L.C. Development keen on investing in Knight Frank Singapore

The company to purchase 80% share of Cheong Hock Chye & Co, which owns a 55% stake in Knight Frank Singapore.

L.C. Development Ltd (“LC Dev”), a company listed on the Singapore Exchange, announced Wednesday that it intends to invest in 80% of the issued and paid up voting share capital of Cheong Hock Chye & Co. (“CHC”).

CHC owns a 55% stake in Knight Frank Pte Ltd in Singapore (“KFS”), one of Singapore’s leading real estate consultancy services firms.

With the investment, LC Dev adds to its investment portfolio, not only a profitable business but a reputable firm with a long-standing track record. This will potentially expand the earnings base of LC Dev and enhance its shareholders’ value.

Commenting on the investment, Managing Director of LC Dev, Mr Kelvin Lum said, “Our intention is to be a long-term investor in KFS. We have full confidence in the management team which has built a strong track record over the years. Hence, we would like for the key management and staff to continue with the day-to-day management of the business, with no change in corporate direction or strategy.

Under the current team’s continued leadership, we believe KFS will continue to enjoy strong growth in Asia and we certainly look forward to being part of KFS’ future success with this new relationship.”

Said Mr Tan Tiong Cheng, Chairman of KFS and Knight Frank Asia Pacific Pte Ltd (“KFAP”), and Director of CHC, “CHC remains committed to managing the operations of KFS and we are delighted to have found an investor in the form of LC Dev, who shares the same vision and can work with us to reap greater success for KFS and KFAP. It is business as usual, with no impact on KFS’ relationship with clients and business partners.”

Other than offering a full suite of real estate consultancy services in Singapore, KFS also has operations in the region under KFAP. KFS is part of the wider Knight Frank Group global property network. Headquartered in London, the group is the world’s largest privately-owned global property agency and consultancy, according to an L.C. Development report.

Mr Nick Thomlinson, Chairman of Knight Frank Group added, “We welcome LC Dev as fellow shareholders in KFS and look forward to a long and fruitful relationship.”