Annual Report 2012 - singapore land limited
Annual Report 2012 - singapore land limited
Annual Report 2012 - singapore land limited
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Singapore Land Limited - <strong>Annual</strong> <strong>Report</strong> <strong>2012</strong><br />
19<br />
CORPORATE GOVERNANCE REPORT<br />
MATERIAL CONTRACTS<br />
There was no other material contracts of the Company or its subsidiaries involving the interests of the CEO, each Director<br />
or controlling shareholder, either still subsisting at the end of the fi nancial year or if not then subsisting entered into since<br />
the end of the previous fi nancial year except for:<br />
(a)<br />
the Company’s subsidiary, Sing<strong>land</strong> China Holdings Pte. Ltd.’s joint venture with UOL Capital Investments Pte.<br />
Ltd. and Peak Star Pte. Ltd., subsidiaries of UOL Group Limited and Kheng Leong Company (Private) Limited<br />
respectively in Shanghai Jin Peng Realty Co Ltd for the acquisition and development of Parcel 11, Changfeng<br />
District, Shanghai, PRC, into a mixed use development comprising residential units and retail component. The<br />
purchase price of the <strong>land</strong> was RMB 2.06 billion.<br />
The aforesaid transaction between the three parties was on normal commercial terms, the risks and rewards of the<br />
joint consortium are in proportion to the equity of each joint venture partner (30: 40: 30 respectively).<br />
(b)<br />
the Company’s subsidiary, S.L. Development Pte Limited’s joint venture with UOL Venture Investments Pte. Ltd.<br />
(a subsidiary of UOL Group Limited) in United Venture Development (Bedok) Pte. Ltd. for the acquisition and<br />
development of Archipelago, a residential development at Bedok Reservoir Road. The purchase price of the <strong>land</strong><br />
was S$320 million.<br />
The aforesaid transaction between the two parties was on normal commercial terms, the risks and rewards of the<br />
joint consortium are in proportion to the equity of each joint venture partner (50:50).<br />
(c)<br />
the Company’s subsidiary, Sing<strong>land</strong> Homes Pte. Ltd.’s joint venture with UOL Venture Investments Pte. Ltd. in UVD<br />
Pte. Ltd. for the acquisition and development of <strong>land</strong> parcel at Bright Hill Drive. The purchase price of the <strong>land</strong> was<br />
S$292 million.<br />
The aforesaid transaction between the two parties was on normal commercial terms, the risks and rewards of the<br />
joint consortium are in proportion to the equity of each joint venture partner (50:50).
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