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Business Times
17-07-2025
- Business
- Business Times
The old Thong Chai Building, a national monument, set to change hands
[SINGAPORE] The former Thong Chai Medical Institution in Eu Tong Sen Street, a national monument, is close to being sold, The Business Times understands. The asset – with triple frontages along Eu Tong Sen Street, Merchant Road and New Market Road – comprises the building constructed in 1892 and gazetted as a national monument in 1973, as well as a two-storey annexe built in the 1990s. The property is being sold by MMT Singapore Properties, a US-incorporated company that is linked to Forever Living Products, a global multi-level marketing health and beauty business selling mostly aloe vera products; the company is headquartered in Arizona. The incoming owner of 50 Eu Tong Sen Street is understood to be an entity linked to Singapore-incorporated real estate investment company Clifton Partners. The word in the market is that the all-in cost for the buyer is in the S$45 million to S$50 million range. The property is on a site area of about 11,730 square feet (sq ft) with 99-year leasehold tenure from August 1994, leaving a balance term of about 68 years. The total built-up area is about 20,000 sq ft. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up After occupying the 50 Eu Tong Sen Street premises for about two decades, Forever Living recently relocated to Carpenter Street. View of the first courtyard from the second storey shows a roof with concrete ridge frieze, gable walls and ornamental copings. PHOTO: BT FILE Forever Living's late founder, president and chief executive officer Rex Maughan died in 2021. The company is currently helmed by his son Gregg Maughan, who is the CEO; Aidan O'Hare is the president. The former Thong Chai Medical Institution, also known as the old Thong Chai Building, was among the first batch of eight buildings that were gazetted as national monuments in 1973. The status accords the highest level of protection for built heritage, that is, preservation under the Preservation of Monuments Act. The second courtyard with a view of an original timber screen with the Chinese characters Fu, Lu and Shou – the Chinese deities of good fortune, prosperity and longevity, respectively. PHOTO: BT FILE Industry observers expect the new owner of 50 Eu Tong Sen Street to refurbish the asset in accordance with guidelines stipulated for national monuments. Potential uses may include suitable wellness, lifestyle or food and beverage concepts. Clifton has experience restoring and uplifting heritage properties. An example is the conservation shophouse at 75 Maude Road in the Jalan Besar area. This is where Singapore's founding prime minister Lee Kuan Yew hid during the Japanese Occupation, to escape a mass screening and almost-certain death. Describing the former Thong Chai Medical Institution, Vernon Cornelius and Valerie Chew, in an article on the National Library Board website, write: 'The building is considered a historical landmark not only because the institution symbolised the spirit of mutual assistance among early Chinese settlers, but also because it is a rare surviving example of Southern Chinese secular architecture.' The Thong Chai Medical Institution was built with the support of philanthropic Chinese businessmen as well as funds raised through public subscription, with the British colonial government providing the land. Completed in 1892, the Thong Chai Medical Institution in Chinatown provided free medical services and herbs to the poor; it was also a centre for activities for the early Chinese community. The building served as the headquarters of Chinese guilds and the venue for various public meetings. The Singapore Chinese Chamber of Commerce operated from an office there until 1906. In 1976, the medical institution moved to a new building in Chin Swee Road and returned the old medical hall to the government, which then spent nearly S$500,000 on extensive restoration and renovation works before the venue was reopened as an arts and crafts centre in 1979. URA sale of site The national monument was packaged with an adjacent vacant site and put up for sale in the early 1990s by the Urban Redevelopment Authority (URA). Architect Chan Seng Kee, through Ke-Cho (Pte) Ltd, placed the highest bid of S$3.89 million for the property at a URA tender that closed in April 1994. His firm Design Environment Group Architects did extensive restoration work on the asset; this included adding a new annexe in the same southern-China architectural style of the original property. The project was completed in 1998. The original configuration of the interior spaces and courtyards was retained. Skilled craftsmen from China were engaged to restore the old Thong Chai Building's detailed features such as the intricate concrete ridge frieze on the roof, with gable walls and ornamental copings. The building was tenanted to a pub-disco and later to two restaurants, but all closed within a short time. Chan then put the property up for sale. In late 2004, it was sold to MMT Singapore Properties. According to an earlier media report, the price was 'under S$7 million'. The premises were spruced up to serve as the new corporate office for Forever Living Products.
