gsg_stock discussion

Stockwatch- CK Tang, some earlier articles on its Orchard Road property

Singapore's CK Tang may consider sale of Orchard Road property
9/28/2006 3:29:00 PM

SINGAPORE (XFN-ASIA) - CK Tang may consider selling its property on Orchard Road here, which houses its flagship Tangs department store, if the price is right, said CK Tang executive chairman Tang Wee Sung. "We have been approached, but nothing is worked out," Tang told XFN-Asia. Tang did not identify the prospective buyer. He said offer was not viable. Asked whether CK Tang will redevelop its flagship store, Tang said there were plans to do so but that they were still being drawn up. At the moment, the retailer is focussing on preparations to open its new store at VivoCity here early next month. The new store will embody a new Tangs identity. "What we would like to portray is a retail establishment that is modern, stylish, personable and confident," Tang said. Tang said CK Tang would look for other expansion opportunities here and in Malaysia. (1 usd = 1.58 sgd)

STOCK ALERT - Singapore's CK Tang up on hopes it will sell Orchard Rd property 9/28/2006 4:03:00 PM SINGAPORE (XFN-ASIA) - Shares in CK Tang were higher on renewed hopes that the retailer will sell the property in Orchard Road here that houses its flagship Tangs retail store, dealers said. In late afternoon trading, CK Tang stock was up 0.02 sgd or 3.85 pct at 0. 54, with 169,000 shares having changed hands. CK Tang executive chairman Tang Wee Sung said the sale might be considered if the price is right. "We have been approached, but nothing is worked out," Tang told XFN-Asia. Tang did not identify the prospective buyer. He said offer was not viable. Investors have long speculated that owners of property on Orchard Road will be approached by prospective buyers, in view of the high bids the government received for three Orchard Road sites that it auctioned last year and this year. (1 usd = 1.58 sgd)

Singapore unlikely to see shopping mall glut despite new malls - CK Tang 9/28/2006 6:11:00 PM -

SINGAPORE (XFN-ASIA) - Singapore is not likely to experience a glut of shopping mall space despite the increasing number of new shopping malls set to mushroom across the city-state in the next three years, executives from top retailer CK Tang said. Asked whether he thinks there is a threat of an oversupply situation in the retail industry, CK Tang chief executive officer Foo Ting Sooi said: "The answer is no." Foo said the new malls being built on Orchard Road for instance will make the shopping belt more vibrant. Some 1.2 mln square feet of additional shopping mall space are expected to be built in Orchard Road shopping belt here three new shopping malls are under conmstruction, according to a recent report by BNP Paribas. The biggest of these shopping mall is being built by CapitaLand right across CK Tang's flagship department store at the corner of Orchard Road and Scotts Road. The CapitaLand mall will have some 690,000 square feet of retail space when completed in 2008. Not too far from the CapitaLand mall are two shopping malls being built by Australia's Lend Lease and local developer Far East Organization near the Somerset MRT station. Both malls will have 300,000 square feet of retail space each. CK Tang executive Tang Wee Sung said he also does not believe that the new shopping malls will create a glut of mall space. "We (Singapore) are positioning ourselves for the future. Plans for Orchard Road are very exciting," Tang said. Tang said the Orchard Road developments will basically establish the shopping belt as the place for branded fashion items, while other places like Little India and Chinatown will have the niche of their own. "It gives Singapore a certain flavor," Tang said. Tang said the recovery in that the retail sector has seen in the last few years looks sustainable and this will ensure continued robust demand for retail space. Apart from the new shopping malls on Orchard Road, new shopping malls are veing built in Marina Bay, Serangoon Road, Ang Mo Kio, Jurong, Tampines and HarbourFront. The VivoCity at HarbourFront, which will have some 1.1 mln square feet of retail space, will open next month. CK Tang will have a new store there. As part of the integrated resort project of Las Vegas Sands at Marina Bay, a 1 mln square feet of shopping space will start operating in 2009. Suburban malls are also being built. Next year, a 350,000 square feet shopping mall will open at the Ang Mo Kio bus interchange and in 2008, a 400,000 square feet mall will be open to expand Jurong Point in the west and a new 300,000 square feet mall in Tampines in the east will start operating as well. (1 usd = 1.58 sgd)

posted by gsg @ 10:50 PM