We have established and invested in several strategic partnerships and platforms to enhance our competitive position and geographically expand across Asia. Working with like-minded and reputable partners on several fronts has allowed us to pool our complementary capabilities and expertise to take on larger-scale projects and broaden our offerings to clients, while simultaneously reducing commercial and operational risks related to a particular geographic market, industry cluster or real estate sector. Activities under strategic partnerships feed into our design-and-build and leasing businesses.
Our current partnerships include the Boustead Development Partnership (BDP) in Singapore, THAB Development Sdn Bhd (THAB) in Malaysia and a consortium led by SGX-listed Perennial Real Estate Holdings Ltd (PREH) in China.
Boustead Development Partnership
Established in 2014, the BDP is our co-investment partnership with a reputable Middle East sovereign wealth fund. Under the BDP, we possess a strategic joint venture platform to undertake sizeable development and redevelopment projects for industrial real estate in Singapore.
Five development properties have been secured under the BDP so far. The completed properties comprise Safran Helicopter Engines’ new regional headquarters, GlaxoSmithKline (GSK)’s headquarters for Asia, named GSK Asia House, and Continental Building Phase 3, a research & development centre expansion. ALICE @ Mediapolis, an 11-floor multi-tenanted smart business park development at JTC’s one-north, achieved a well-received marketing launch near the close of FY2018 and is expected to be completed in 3Q FY2019. The BDP is developing a new integrated production and warehouse facility to be leased on a long-term arrangement to a unit of Amcor Limited, a global leader in developing and producing high-quality, responsible packaging for a variety of food, beverage, pharmaceutical, medical-device, home and personal care, and other products.
THAB is a joint venture that we formed with AME Construction Sdn Bhd, formerly SGX-listed Tat Hong Holdings Ltd and SGX–listed CSC Holdings Ltd in 2013 to address our growing presence in Malaysia. THAB has completed iBP @ Nusajaya, a premier freehold clean and green business park located in the Southern Industrial & Logistics Clusters of Iskandar Malaysia (Flagship Zone B), and a multi-tenanted 2-storey ramp-up logistics hub at the Port of Tanjung Pelepas (Flagship Zone C).
In China, we hold a 4% stake in Beijing Tongzhou Integrated Development Phase 1 – a mixed-use Grade A iconic landmark development at the centre of Beijing Tongzhou’s new Central Business District – through a consortium led by PREH. Phase 1 features a proposed 414,000 square metres of gross floor area with an eight-level retail podium, two office towers and one residential tower, and is due to be completed by 2021.