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Lum Chang sells KL site for RM77.2m

Posted on 10 Sep 2009 | Comments Off

PROPERTY development and construction group Lum Chang Holdings has sold a site in Malaysia for RM77.2 million (S$31.5 million) and expects a net gain of about $7.6 million.

The company said yesterday that a subsidiary signed the sales and purchase agreement with Malaysia-incorporated Scenic Point Development to dispose of the plot of land in Kuala Lumpur. The site is located in the city centre area and measures 40,612 sq feet. The selling price works out to around RM1,900 per sq foot. Lum Chang had bought the land to develop a high-rise block of serviced apartments on it. The offer for the land allows the company to ‘realise its investment and further fund its other developments in Malaysia’, it said.

The deal is expected to be completed in December and Lum Chang expects to make a net gain of around $7.6 million, to be reflected in the
current financial year ending June 30, 2010.

Lum Chang shares rose half a cent higher yesterday at 31.5 cents. This is more than two-and-a-half times the counter’s price in March, when it sunk to a low of 12 cents. Continue reading →

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Posted in Construction, Developers, Overseas Property

Tagged Construction, Developers, Land Sales, Overseas Property

Next generation builders shaping family legacies

Posted on 7 Sep 2009 | Comments Off

While building homes will always be just a Lego-brick memory of their childhood for most, some under-40s – hailing from notable families in real estate – have already overseen the building and marketing of gleaming hotels, homes and malls.

In the process, these next-generation builders will have a hand in shaping Singapore’s landscape, and also their families’ legacies.

Some have been active in the hospitality industry. LC Development (LCD) executive director Kelvin Lum, 35, is closely linked to Crowne Plaza Changi Airport, a 320-room hotel which opened its doors in May last year. The company is on the lookout for a second hotel in Singapore.

Mr Lum is the son of David Lum, who is managing director at both Lum Chang Holdings and LCD. LCD began as the former’s listed subsidiary but both firms de-merged in 2005. LCD now eyes the hospitality pie while Lum Chang is largely in the construction and property development businesses.

The younger Lum worked in a bank for several years before joining LCD in 2002. The move was unplanned, he says. ‘The company was looking at expanding its hotel arm, so I was brought in to look at opportunities in the region.’ Continue reading →