Singapore firm major player in real estate

TAMLYN STEWART
Last updated 05:00 13/04/2013

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The Singaporean company which has partnered with local firm Artmatic Holdings to build a worker village at Church Corner in Riccarton is a major player in engineering and integrated real estate in Southeast Asia.

Singapore-based TEE International is forming a joint venture with local builders Artmatic Holdings, and together they have bought the Riccarton Holiday Park site for $6.7 million.

They have resource consent for the Riccarton Workotel project which will house up to 300 workers and displaced Christchurch residents.

TEE International subsidiary TEE Hospitality will hold a 75.1 per cent stake in the joint venture, with Artmatic Holdings the remaining 24.9 per cent.

The Singapore Exchange-listed TEE International was established in the 1980s and developed from a general electrical contractor into an engineering and integrated real estate group.

Its operations span Thailand, Malaysia, Philippines, Cambodia, Brunei, Vietnam and China.

Past projects have included a turnkey project for Marina Bay Sands workers' accommodation in Singapore.

The Marina Bay Sands workers dormitory was designed, built and managed by TEE International subsidiary PBT Engineering and includes a communal block with a dining hall, gym and other recreational facilities. That facility can house up to 4000 workers, and was completed in four months, TEE International's website says.

In Brunei, TEE International built 1500 houses under the National Housing Scheme for about $138m.

The company's latest unaudited financial statements on its website say the group reported revenue of about $119.6 million for the nine months to February 28, 2013.

Its engineering operations are involved in infrastructure and new buildings. Its real estate arm acquires, designs, and develops properties, manages facilities and provides workers' dormitory and property rental services.

EXAMPLES OF OTHER PROVIDERS OF WORKER ACCOMMODATION VILLAGES

Compass Group

British-based builder of large scale accommodation centres for thousands of workers

Describes its worker villages as a cross between a very large hotel or resort facility and small town or village

Has completed mining camps in the Australian Gold Fields and Chile, oil and gas fields in Kazakhstan and Algeria, major construction projects in Canada and Qatar.

Village National

Queensland-based provider of accommodation for mining and regional workers

Describes its worker accommodation as "residential villages", not mining camps

Currently has about seven projects in Queensland, according to company website.

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Pritab

Australian company builds complete mobile camps - skid or trailer mounted mining and worker accommodation villages Offers mobile camp sales or rentals

Recent projects include a 40-man mobile camp of 17 trailer-mounted plug and play shacks in Western Australia for Rio Tinto

McBains Cooper

British-based property and construction consultancy

Has planning permission for a $35.7m project for Sanctuary Housing Association to provide key worker accommodation for doctors and nurses at Addenbrookes Hospital in Cambridge.

That will include "green" features and create 100 apartments and 372 bed spaces in four individual six-storey, brick-clad buildings

- © Fairfax NZ News

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