Forbes' article on Perennial Real Estate
Forbes has a detailed article on *Perennial Real Estate*. I think its worth your time reading it.
Extract from the article:
• Perennial Real Estate Holdings went public in 2014, and the company has expanded beyond property into healthcare. It boasts a $950 million market cap, and *Kuok and his Wilmar International is the biggest shareholder, with a 56.2% stake*. Pua holds 10.3%, and Sim holds 15.4%. Sim, whose V3 Group houses massage-chair maker OSIM International and TWG Tea, first invested in 2010 after Perennial’s consortium won the Capitol tender; he had also bid on it.
• Capitol project represents 10% of the company’s holdings. CIMB estimates that when the Capitol project is fully operational it could yield up to $40 million of annual income.
• 67% of the portfolio is made up of enormous mixed-use developments in China as Perennial seeks to become the dominant high-speed-rail player. Three projects–in Chengdu, Xi’an and Tianjin–are along the national high-speed-rail network, offering stores, hotels and medical hubs that include eldercare facilities.
• Perennial has also invested in Indonesia, Malaysia and Ghana. In May the company announced the $15.6 million acquisition of a site in Sentul City, a master-planned township in Jakarta. In Penang, Perennial has a joint venture with Malaysia’s IJM Corp. to develop the Light City, billed as a waterfront precinct that will include a mall, convention center, two hotels, an office tower and two condominium buildings, plus attractions such as a theme park, an art gallery and a large number of restaurants.
• Perennial does have industry skeptics, though the most prominent ones decline to speak on the record. One competitor has concerns about Perennial’s China investments, pointing to the cooling property market, rising government oversight and consumers’ preference for online shopping.
• Another competitor doubts that the Capitol project will live up to expectations because high-class retail tenants will be wary about replacing mid-level ones.
• Taking the long view, CEO Pua marvels at Perennial’s growth to date. “In nine years, from nothing we created a company of this size,” he muses before skipping ahead to the opportunities in China. Perennial’s eight high-speed-rail projects, once they’re online, will contain more than 4 million square meters. “ *In five to ten years we will be a very different company*.”
https://www.google.com.sg/amp/s/www.forbes.com/sites/forbesasia/2018/10/03/out-of-limbo-the-capitol-kempinski-hotel-singapore-finally-opens-the-door/amp/
Extract from the article:
• Perennial Real Estate Holdings went public in 2014, and the company has expanded beyond property into healthcare. It boasts a $950 million market cap, and *Kuok and his Wilmar International is the biggest shareholder, with a 56.2% stake*. Pua holds 10.3%, and Sim holds 15.4%. Sim, whose V3 Group houses massage-chair maker OSIM International and TWG Tea, first invested in 2010 after Perennial’s consortium won the Capitol tender; he had also bid on it.
• Capitol project represents 10% of the company’s holdings. CIMB estimates that when the Capitol project is fully operational it could yield up to $40 million of annual income.
• 67% of the portfolio is made up of enormous mixed-use developments in China as Perennial seeks to become the dominant high-speed-rail player. Three projects–in Chengdu, Xi’an and Tianjin–are along the national high-speed-rail network, offering stores, hotels and medical hubs that include eldercare facilities.
• Perennial has also invested in Indonesia, Malaysia and Ghana. In May the company announced the $15.6 million acquisition of a site in Sentul City, a master-planned township in Jakarta. In Penang, Perennial has a joint venture with Malaysia’s IJM Corp. to develop the Light City, billed as a waterfront precinct that will include a mall, convention center, two hotels, an office tower and two condominium buildings, plus attractions such as a theme park, an art gallery and a large number of restaurants.
• Perennial does have industry skeptics, though the most prominent ones decline to speak on the record. One competitor has concerns about Perennial’s China investments, pointing to the cooling property market, rising government oversight and consumers’ preference for online shopping.
• Another competitor doubts that the Capitol project will live up to expectations because high-class retail tenants will be wary about replacing mid-level ones.
• Taking the long view, CEO Pua marvels at Perennial’s growth to date. “In nine years, from nothing we created a company of this size,” he muses before skipping ahead to the opportunities in China. Perennial’s eight high-speed-rail projects, once they’re online, will contain more than 4 million square meters. “ *In five to ten years we will be a very different company*.”
https://www.google.com.sg/amp/s/www.forbes.com/sites/forbesasia/2018/10/03/out-of-limbo-the-capitol-kempinski-hotel-singapore-finally-opens-the-door/amp/
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