu Real Estate Investment Corporation (Hung Phu), to develop a 9.7-hectare site into waterfront landed housing in District 9 of Ho Chi Minh City.

The total investment capital for the project is estimated at US$55.2 million. Upon receiving the investment certificate and obtaining the relevant government approvals, VN Investment will take up a 60 per cent stake in the joint venture company and Hung Phu, the remainder.

Stamford Land in A$220m Sydney project

SINGAPORE-LISTED Stamford Land, the hotel and property arm of shipping tycoon Ow Chio Kiat, is planning to build some of Australia's most expensive homes on the site of two old demolished warehouses and a heritage building.

Mr Ow bought the 99-year leasehold site on Sydney's The Rocks area fronting Gloucester Street and Cumberland Street for A$22 million in June 2004 and is developing a 30-storey building with 122 apartments, five luxury terraces and commercial and retail space, at a total cost of some A$220 million (S$279 million).

Ezra associate EOC wins US$148m deal

EZRA Holdings, which provides offshore marine and support services, yesterday said that its Norway-listed associate EOC Ltd has secured the group's 'maiden major regional contract', worth US$148 million, to jointly transport and install oil exploration and extraction equipment off the coast of Thailand and Malaysia.

Under the contract, EOC and its partner will support offshore construction work in the Malaysian-Thailand Joint Development Area (JDA). This is a 7,250 sq km area off the coast and to the east of Thailand and peninsular Malaysia. As it is formed by overlapping continental shelf claims, the governments agreed to share the rights and responsibilities of extracting petroleum in the JDA.

CosmoSteel full-year profit up 25% to $7.6m

THE booming energy and marine sectors have helped CosmoSteel Holdings - a piping system components supplier and distributor - post a 24.9 per cent rise in net profit from $6.1 million to $7.6 million for the full year ended Sept 30.

Energy accounted for 58.9 per cent of the revenue and marine 22.5 per cent. These two sectors combined contributed $58.9 million in revenue, up 22 per cent from the previous year's $48.3 million. Marine revenue rose a sharp 70.2 per cent from $9.5 million to $16.3 million.

CosmoSteel, which was listed on the mainboard in June this year, saw group revenue rise 29.6 per cent to $72.4 million from $55.9 million. The board has proposed a final cash dividend of one cent per share.

KSH wins $118m deals from Ho Bee

CONSTRUCTION company KSH Holdings has secured two contracts from the Ho Bee Group worth more than $118 million to build high-end residences at Sentosa Cove and Orange Grove.
The deals take the value of construction contracts secured by KSH this year to $512.8 million. The company's order book now stands at a record $498 million.

One of the new contracts, worth about $64.8 million, is for Ho Bee's Turquoise @ Sentosa Cove condominium and showflat. Work will start in February 2008 and be completed within 26 months.

The contract takes the total value of KSH's projects at Sentosa Cove to more than $292.8 million. Besides Turquoise @ Sentosa Cove, it is building Ho Bee's The Coast @ Sentosa Cove.
The other contract announced yesterday is for The Orange Grove in Stevens Road. The contract value is about $53.2 million.

The development will have 72 units with attics. Work is scheduled to start this month and be completed in 28 months.