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04-09-2014, 06:27 AM
http://www.businesstimes.com.sg/premium/...t-20140904
PUBLISHED SEPTEMBER 04, 2014
Logistics to acquire Johor land for development
BYCHAN YI WEN
yiwenc@sph.com.sg
LOCAL construction group Logistics Holdings is acquiring a plot of industrial land in Johor for RM38.8 million (S$15.3 million) for its maiden overseas property development venture.
In a bid to diversify its income stream within the property industry, the group entered into a sale and purchase agreement (SPA), through its indirect wholly owned subsidiary Le Premier Development, with the vendor, Budi Sejati, on Aug 28. The acquisition will take place within three months from the date of the SPA.
Due to local regulatory requirements, manpower shortages and increased foreign labour levies, business in Singapore has been tougher, said director Eric Ng.
In September last year, the group also entered into an 80 per cent owned joint venture with another Singaporean firm, Concrete Innovators, to build a precast plant with annual capacity of 21,000 cubic metres in Iskandar - the main southern development region of Johor - which commenced operation in July this year. The precast manufacturing operation will primarily serve the group's projects in Singapore, while the excess may be sold to external customers.
PUBLISHED SEPTEMBER 04, 2014
Logistics to acquire Johor land for development
BYCHAN YI WEN
yiwenc@sph.com.sg
LOCAL construction group Logistics Holdings is acquiring a plot of industrial land in Johor for RM38.8 million (S$15.3 million) for its maiden overseas property development venture.
In a bid to diversify its income stream within the property industry, the group entered into a sale and purchase agreement (SPA), through its indirect wholly owned subsidiary Le Premier Development, with the vendor, Budi Sejati, on Aug 28. The acquisition will take place within three months from the date of the SPA.
Due to local regulatory requirements, manpower shortages and increased foreign labour levies, business in Singapore has been tougher, said director Eric Ng.
In September last year, the group also entered into an 80 per cent owned joint venture with another Singaporean firm, Concrete Innovators, to build a precast plant with annual capacity of 21,000 cubic metres in Iskandar - the main southern development region of Johor - which commenced operation in July this year. The precast manufacturing operation will primarily serve the group's projects in Singapore, while the excess may be sold to external customers.