Company Briefs: Boustead Projects

Boustead Projects

Boustead Development Partnership, Boustead Projects' co-investment partnership with the Abu Dhabi Investment Council, has secured a contract to construct a building for Continental Automotive Singapore.

The building, a research and development centre, will adjoin the existing Continental building previously developed by Boustead Projects.

Construction will commence this month and be completed by the first quarter of next year.

In turn, Boustead Development Partnership is awarding the design-and-build contract for the building to Boustead Projects E&C, a unit of Boustead Projects.

This raises Boustead Projects group's order book backlog (unrecognised project revenue at the end of September last year plus the total value of new orders secured since then) to $149 million.


CapitaLand

CapitaLand Mall Asia has inked a contract to manage the shopping mall in La Botanica, a Chinese township located in Xi'an's Chan-Ba Ecological District that is being developed by a joint venture between CapitaLand and Hong Kong-based Henderson Land.

The five-storey mall is expected to commence operations in 2019, and CapitaLand will oversee asset planning, pre-opening and retail management.

Including the mall in La Botanica, CapitaLand now manages a portfolio of 14 shopping malls in western China with a combined retail gross floor area of about 1.13 million sq m.


QAF

QAF said it plans to invest a total of $21.5 million to expand bread production and distribution in the Philippines.

QAF produces bread and other bakery products there through manufacturing plants in Lagun and Cebu.

It expects to spin off and transfer the existing bread-manufacturing plant in Cebu to a newly incorporated company this year.

Next year, it will complete the setting up of a new plant in Mindanao. This will be funded using $14.6 million of group equity and $10.4 million bank borrowings.

QAF also plans to acquire a plot of land in Luzon this year for $6.2 million, to set up a new bread plant in future.

A version of this article appeared in the print edition of The Straits Times on January 11, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe