Sembcorp revives property unit

[SINGAPORE] Sembcorp Industries is reactivating Sembcorp Properties, a dormant subsidiary which developed condominiums in Singapore a decade ago, with a new strategy - to develop residential and commercial properties in its existing industrial parks, starting with China.

This is in tandem with its ramped-up efforts to build up urban development as a third pillar of the company, next to its mainstay utilities and marine operations.

In a recent interview, Sembcorp Development CEO Kelvin Teo told The Business Times that he aims to have the group's urban development segment generate a three-digit net profit by 2020, up from the $50 million, or 6 per cent of the group's overall earnings, that it contributed in FY13.