JTC, Temasek to merge urban solutions units

Updated: 2015-03-04 14:14


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JTC Corporation, the Singapore government agency responsible for the development of industrial infrastructure, and Singapore investment company Temasek have entered into an agreement to merge four of their operating subsidiaries into an integrated platform for sustainable urban development.

Subject to relevant regulatory approvals, the merger between Ascendas Pte Ltd, Singbridge Group Pte Ltd, Jurong International Holdings Pte Ltd (JIH), and Surbana International Consultants Holdings Pte Ltd is expected to be completed by the first half of 2015.

JTC and Temasek began exclusive talks to explore the merger in September 2014. The merged group will be jointly owned by JTC and Temasek through a 49:51 partnership.

This integrated platform will provide flexibility and nimbleness in pursuing projects across the entire urban development value chain. The merged group’s aggregate value is approximately S$5 billion based on underlying entities.

The four firms will be reorganized to create two independent operating arms – one to invest and hold assets, and the other to provide building & engineering specialist services.

Ascendas and Singbridge, the asset investment & holding arm, will originate, aggregate and provide urban solutions. Wong Kan Seng, currently the Chairman of Singbridge, will be the arm’s chairman, while Miguel Ko, Executive Director of Singbridge, will take on the role of CEO.

"Urbanization trends in emerging markets hold significant investment potential and opportunities for Singapore companies. Through this integrated platform, we will have better scale and deeper expertise to handle many large-scale and complex urban development projects," Mr Wong said.

Surbana and JIH will form the building & engineering specialist services unit, enabling sustainable solutions through technology. Liew Mun Leong, currently the Chairman of Surbana, will chair the arm, with Wong Heang Fine as the CEO.

"This merger of Surbana and Jurong International will expeditiously create the right platform and scale to attract and retain the best brains in the building and engineering professions. This build-up of core expertise and distinctive skills will create in the merged entity an international building and engineering consultancy powerhouse to meet the fast growing and more complex needs of the development industry in Singapore and overseas," Mr Liew said.

Set up in 1968, JTC is the lead government agency responsible for the development of industrial infrastructure to support and catalyze the growth of industries and enterprises in Singapore.

Temasek, incorporated in 1974, is an investment company based in Singapore, with a S$223 billion portfolio as at 31 March 2014.