Many international companies call the towering skyscrapers in Singapore’s Central Business District (CBD) home.
Joining the fray is Yangzijiang Shipbuilding, a Chinese company that has been listed on the Singapore Exchange for over 16 years.
Source: Google Maps
In its latest acquisition, the company reportedly bought the property at 39 Robinson Road for S$399 million.
By setting up a physical office in Singapore, it purportedly hopes to deepen its roots on the island.
Yangzijiang Shipbuilding announced the purchase via a press release on Wednesday (29 Mar).
The group’s real estate entity, Yangzijiang Realty, bought a 21-storey freehold commercial building with the intention of turning it into their Singapore office.
The entity paid S$399 million for the entire Robinson Point building at 39 Robinson Road.
Source: Google Maps
Real estate site Mingtiandi reported that the Chinese firm bought the building at a more than 20% markdown.
Addressing the valuation, Yangzijiang Shipbuilding explained that they could clinch the sale due to prompt settlement backed by their strong internal cash reserves.
Explaining the purchase in a statement to the press, Chief Executive Officer Ren Letian said, “The acquisition gives us an opportunity to deepen our roots in Singapore with our very own office building.”
Mr Ren also acknowledged that the group has been listed on the SGX Mainboard for 16 years.
Source: Yangzijiang on Edgeprop
Apart from that, Yangzijiang Shipbuilding is also a Straits Times Index (STI) component company.
Considering its rather long business history in Singapore, the purchase seems to be a natural progression for Yangzijiang Shipbuilding.
Aside from functioning as its new headquarters, the company hopes that the property will provide the group with an inflation hedge and stable cash flow.
However, Mr Ren noted that the property acquisition is a “one-off exercise”.
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Featured image adapted from Google Maps.
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