Sensational-Adelaide.com

AG wrote:

claybro wrote:
On TV last night I saw a story about China constructing a 30 storey tower to completion in 2 weeks, so what is the problem?

Lots of repetition around the building, pre-cast and pre-fabricating does speed up construction times a lot. As does not having unions, strict safety procedures... I'd like to see this done for a building with lots of irregularities.

Singapore’s Chip Eng Seng buys LGB to secure Adelaide sites

THE AUSTRALIAN JANUARY 30, 2016 12:00AM

Kylar Loussikian

Singapore-listed Chip Eng Seng has moved to acquire two substantial Adelaide mixed-use developments by purchasing another city state-based firm, LGB.

Chip Eng Seng will appoint LGB’s major shareholder, Raymond Chia, as its chief executive and executive chairman, replacing his father-in-law Lim Tiam Seng.

LGB controls two major Adelaide developments, including the Park Hotel Adelaide project at 51 Pirie Street. It acquired the site from Charter Hall’s Core Plus Office Fund last year for $13 million.

Construction of a mixed-use 36-storey development is expected to begin early next year, with the $175m project to have up to 280 apartments as well as a 250-room hotel.

That property, with a total net lettable area of 6315sq m, is currently a seven-level B-grade office block tenanted by St George Bank and others.

LGB also controls the Newmarket Hotel site at 1 North Terrace, proposing a 400-apartment development atop the restored pub.

The company — through its One North Terrace subsidiary — lodged a development application early last year, which was recommended for approval in December.

The deal brings Mr Chia — who owns 40 per cent of LGB — back into Chip Eng Seng, where he was formerly managing director of the property development division and later chief executive and executive chairman.

“Pending the completion of the proposed acquisition, or if the proposed acquisition does not materialise, the company will allow Mr Chia to continue remaining a passive shareholder of LGB on the basis that (it) will not engage in any further property development projects,” Chip Eng Seng said in a statement.

The company has not disclosed the price it could pay if it moves ahead with the acquisition.

Chip Eng Seng has been active in the Australian market for some time, currently building a 71-storey building known as Tower Melbourne on Queen Street.

Last year it sold a 2927sq m site within the CUB brewery precinct — at 8 Bouverie Street, Carlton — for $65m after acquiring it in 2013 for $32m and securing approval from the former Victorian government for a 72-storey residential tower.

That property was sold to Hengyi, an affiliate of mainland Chinese player Shandong HYI.

Chip Eng Seng also paid $27m last year for two nearby development sites in Melbourne’s inner-north from packaging firm NCI.

Norman wrote:Please don't jinx this building >_<

[Shuz] wrote:

Norman wrote:Please don't jinx this building >_<

I think the jinx was when the building was put in the banner of the website l.

Ben wrote:Missed this from back in January. refers to the development as 36 levels and still going ahead. Probably makes it around 138m.

Singapore’s Chip Eng Seng buys LGB to secure Adelaide sites

THE AUSTRALIAN JANUARY 30, 2016 12:00AM

Kylar Loussikian

Singapore-listed Chip Eng Seng has moved to acquire two substantial Adelaide mixed-use developments by purchasing another city state-based firm, LGB.

Chip Eng Seng will appoint LGB’s major shareholder, Raymond Chia, as its chief executive and executive chairman, replacing his father-in-law Lim Tiam Seng.

LGB controls two major Adelaide developments, including the Park Hotel Adelaide project at 51 Pirie Street. It acquired the site from Charter Hall’s Core Plus Office Fund last year for $13 million.

Construction of a mixed-use 36-storey development is expected to begin early next year, with the $175m project to have up to 280 apartments as well as a 250-room hotel.

That property, with a total net lettable area of 6315sq m, is currently a seven-level B-grade office block tenanted by St George Bank and others.

LGB also controls the Newmarket Hotel site at 1 North Terrace, proposing a 400-apartment development atop the restored pub.

The company — through its One North Terrace subsidiary — lodged a development application early last year, which was recommended for approval in December.

The deal brings Mr Chia — who owns 40 per cent of LGB — back into Chip Eng Seng, where he was formerly managing director of the property development division and later chief executive and executive chairman.

“Pending the completion of the proposed acquisition, or if the proposed acquisition does not materialise, the company will allow Mr Chia to continue remaining a passive shareholder of LGB on the basis that (it) will not engage in any further property development projects,” Chip Eng Seng said in a statement.

The company has not disclosed the price it could pay if it moves ahead with the acquisition.

Chip Eng Seng has been active in the Australian market for some time, currently building a 71-storey building known as Tower Melbourne on Queen Street.

Last year it sold a 2927sq m site within the CUB brewery precinct — at 8 Bouverie Street, Carlton — for $65m after acquiring it in 2013 for $32m and securing approval from the former Victorian government for a 72-storey residential tower.

That property was sold to Hengyi, an affiliate of mainland Chinese player Shandong HYI.

Chip Eng Seng also paid $27m last year for two nearby development sites in Melbourne’s inner-north from packaging firm NCI.