Company Briefs: Frasers Centrepoint Singapore

Frasers Centrepoint Singapore

Frasers Centrepoint Singapore has secured lease commitments of over 70 per cent for Frasers Tower in the Central Business District.

The developer has confirmed two anchor tenants - Microsoft Singapore and French integrated oil and gas company Total Oil - which will occupy a combined space of 232,200 sq ft in the upcoming 38-storey office building.

Other tenants include names in the financial, business and consumer goods sectors, such as Sumitomo Corporation, Arup, Fonterra, Pacific Life and serviced office provider The Executive Centre.

Frasers Tower, which has a total net lettable area of about 663,000 sq ft, comprises a 38-storey Premium Grade-A office tower and an adjacent three-storey cascading retail podium with a roof garden. Close to 50 per cent of the building's retail podium has also been leased, said Frasers Centrepoint, which held a topping-out ceremony for the building yesterday.

CWG International

CWG International has won a bid for the land use rights of a 47,683 sq m residential and commercial site in the city of Hangzhou, Zhejiang province, in China for 1.14 billion yuan (S$234 million).

CWG, a property developer, said in a stock exchange filing that it will enter into a joint venture with a third party to jointly develop and manage the land parcel. Development of the site is not expected to be completed before next year.

The land parcel has a plot ratio of two, which would yield a maximum gross floor area of about 95,366 sq m.

TMC Education

The independent financial adviser engaged by the directors of TMC Education has recommended that shareholders accept the takeover offer from Singapore tycoon Koh Wee Meng, which it deemed "fair and reasonable".

In a circular sent to shareholders yesterday, TMC Education directors said Zico Capital, their independent financial adviser, pointed out that the offer price gives shareholders an exit opportunity, and there is no certainty that shareholders will otherwise be able to obtain a better value for their shares if the offer lapses.

The cash offer at 6.75 cents apiece represents a 29.8 per cent premium to the volume-weighted average price of shares traded in the three-and six-month period prior to the announcement date.

A version of this article appeared in the print edition of The Straits Times on January 16, 2018, with the headline 'Company Briefs: Frasers Centrepoint Singapore'. Print Edition | Subscribe