The property arm of Fraser & Neave, the Singapore conglomerate, has outlined plans to expand in China, Thailand and Australia, in a push that analysts say could turn it into one of the largest listed property companies in southeast Asia.
The planned expansion comes ahead of Thursday’s scheduled listing of F&N’s property unit on the Singapore exchange. CIMB, the Malaysian bank, expects the unit’s market capitalisation to be S$5.3bn (US$4.2bn), making it the fourth-largest Singapore-listed developer after CapitaLand, City Developments and Keppel Land.
The overseas expansion is the first sign of what F&N’s new owner, Thai billionaire Charoen Sirivadhanabhakdi, plans for the group. He won control of the group a year ago after one of Asia’s biggest bid battles, involving Dutch brewer Heineken and a member of Indonesia’s Riady family.