SingHaiyi makes S'pore commercial property debut

FAST-GROWING Catalist-listed developer SingHaiyi Group yesterday revealed that it has made its first commercial property foray in Singapore, though its eyes remain on the far larger US market.

SingHaiyi took a 20 per cent equity stake in TripleOne Somerset for $66 million, making it the second largest shareholder in a consortium led by retail mall veteran Pua Seck Guan. Rental income will be recognised from April 1.

"We saw its location (in Orchard Road) had potential. Right now, it's not doing well, that's why there's an opportunity. If it's flourishing, then there's no opportunity," said Serena Chen, SingHaiyi group managing director at a media briefing yesterday.