(Adds details on subsidiaries and executive comment)
SINGAPORE, Sept 4 Singapore state investor
Temasek Holdings and state firm JTC Corp are in talks
to merge four of their real estate and urban planning
subsidiaries, aimed at creating a larger group that could expand
in Asian cities.
Under the proposed merger, JTC's Ascendas Pte and JURONG
International Holdings Pte Ltd (JIH) will combine with Temasek's
Surbana International Consultants Holdings and Singbridge Group,
the two companies said in a statement.
JTC, Singapore's state-owned industrial property developer
and planner, and Temasek will be in exclusive discussions on the
specific terms of the merger, the statement said.
The potential tie-up would create a giant urban planning and
property company, which Singapore will use to capitalise on the
city-state's reputation for efficiency and sustained economic
"The enlarged group, with its complementary synergies and
significant scale, will be well-positioned to provide end-to-end
solutions for urbanisation needs in Asia and other markets," the
The two companies did not state the potential size of the
deal but added that Ascendas, which runs a number of business
and industrial parks across Asia, has S$15.1 billion ($12.06
billion) of assets under management. Ascendas also has three
JIH advises cities on the development of their industrial
areas, while Singbridge has helped develop a number of
industrial parks and eco-cities in China.
Surbana advises on town planning and development in Asia,
Africa and the Middle East.
"The merged group will have the scale, capabilities and
resources to participate in the entire urbanisation value chain,
deepen its presence in existing markets and develop new ones,"
said Png Cheong Boon, CEO of JTC.
Temasek also owns a 39 percent stake in CapitaLand
, Southeast Asia's biggest property developer, as well
as a 100 percent stake in Mapletree Investments Pte Ltd.
(1 US dollar = 1.2516 Singapore dollars)
(Reporting by Saeed Azhar, Rachel Armstrong and Aradhana
Aravindan; Editing by Michael Urquhart and Mark Potter)