Friday, April 3, 2015

Rowsley calls off mega development project in Myanmar

SINGAPORE (April 3): Rowsley, Singapore billionnaire Peter Lim's listed property group, has called off plans to invest US$275 million ($374 million) in a mega mixed development in Myanmar.

Under a proposed agreement with Hoang Anh Gia Lai Joint Stock Co (HAGL) announced in February, Rowsley would take a 50% stake in a firm that owns HAGL Myanmar Centre, a US$550-million project in Yangon being developed by HAGL.

The proposed joint venture will no longer proceed as both sides could not agree on the details of the investment structure, Rowsley said in a regulatory filing today.

"The company will not enter into the proposed joint venture as the conditions precedent under the heads of terms agreement have not been satisfied," it said, adding that it will continue to explore other investment and development opportunities.

Spread over more than 73,000 sq m of land, HAGL Myanmar Centre will comprise four office blocks, a five-star hotel, a mall, serviced apartments and residential units.

The property, which will have a gross floor area of 640,000 sq m, will open in phases from end-2015.
Rowsley, an architecture and property development firm, has been raising funds and going on road shows to prepare for its foray into Myanmar.

Last week, it issued $100-million, 6.5% three-year notes, marking its first stab at raising funds from bond investors since its transformation from an investment holding firm with no operating assets into a real estate company.

The paper is part of a $500-million multi-currency medium-term note programme set up last November. 

Thursday, February 12, 2015

Rowsley to invest US$275m in Myanmar development

POSTED: 12 Feb 2015

SINGAPORE: Rowsley, a real estate, architectural and engineering consultancy firm part-owned by Singapore billionaire Peter Lim, is making its foray in Myanmar by investing US$275 million (S$274.5 million) in a property project in Yangon.

Under a heads of terms agreement signed on Thursday (Feb 12), Rowsley will take a 50 per cent stake in a company that wholly owns HAGL Myanmar Centre - one of the country's largest integrated projects with four office blocks, a five-star hotel, a retail mall, serviced apartments and residential apartments.

"Yangon currently faces a severe shortage of top-grade office space, hotels and modern malls. The first phase of HAGL Myanmar Centre will be operational in 2015 and will immediately address the acute shortage of real estate in all these asset classes,” Rowsley Chief Executive Officer Lock Wai Han said in a statement.

Rowsley's partner in the project is Vietnam's Hoang Anh Gia Lai Joint Stock Company (HAGL), which will undertake the construction of the entire project.

Spread over more than 73,000 square metres of land located in a prime neighbourhood next to Inya Lake in Yangon, HAGL Myanmar Centre has a land lease term of 50 years and option for another 10+10 years, with the project valued at US$550 million when completed.

Myanmar has seen strong economic growth in recent years. The International Monetary Fund, however, warned earlier this week that the country's economy is set to grow at a slower pace of 7.8 per cent in the fiscal year ending Mar 31 due to a slowdown in agriculture.
- CNA/ek

Monday, February 9, 2015

TMC Life Sciences to acquire Thomson Medical Hub in JB for RM400m

Posted on 9 February 2015 - 05:40am

PETALING JAYA: TMC Life Sciences Bhd, a healthcare operator and investment holding company controlled by businessman Peter Lim, has entered into a RM400 million related party deal to acquire Thomson Iskandar, a medical hub project located on 1.6ha of freehold land in Johor Bahru.

TMC has entered into an agreement with Best Blend Sdn Bhd, also partly owned by Lim, to acquire the entire issued and paid up share capital of BB Waterfront Sdn Bhd (BBWF), which is the owner of Thomson Iskandar.

The purchase consideration shall be settled by the issuance of 533.33 million new TMC shares at an issue price of RM0.75 per share, together with 266.66 million free warrants.

Best Blend is beneficially owned 70% by Lim and 30% by the Crown prince of Johor, Tunku Ismail Idris.

The company is also proposing to reward existing shareholders with a proposed bonus Issue of warrants entailing the issuance of 599,760,718 warrants on the basis of one warrant for every two TMC shares held.

The bonus warrants are subject to the completion of the share sale and purchase.

Both the consideration warrants and bonus warrants have an exercise price of 75 sen per warrant and an exercise period of four years.The deal is subject to shareholders and regulatory approvals.

The Thomson Iskandar medical hub is located at the Stulang Laut area, which is within 1km radius of the Malaysian CIQ complex located at the Causeway linking Singapore to Johor Bahru.

BB Waterfront has obtained zoning approval from the Ministry of Health Malaysia on July 7, 2014 and Dec 16, 2014 fora purpose built private hospital for the provision of multi-disciplinary healthcare services and an approval-in -principle for it to build and operate a 272-beds hospital. The proposed medical hub entails an integrated development into a medical hub that comprises a 500 beds hospital, 400 medical suites and retail mall (to facilitate and provide ancillary services to the operation of hospital and medical suites with an estimated gross development value of RM1.2 billion and a gross development cost of RM900 million.

As at last Friday, BB Waterfront has commissioned some preliminary works on the development which includes architectural, civil and structural engineering and mechanical and electrical engineering design and is expected to commence construction by end 2015. Hospital operations is expected to begin by late 2018.

The medical hub will contain a hospital named Iskandariah Hospital.

The medical hub will be managed by Thomson International, a subsidiary of Singapore private hospital owner and operator, Thomson Medical Pte Ltd.

"This transaction is timely as it allows the group to tap into the strong demand for quality and affordable healthcare in the Iskandar Region as well as the medical tourism from Singapore and the region. This acquisition will elevate TMC to the next level, " TMC chairman Datuk Khalid Abdul Kadir said.

Both Thomson Iskandar in Johor Bahru and the integrated healthcare campus at Tropicana Medical Centre in the Klang Valley once ready will see the group own and operate some 1,000 hospital beds.

Tuesday, October 28, 2014

Singaporean billionaire Peter Lim gets rousing welcome in Valencia

Published on Oct 28, 2014
The Straits Times

By Wang Meng Meng

Last Saturday, billionaire investor Peter Lim received an extraordinary welcome from the fans of Spanish football club Valencia.

A YouTube video uploaded by the club shows the billionaire arriving at the Mestalla Stadium last Saturday night for the home game against Elche, which Valencia won 3-1.

Lim was in the Spanish port city to finalise his ownership of the club.

Earlier that day, it was confirmed that he had reached an agreement with Bankia - the Spanish bank that held most of the club's €200 million (S$323 million) debt - on the restructuring of the club's finances. That has paved the way for him to buy a 70 per cent stake in Valencia.

Stepping out of a luxury sedan, Lim was giving a warm handshake and hug by Valencia president Amadeo Salvo. Cameras zoomed in on the masses of fans, who chanted the Singaporean's name feverishly, as if they were welcoming a new star striker.

Accompanied by his wife, former actress Cherie, Lim posed for photographs and was later escorted to a balcony in the stadium, where he and Salvo waved at the delighted fans below.

The 61-year-old, estimated to be worth US$2.05 billion (S$2.6 billion) by Forbes Singapore, has bought Valencia for €420 million in total, with €200 million to clear the club's debts and £170 million to complete construction of a new stadium.

He has also splashed €45 million on two Benfica players - striker Rodrigo Moreno, 22, and midfielder Andre Gomes, 20.

Without a league title in 10 years and a trophy since the Copa del Rey and Spanish Super Cup in 2008, Valencia were crippled by debt until Lim started buyout talks a year ago.

Rejuvenated by the hope offered by the Singaporean, Valenncia have surged up to fourth in the 20-team La Liga on 20 points, two points behind leaders Barcelona.