Int'l Business Times
19-06-2025
- Business
- Int'l Business Times
Trump-Backed US Steel Deal with Nippon Finalized, Sparks Job Boom
The long-awaited partnership between US Steel and Japan's Nippon Steel is now official, with both companies confirming the deal on Wednesday. The agreement, backed by President Donald Trump, is being called a turning point for the American steel industry and is expected to create over 100,000 jobs across the country. As part of the agreement, US Steel will retain its name and continue to operate from its headquarters in Pittsburgh. All steel products will continue to be "mined, melted, and made" in the United States, both companies confirmed, BBC said. The announcement also outlines over $11 billion in planned investments by 2028, with a new steel plant expected to be built sometime after that year. "This is a momentous day for our country, our communities, and the American steel industry," said US Steel CEO Dave Burritt. "Thanks to President Trump's bold leadership, American workers secured the best possible deal." US Steel Sale Finalized After Trump Reverses Biden-Era Block The deal faced earlier pushback from President Joe Biden in 2023, who cited national security concerns. But President Trump ordered a fresh review and ultimately cleared the sale last week after securing commitments from Nippon to invest heavily in US Steel's American facilities rather than taking full ownership. To address security concerns, a special National Security Agreement was created. It requires that US Steel remains a US-incorporated company, led by a US citizen CEO, with a majority-US board. According to CBS News , Nippon will also issue a "golden share" to the US government, giving the president authority over key decisions like shutting down factories or moving jobs overseas. Nippon Steel's Vice Chairman Takashi Mori will take on the role of chairman of US Steel's board, but the rest of the company's leadership team will stay American. The company has bases in several countries but is now taking a much larger role in US operations. Despite the promising outlook, not everyone is fully supportive. The United Steelworkers union pushed back against the companies, accusing them of "downplaying concerns" and promising to keep a close eye on Nippon's future actions. "We will continue watching, holding Nippon to its commitments," said USW president David McCall. Originally published on
Observer
09-06-2025
- Business
- Observer
$5 billion boost for Shariah housing in Oman and GCC
MUSCAT: A major regional investment firm aims to accelerate the development of affordable, Shariah-compliant housing in Oman and the wider GCC, following a new strategic partnership between international finance institutions. BCIB Holding Co, Ltd, a Thailand-based financial service and investment banking firm, has acquired a 20 per cent stake in Amwalus Finance LLC, a US-incorporated financial institution with strategic operations in Oman, aligning both companies to jointly scale ethical housing finance solutions across the region. The investment is supported by a $5 billion Medium Term Note (MTN) issued by Bastion Commonwealth Investment Bank, the banking arm of BCIB Holding. According to BCIB Holding Co, the proceeds from the MTN will be used to finance housing projects that adhere to Islamic finance principles, addressing the growing demand for inclusive and affordable residential solutions in Oman and neighbouring Gulf countries. The agreement was formalised in a signing ceremony between Low Chun Keong, Managing Director of BCIB Holding, and Wassem Mesto, Managing Director of Amwalus Finance LLC, a wholly owned subsidiary of US-based Amwalus Trust. The ceremony was also attended by Dr Chutamas Vongvorakit, Co-founder and Chief Financial Officer of BCIB Holding. 'This strategic investment, backed by institutional financing through Bastion Commonwealth Investment Bank, underscores our commitment to fostering inclusive and sustainable development in Oman and across the region,' said Low. Amwalus Finance focuses on Shariah-compliant financing for affordable housing. With the new capital injection and support from its strategic partner, the company plans to expand its housing solutions across the GCC, targeting underserved communities. Wassem Mesto welcomed the partnership as a milestone for the company's mission. 'We are proud to welcome BCIB Holding as a key strategic partner in our mission to provide dignified, affordable housing guided by Islamic finance principles,' he said. 'With this collaboration, and the support of Bastion Commonwealth Investment Bank, we are well-positioned to scale our impact across the GCC and meet the growing demand for ethical, inclusive housing solutions.' The alliance reflects BCIB Holding's broader goal to promote long-term socioeconomic development through innovative Islamic financial instruments, with a particular focus on infrastructure and housing. Oman, which is advancing national priorities under Vision 2040, is expected to be a central focus of these investments.
