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Singapore-listed Epicentre Holdings plans to exit from its core business of reselling Apple gadgets and enter into real estate development and hotel management in Thailand and China, according to an SGX filing on Wednesday (27 June).
It intends to venture into these new businesses via reverse takeover by acquiring the entire stakes in both MacroCap Asia Capital and Gloria International for a total of $400 million.
The former’s stakes are being purchased from Lee Chong Yang, Lin Chih-Hsiung and Mei Hua International Co, while the latter is being bought from Cutvale Investments Ltd.
MacroCap is an investment holding firm that fully controls Asia ThaiYuan Construction and Development, a Bangkok-incorporated property developer that owns the 32-storey Smile Square project along the capital’s Phetchaburi Road in Ratchathewi District.
Sited on a 14,856 sq m plot, the mixed-use development has a gross floor area of over 148,000 sq m that houses a shopping centre, office space, 434-room hotel and 260-unit condominium.
Meanwhile, Gloria International currently operates 52 hotels in major cities across China under five brands – Gloria Grand Hotels, Gloria Plaza Hotels, Gloria Resorts, GtEL and G-LUXE.
“There are currently plans for the management of another 31 hotels, which are still undergoing various stages of development. Through these new hotels, Gloria will expand its presence across China and also establish a presence in Malaysia, as well as develop a new brand, Gloria Residences,” it said.
Epicentre embarked on this move due to the bleak prospects of its Apple reselling business, with revenue falling since FY2015. Its status as an Apple Premium Reseller was also not renewed, and the US tech firm plans to open more retail stores in Singapore.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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