8-June-2005
Keppel Land, HDB Corporation, and E M Services form joint
venture for estate management in China
Keppel Land Limited (Keppel Land), HDB Corporation Pte Ltd
(HDBCorp) and E M Services Pte Ltd (EMS) have formed a joint
venture to address China’s growing demand for estate management
services.
Keppel Land and HDBCorp will each own a 40% direct stake in the
joint venture while EMS will hold the remaining 20%. The
investments for Keppel Land and HDBCorp in the JV are made through
their respective wholly-owned subsidiaries. HDBCorp’s investment
vehicle is Surbana Facilities Management Pte Ltd (Surbana FM) which
specialises in property management and maintenance. Keppel Land
which has a 25% equity interest in EMS, will have an effective
stake of 45% in the joint venture.
The joint venture has incorporated Plein Essor Property Services
(Shanghai) Co Ltd (Plein Essor) as its Operational HQ in
Shanghai.
Plein Essor will provide estate, property and facilities management
services in China, focusing initially on residential townships
developed by the shareholders.
The company will be able to offer the capabilities, experience and
resources of the joint venture partners, working as a coordinated
and compatible whole. The combined entity brings an international
perspective and strong track record in the field of property and
township management.
With townships, residential properties, offices and resorts in 13
countries, Keppel Land will lend its expertise and strong track
record in property management in this synergistic
partnership.
As part of the HDBCorp group of companies offering a holistic suite
of building consultancy services, Surbana FM can also leverage on
the relevant capabilities of other HDBCorp subsidiaries. These
include the development of technologies to enhance estate
management.
“China’s property sector is becoming more sophisticated where
discerning investors will not only consider a development’s value
in terms of design and finishes, but also in the quality of its
maintenance.
“This joint venture, leveraging the collaborative strengths of the
partners, will deliver Singapore’s quality standards of estate
management to create value for new and existing properties in
China,” said Mr Lim Tow Fok, General Manager (Property Management)
of Keppel Land. HDBCorp, having been involved in HDB estates, will
also share its experience in township management and the lift
monitoring system.
Mr Wong Wing Kien, Chairman of Surbana FM, added: “Apart from the
hardware maintenance, estate management also plays an important
role in forging a sense of belonging and identification within an
estate. This will strengthen the bonding in the community. With the
vast experience of the shareholders in Singapore and overseas, we
believe the joint venture will be able to meet the rising demand of
the residents in China.”
Plein Essor will be headed by Chief Executive Officer, Mr Kua Bak
Lim, who joins the company with over 10 years of property
management experience in China.
Mr Kua said, “Plein Essor will bring together Singapore’s
management experience and the best of local talents to ensure the
success of its operations.”
About Keppel Land Limited
Keppel Land is one of the largest listed property companies by
total assets on the Singapore Exchange. Its property management
portfolio currently includes Grade A commercial buildings and
residential estates developed by the Group in Singapore and
overseas.
About HDB Corporation Pte Ltd
A subsidiary of Temasek Holdings, HDB Corporation (HDBCorp) is an
established provider of integrated urban planning, architectural
& engineering design and other building consultancy
services. Its core business also includes township development.
Previously a Building Division under Singapore's Housing
& Development Board, it plays a prominent role in
furnishing the nation with a premium public housing programme. It
has exported its expertise to various countries across Asia and the
Middle East. Surbana Facilities Management is a wholly-owned
subsidiary of HDBCorp and provides property management and
maintenance services.
About E M Services
EMS is an established provider of property and engineering
management services jointly owned by Keppel Land and the Housing
Development Board of Singapore.
In 1994, EMS entered the China market to provide property
management and consulting services through its property management
arm. Over the years, it had established its presence in major
cities country wide including Shanghai, Beijing, Suzhou, Nanjing
and Qingdao. |
