Singapore, 1 September 2006 - Singapore Press Holdings Limited (“SPH”) is pleased to announce that the Urban Redevelopment Authority has granted provisional permission for the development of its freehold site along Thomson Road, into a 43 storey upmarket condominium.
Given the current positive sentiments in the property market, SPH has evaluated the options relating to the site. Developing the site is expected to yield higher profits than an outright sale. This is a more attractive option in enhancing shareholders´ value. Subject to market conditions, the income stream is expected to be earned over the project time frame.
The exclusive development in District 11 will have a gross floor area in excess of 660,000 sq ft. The 43 storey condominium will offer unparalleled views of MacRitchie Reservoir and the city. Proximity to MRT stations and premium schools are additional advantages. The project would be launched in 2007. Pricing for the units will be determined at the time of the launch.
Said SPH´s Chairman, Dr Tony Tan, “This is an opportunistic project in view of the sustained recovery in the property market and our prior experience in redeveloping The Paragon, the prime shopping complex and office building in the heart of Orchard Road. The current market sentiment bodes well for this project and we are confident that there will be a strong demand for the units at this development.”
“The development will be in a class of its own, catering to the needs of affluent home buyers who value the fantastic view, surrounding greenery, lush landscaping and top-notch design.”
The site is the only piece of residential land owned by SPH, which can be developed into a condominium. SPH has no plans currently to acquire new development sites.
Mr Sum Soon Lim, who is a director of SPH, has been appointed the Chairman of Times Development Pte Ltd.
Issued by Singapore Press Holdings Ltd
Co. Regn. No: 198402868E
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Corporate Communications Division
About Singapore Press Holdings
Main board listed Singapore Press Holdings Limited is the leading media company in Singapore, in the print, Internet and broadcasting platforms. It publishes 14 newspapers in the four official languages, including Singapore’s first free Chinese newspaper, My Paper, and over 80 magazine titles. Everyday, 2.7 million individuals, or 83 per cent of the people above 15 years old, read one of the SPH publications. Its Internet Business Unit manages the online editions of SPH’s major newspapers, which enjoy over 100 million pageviews from 6 million unique visitors every month. More recent online additions are the classified website, ST701, and STOMP (Straits Times Online Mobile Print), a portal that connects, engages and interacts with readers on the Internet and via mobile messaging.
SPH owns and operates Paragon, the prime shopping and office building in the heart of Orchard Road. Paragon features international brands and luxury goods, restaurants serving wide-ranging cuisines and lifestyle facilities such as spas and a fitness club.
SPH also owns a 20% stake in MediaCorp TV Holdings Pte Ltd, which operates free-to-air channels 5, 8, U and TV Mobile, and a 40% stake in MediaCorp Press Pte Ltd, which publishes free sheet Today. SPH has a 70% stake in SPH UnionWorks, which operates two entertainment radio channels, Radio 100.3 in Chinese and Radio 91.3 in English. In addition, SPH holds an 80% stake in SPH MediaBoxOffice Pte Ltd, Singapore´s largest LED network media company, and a 35% stake in TOM Outdoor Media Group, a leading outdoor advertising company in China.