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Venturing into property development

Ready on the mark GET SET Goo..................CHIONG...............Shining..............Chiong..............ah

 

An Indonesian group is poised to take over building contractor and buildings materials supplier Shining Corporation and turn itinto a property developer in S'pore, with a focus on high-end residential projects.

Shining Corporation said it has entered into an agreement for British Virgin Island-incorporated Citipoint Asia Real Estate Capital, which isowned by Indonesia's GoldenFlowerGroup, to invest up to about $42 million in thecompany for a 69.2% stake.

Citipoint is a special purpose vehicle wholly owned by Indonesian Nico Po who, together with his Indonesian father Po Sun Kok, control the GoldenFlowerGroup, whose interests range from apparel manufacturing to financial services and real estate.

In Singapore, the group's investment holdings include MacDonald House and 51 apartment units at Suite@Central, also in the Orchard Road area. A recent en-bloc acquisition of residential land at 55 Devonshire Road is set to launch the group into the development of high-end residential apartments.