ASIA - The City Harvest Church (CHC) has increased its ownership in Suntec Singapore International Convention and Exhibition Centre to 39.2 per cent.
Executive pastor Aries Zulkarnain announced the news to his congregation during a service on Saturday 21 July. In 2010, the church acquired 20 per cent of Suntec for an aggregate purchase price of S$43.75m (US$34.74m) through its wholly-owned subsidiary, Urban Property Investments.
The CHC uses the Suntec property to stage its services and other live events.
Last year, it acquired an additional 19.2 per cent for a purchase price of S$54m, giving it an effective shareholding of 39.2 per cent for an aggregate purchase price of S$97.75m.
The remaining balance of shares is held bySuntec Harmony, a wholly-owned subsidiary of Suntec REIT. Suntec REIT has budgeted S$180m to carry out upgrading works, which include creating two additional levels of retail space.
“To put it simply, we are co-owners of this property together with Suntec REIT,” said Zulkarnain, adding the S$97.75m forms part of the church’s S$310m budget for the venue.
During the upgrade (pictured) CHC will hold its services at nearby Singapore Expo from September 2012.
Former Suntec Singapore CEO Pieter Idenburg recently took a new role at Abu Dhabi National Exhibitions Company (ADNEC) as group CEO.
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