'Sky garage' developer moving into entertainment business

An artist's impression of Winterland Shanghai, an integrated indoor winter resort to be built in Shanghai, China, by Singapore developer KOP Properties. KOP wants to be one of the largest entertainment real estate players in Asia, following its succe
An artist's impression of Winterland Shanghai, an integrated indoor winter resort to be built in Shanghai, China, by Singapore developer KOP Properties. KOP wants to be one of the largest entertainment real estate players in Asia, following its successful reverse takeover of Catalist-listed entertainment group Scorpio East Holdings. -- FILE PHOTO: KOP PROPERTIES 

Homegrown property firm KOP has set its sights on becoming one of the largest entertainment real estate players in Asia, following its successful reverse takeover of Catalist-listed entertainment group Scorpio East Holdings.

The firm is known for upscale condominiums such as Hamilton Scotts in Orchard, whose units boast "sky garages" that let home owners park their cars next to their living room.

However, group chief executive Ong Chih Ching said on Monday that the group plans to focus on developing larger mixed-use projects centred on entertainment.

"The incorporation of entertainment elements will add flavor and character to our projects enabling them to draw a strong captive audience," she said in a Singapore Exchange filing.

One example is a $2.8 billion mega winter resort that KOP is building in Shanghai, which will have residential, commercial, retail and hospitality components and entertainment facilities such as a theme park, a hiking trail and a beach club, she said.

She told a briefing on Monday that KOP would mainly look at building mixed-use projects in major cities in China such as Shanghai, Beijing, Guangzhou and Shenzhen.

"Once executed well, the returns (from entertainment) are very high," she said, noting that popular entertainment venues can boost the value of other properties around it because of the crowds they draw.

KOP told the SGX last week that it had completed its $150 million reverse takeover of Scorpio East. A reverse takeover involves an unlisted business being injected into a struggling listed company.

KOP will begin trading on the Catalist on Wednesday.