GSH Corp Ltd - SGX next potential counter

Posted by excelyou > 2014-01-02 22:05 | Report Abuse

GSH buys majority stake in Sutera Harbour Publish date: Thu, 2 Jan 16:32 Back -------------------------------------------------------------------------------- KOTA KINABALU, Sabah: Sutera Harbour Resort has announced a joint venture partnership with GSH Corporation Ltd, a company listed on the Main Board of the Singapore Exchange. Under the partnership, GSH will acquire a 77.5 per cent stake in Sutera Harbour Group Sdn Bhd, which will own Sutera Harbour Resort after the restructuring. In addition, GSH, through two of its wholly-owned subsidiaries, Ocean View Ventures Pte Ltd and Ocean View Point Pte Ltd, have entered into agreements to acquire stakes in two separate land parcels, measuring 4.89 hectares (ha) and 5.29ha respectively within the 155.14ha Sutera Harbour property for future luxury condominium development. GSH is a growing property development company in China and Malaysia led by its executive chairman, Sam Goi, who is also the executive chairman of Tee Yih Jia Group, a global food and beverage group, and Yangzhou Junhe Real Estate Group, a property development company in China. Goi is also the vice chairman of three other main board-listed companies in Singapore. GSH chief executive officer Gilbert Ee said Kota Kinabalu is a rising property hotspot in Malaysia and the company sees robust potential for prime real estate in the city, fuelled by strong tourism growth from Northeast Asian countries such as Korea, Japan, Hong Kong and China. He said visitors from these countries are growing exponentially and today account for more than half of total international arrivals to Sabah. "Apart from tourism, Sabah has experienced strong gross domestic product growth in 2012, thanks to its key sectors of agriculture and oil and gas. "With such strong fundamentals, we see great potential in Kota Kinabalu's luxury hospitality sector as well as premier resort homes," he said in a statement issued by Sutera Harbour here today. Sutera Harbour Resort is located within 10 minutes from the city and yet provides a quiet, exclusive and secure ocean-front property with spectacular scenery. Sutera Harbour Resort Group president Datuk Edward Ong Han Nam, who is the founder and developer of Sutera Harbour Resort, was excited with the joint venture with GSH, as it would propel the resort to the next level of tourism development in the state.-- Bernama

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Posted by excelyou > 2014-01-02 22:07 | Report Abuse

SINGAPORE – 29 November 2013 – Mainboard-listed GSH Corporation Limited (“GSH” or
the “Group”) today announced that its wholly-owned subsidiary, City View Ventures Sdn. Bhd.
has signed a Sales & Purchase Agreement with Tropicana Kia Peng Sdn Bhd to acquire a prime
land parcel for a purchase consideration of RM132.4 - million.
The leasehold land parcel of 5,800 sq metres, - which GSH plans to develop into a residential
and commercial development, is located on Jalan Kia Peng in the prime section of Kuala
Lumpur’s city centre, popularly known as the Golden Triangle. It is set amidst an exclusive
residential enclave area, and is approximately 800 metres from the city’s iconic Petronas Twin
Towers and Suria KLCC. The site is also a stone’s throw from the uber-chic shopping belt of
Bukit Bintang and the business center of Kuala Lumpur..
This Acquisition comes hot on the heels of the unanimous approval by GSH shareholders in an
extraordinary general meeting held on 9 October 2013 to extend its diversification into property
development and related businesses to ASEAN countries.
Mr Sam Goi, Non-Executive Chairman said: “We are thankful to our shareholders for entrusting
us to develop the Group’s property development business, and are pleased to announce this
acquisition so soon after the EGM. We assure all of our shareholders that we are working very
hard to expand into Mainland China, Malaysia and the ASEAN region.”
Said Mr Gilbert Ee, GSH’s Chief Executive Officer: “We like Malaysia, particularly Kuala
Lumpur, for its strong domestic demand and robust economic fundamentals, that drive
population migration into urban areas, and which continue to fuel growth in the mid-tier to
luxury segment of the residential market. Kuala Lumpur is also perceived as a steady, safe
property market, and coupled with the excellent location of our site, we are optimistic that our
plans for a premium residential development here will be attractive to discerning local and
overseas buyers.”
The purchase consideration was arrived at a willing-buyer, willing-seller basis, and funding will
be from internal resources and borrowings. A deposit of 10% of the purchase price has been
paid by City View Ventures Sdn. Bhd. to the vendor. The balance shall be paid upon completion
of the Acquisition, to take place within three (3) months from the date the Agreement becomes
unconditional.
The Proposed Acquisition is subject to the fulfillment of conditions precedent, such as the
approval of the relevant state authority for the transfer of the Property by the Vendor to City
View Ventures Sdn.Bhd.

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