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SINGPOST on Tuesday said it will open a S$182 million e-commerce logistics hub in Tampines in 2016 in line with efforts to further develop the business segment amid a fast-growing e-commerce market in Asia.
SingPost has inked a 30-year lease with JTC Corp for a 3.25 hectare plot of land, which will house both the hub and an adjacent eight-storey office block. The office block will hold its local and regional logistics operations, namely Quantium Solutions, Singapore Parcel and Lock+Store.
Hotel Properties on Wednesday said it has formed a 70:30 joint venture with a company owned by its controlling shareholder Ong Beng Seng to buy a freehold property in Paddington, central London, for £111 million (S$225 million).
The property was formerly Royal Mail Delivery Offices. The JV is assessing the property's potential for residential and retail re-development. A further planning overage payment of £20 million will be paid to the vendor, Royal Mail Group, when the planning permission to develop the property has been granted.
Vard Holdings late on Tuesday warned that it will likely report "marginally negative Ebitda" (earnings before interest, taxes, depreciation and amortisation) for its third quarter ended Sept 30, 2014.
The shipbuilder said: "Slower-than-expected improvements in throughput and productivity (at the new Vard Promar in Brazil) are impacting profitability during the ramp-up phase. Additional cost was also incurred for the two vessels in the Promar order book that were built at a third-party yard and are currently undergoing outfitting at Vard Niterói."
The group has also revised its estimates for a number of projects in its European order book where cost overruns were incurred.
Cord blood bank, Cordlife Group, on Tuesday said it has set up a S$500 million multicurrency debt issuance programme.
The net proceeds from the issue of securities will be used for Cordlife's general corporate purposes, the group said. This includes the financing of potential acquisitions, strategic expansions, general working capital, capital expenditure and the group's investments.
Separately, property developer Tuan Sing Holdings on Tuesday also said that it had issued S$80 million in 4.5 per cent per annum notes which come due in 2019 under its S$900 million multicurrency medium term note programme set up in 2013.
The notes will bear interest at a fixed rate of 4.5 per cent per annum, payable semi-annually in arrear.
The net proceeds from this issue will be used to finance the company or its subsidiaries' investments and general working capital, it added.