Located in the city’s Marine Parade area, the site will comprise 150 apartments, the statement said. The transaction will be completed by the third quarter.
CapitaLand says it has signed a sale and purchase agreement to acquire Marine Point condo for $100.68 million through a collective sale to redevelop the property into a condominium with 150 units, comprising one-bedroom plus study and two-bedroom apartments.
Located along Marine Parade Road, Marine Point sits on a 51,185 sqft freehold site with a maximum gross floor area of 107,488 sqft. The Marine Point site is located along Marine Parade Road, opposite the bustling Marine Parade Town Centre and Parkway Parade shopping mall.
Inclusive of an estimated development charge of $12.8 million, the total acquisition cost works out to $1,056 per square foot per plot ratio.
DMG & Partners Securities in a Jan 17 research report says: “Sembcorp Marine (SMM) has won a shipbuilding and three upgrading jobs valued at $215 million for various customers. We estimate that total outstanding orderbook climbed to $5.7 billion, with deliveries extending up to end 2013 and is 1.4x annualised FY10 revenue.
Singapore’s Sembcorp Marine (SCMN.SI), the world’s second largest rig builder, said on Thursday it has signed up to $182 million ($233.5 million) jack-up rig contract with a wholly-owned unit of Atwood Oceanics.
The rig is scheduled for delivery by the end of June 2013 and Sembcorp said the contract is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of the firm for the year ending December 2011.
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Ali Abdulla Ahmad Bin Towaih has been appointed non-ED wef Jan 10
Work experience: VP, business development, strategy and administration, Drydocks World, Dubai; ED, Tecom Investment, Dubai
By the midday break, the Straits Times Index (STI) <.FTSTI> was up 6.10 points at 3,244.79. The total value of shares traded in the morning session was $663 million, up slightly from $655.2 million on Monday.
Credit Suisse raises Keppel Corp’s (BN4.SG) target to $13.50 vs $12.10 and Sembcorp Marine (S51.SG) target to $6.20 vs S$5.80 as the brokerage remains Overweight on the offshore & marine sector.
It says market trends indicate that a new rig replacement cycle is possible and that newer generation rigs are increasingly required to enable conversion of more challenging reservoirs.
US Defence Secretary Robert Gates Thursday announced $78 billion in cuts to military programmes over the next five years, intended to help bring the government’s ballooning budget deficit under control. The reductions target expensive and burdensome weapons systems, staff, independent contractors and other overhead and will take place over five years, Gates said. Further cuts [...]
OCBC Investment Research in a Jan 5 research report says: “ASL Marine’s (ASL) order book has fallen to about $303 million in 1QFY11, less than half of its order book level of $693 million in 4QFY08.
Sinwa, the marine supply and logistics player, has agreed to acquire 70% of the issued and paid-up share capital of Rapid Offshore & Marine.
Rapid Offshore & Marine is a leading HVAC&R (Heating, Ventilation, Air-conditioning and Refrigeration) and Integrated M&E (Mechanical & Electrical) company in the global marine and offshore industry.
Heng Hock Cheng @ Heng Heyok Chiang has been appointed independent director wef Jan 1
Work experience: MD, Shell Gas and Power Malaysia; chairman, Shell China; senior area engineer, Shell Int’l
Singapore shares may rise on Tuesday after Wall Street climbed overnight in its first session of the year, buoyed by strong U.S. manufacturing data. Singapore’s benchmark Straits Times Index <.FTSTI> rose 1.43% on Monday to 3,235.77 points. Here are some stocks and factors to watch:
Shares of Singapore-listed ship-chartering firm Marco Polo Marine (MAPM.SI) may be in focus after it said on Monday it plans to issue Taiwan depository receipts (TDR) to broaden its investor base.
Chemoil Energy says unit Chemoil International has acquired the marine fuel group business of OceanConnect Holdings Inc for US$25 million ($32 million) which will be funded by internal resources.
In a separate announcement, Chemoil says it has appointed Tom Reilly, the former chief executive officer of OceanConnect, as its new CEO and director on Monday.
Singapore’s ship-chartering firm Marco Polo Marine (MAPM.SI) said on Monday it plans to issue Taiwan depository receipts (TDR) to broaden its investor base.
Marco Polo Marine is in the process of hiring external financial institutions to begin preparatory work for the TDR issue and it will apply for regulatory approval with the relevant Taiwanese authorities, the firm said.
It will decide further details of the proposed TDR issue at a later stage, Marco Polo Marine said in a statement.
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Singapore shares may open higher on Thursday after the S&P 500 rose overnight to its highest level since the collapse of Lehman Brothers, led by bank stocks that have leapfrogged other sectors in December.
The following companies may have unusual price changes in Singapore trading today, say Bloomberg and Thomson Reuters. Stock symbols are in parentheses, and share prices are from the previous close. Singapore’s Straits Times Index gained 0.1% to 3,144.31.
Shares of rig-maker Sembcorp Marine (SCMN.SI) rose as much as 2% after it won two contracts worth US$400 million ($525 million) from Noble Corporation (NE.N) to build two jackup rigs, with options for another four that could lift the total value to US$1.2 billion.
At 11:23 a.m., Sembcorp Marine shares were up 1.8% at $5.08 on a volume of 2.2 million shares, nearly 40% of its average traded volume in the last 30 days.
Kim Eng Research in a Nov 26 research report says: “Marco Polo Marine’s (MPM) FY Sep10 results were broadly in line with our and consensus estimates. Net profit surged by 90% y-o-y to $19.1 million on a full-year basis, driven by broad-based revenue growth across its two business segments and higher gain on disposal of 20 vessels.
