The Songtsam Shangri-La. Photo: http://songtsam.com/en/THIS IS a view of the lobby of the 75-room Songtsam Retreat lodge in Shangri-La in China's Yunnan province.
Could this lodge and others in the Songtsam chain of lodges in China be part of a Singapore listco one day?
Perhaps. One day.
Teo Hong Lim, executive chairman & CEO of Roxy-Pacific Holdings. NextInsight file photoYou see, Singaporean Teo Hong Lim and his family own stakes in the lodges in partnership with other parties. "When the time is right and if shareholders are agreeable, we will review if these are suitable assets for (injection into) the company," said Mr Teo in an interview published in The Business Times yesterday.
Mr Teo, as you may know, is the executive chairman and CEO of Roxy-Pacific Holdings, a listed property developer in Singapore with a market cap of S$606 million based on yesterday's closing price of 63.5 cents for its stock.
It owns one hotel, the Grand Mercure Roxy Hotel, which is sited opposite Parkway Parade.
Until there is any firm move towards injecting the Songtsam lodges into Roxy-Pacific, we could just contemplate taking a holiday in the lodges, which offer views of valleys and snow-capped mountains.
The lodges are run by Tibetans and are decorated with indigenous art and Tibetan carpets.
And shareholders would like to note also that Mr Teo told BT journalist Kalpana Rashiwala that the company is exploring further overseas property ventures after its maiden investment was announced last week.
Roxy-Pacific announced it had taken a 47% stake in a Malaysian company that owns a 70,000 sq ft freehold site in Kuala Lumpur.
Mr Teo said the company is eyeing business potential in not just Malaysia but as far away as Australia and the United Kingdom where Roxy-Pacific could be a partner in developing residential and commercial properties, or in investing in existing properties for rental income.
In the meantime, Roxy-Pacific is sitting on a massive S$1-billion plus of yet-to-recognised revenue from sold units in its Singapore projects.
Given the bright prospect, it is no wonder that Mr Teo's family holding companies, Kian Lam Investment and Sen Lee Development, have been increasing their already-hefty stakes in Roxy-Pacific.
In addition, as the Business Times report noted, family members including Mr Teo's parents, uncle and cousin hold direct stakes in Roxy-Pacific.
The article covered a number of other topics, including Mr Teo's view on the dynamics of the Singapore property market and Roxy-Pacific's strategy in navigating the market.
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