JTC and Temasek to Move Forward on Merging RE Units

Singapore’s Temasek Holdings and Singapore-based JTC Corporation, whose parent is Singapore’s Ministry of Trade and Industry, have agreed to merger four of their real estate units. JTC Corporation was formerly the Jurong Town Corporation. The reasoning for the S$5 billion merger is to achieve economies of scale and be able to move faster to take on the rapid urbanization of China and India. The merger is expected to occur before June 2015. The combined group will be 51% owned by Temasek Holdings.

The four entities merging are:

Entity Majority Owner
Ascendas Pte JTC
JURONG International Holdings Pte Ltd JTC
Surbana International Consultants Holdings Temasek Holdings
Singbridge Group Temasek Holdings

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