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The
Business Times, 1 Apr 04
Jennie Chua could head Sentosa Cove board
by Vince Chong
Veteran hotelier would be good for hospitality synergy in new leisure
hub
RAFFLES Holdings chief executive and veteran hotelier Jennie Chua,
58, is tipped to chair the board of Sentosa Cove Pte Ltd (SCPL) -
prompting speculation that SCPL's purview might extend beyond developing
mainly residences on Sentosa and the Southern Islands.
Sources believe Ms Chua's appointment gels with the plan to build
a 500-hectare resort and residential development in the Southern Islands,
to be linked to the tourism isle of Sentosa 3km away by boat or bridge.
To be modelled after the US$1 billion Atlantis on Paradise development
in the Bahamas, it will feature a comprehensive range of facilities
including attractive beaches, hotels, private homes, marinas, convention
centres, retail and food and beverage outlets as well as the hottest
topic in Singapore at the moment - a casino.
As a veteran market watcher said, hospitality would feature in more
ways than one for SCPL, even though Sentosa Cove is likely to hold
just one hotel. 'You want synergy, not competition,' said the source.
'With hotels available already on the main island of Sentosa as well
as in Sentosa Cove, it would be a good move to have someone like Ms
Chua manage this hospitality synergy when the leisure hub in the Southern
Islands opens up.'
If Ms Chua's appointment comes through, she would succeed Alan Choe,
72, who remains on the SCPL board. Mr Choe stepped down after the
successful tender of maiden land parcels at the 99-year Sentosa Cove.
A source said: 'The intention is to create a critical mass of entertainment
and leisure activity in the Southern Islands and since SCPL has already
been tasked to build homes there, they might as well be involved in
other parts of the project. 'And with her experience, Jennie would
be an ideal person to give her take on these aspects.' The housing
enclave is estimated to bring in $3 billion of investment through
the sale of 2,600 homes from bungalows to terrace houses and condos,
as well as a hotel and marina. Plans for homes in the Southern Islands
are slated to be ready by year-end, though it is not clear if the
new plans announced for the Southern Islands will change this time-table.
Other industry watchers added that Ms Chua's possible appointment
would be logical enough as the government would want to keep a close
eye on the resort's development, especially if a casino is built.
Raffles Holdings is the hospitality arm of South-east Asia's largest
property developer CapitaLand, in which Singapore's investment company
Temasek Holdings holds a majority stake. |
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