DIVERSIFIED WBL Corp, better known for its technology and motor businesses, has identified property development as a core activity with vast growth potential.
In a rare roadshow on Thursday, chief executive Tan Choon Seng said property would become a ‘very important’ part of the group’s four core divisions.
WEARNES: NINE-MONTH REPORT — SOURCE: WBL GROUPWBL, also known as Wearnes, used to lump its property interests under ‘Others’, but it is now looking to build up this portfolio, located mainly in China.
The group has built 28 developments totalling 2.32 million sq m in China over the past two decades.
Last November, it secured approval to convert a theme park it had in Chengdu into a high-end landed residential development. The 319,000 sq m project, to be launched on Oct 18, is expected to be ready by 2014.
In Shenyang, WBL is converting another theme park into a mixed development of high-rises. The 316,000 sq m plot will have office blocks, apartments and a shopping mall. The development is due to be completed in 2017. Continue reading
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