Four Singapore urban planning, development firms complete mergers
Singapore
FOUR of Singapore's key urban planning and development companies have completed their mergers, first announced last September.
Two of them, business park developer Ascendas and urban investment and development company Singbridge Group, have formed a merged entity called Ascendas-Singbridge.
It is jointly owned by parents Temasek Holdings and JTC Corporation through a 51-49 partnership. It will have an asset holding and investment holding function.
Separately, a building and engineering specialist services arm has been formed by combining consultancy and project and facilities manager Jurong International Holdings (JIH) and urbanisation consultancy Surbana International Consultants Holdings. This Surbana-JIH merged entity, to be named later, is also jointly owned by Temasek and JTC in a 51-49 partnership.
Miguel Ko, group CEO of Ascendas-Singbridge, said in a statement on Wednesday that the merger allows them to play a bigger role in driving economic and social development in urbanising cities in the region and around the world.
"Ascendas-Singbridge will be a formidable force in delivering best-in-class urban and business space solutions to all our customers and partners," he said.
Ascendas-Singbridge is chaired by Wong Kan Seng, current Singbridge chairman and former Singapore deputy prime minister.
"As separate operating entities under the integrated platform, Ascendas and Singbridge will continue to serve their respective customers' needs across the region, while having the additional flexibility of coming together to jointly undertake future projects," said Ascendas-Singbridge in its press release.
As for the Surbana-JIH merger, that brings together Surbana and JIH's experience as the technical and commercial arms of the Housing & Development Board and JTC respectively.
Liew Mun Leong, chairman of the Surbana-JIH merged company, sees it becoming "Asia's consultancy powerhouse for urbanisation, industrial and infrastructural development".
"The 3,200 staff, consisting of planners, architects, engineers and project managers, will offer complete value chain, one-stop professional services to the development industry," said Mr Liew.
Wong Heang Fine, group CEO of the merged Surbana-JIH entity, expects the company to be able to "pursue the many opportunities arising from urbanisation, industrial infrastructure developments and smart cities initiatives across the world". In the process, the company will also create high-value planning, design and engineering jobs, he added.
"When there are suitable opportunities, Ascendas-Singbridge can also partner with Surbana-JIH to explore co-investment and co-development opportunities across the entire urban development value chain," Ascendas-Singbridge said.
