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US Brother of ex-US President George W Bush to chair S'pore developer

Property Here - Monday, March 11, 2013

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By Romesh Navaratnarajah:

Neil Bush (pictured), the younger brother of former US President George W Bush is set to become a major investor in Singapore-based developer SingXpress Land, which plans to change its name to SingHaiyi Group. 

The move will take place following a rights issue and share placement by the SGX Catalist-listed developer that plans to raise up to S$226.5 million in proceeds. Mr Bush is expected to be named Chairman after the share placement is completed, replacing Yeo Wee Kiong who will remain as Non-Executive Director.

The fund-raising exercise is the largest-ever by SingHaiyi and will see the firm looking for growth opportunities in the US, specifically in properties or projects that are on the brink of bankruptcy. 

Mr Bush is President of privately-owned oil and gas company ATX Oil and is engaged in various business activities focusing on the US, China and Middle Eastern markets. 

It is believed he is a long-time business partner of Gordon Tang who controls Haiyi Holdings, which currently has a 62.3 percent stake in SingHaiyi. Both are linked through American Pacific International Capital, which has a portfolio of commercial properties in the US. 

On his new role, Mr Bush said: “I am elated by the opportunity to participate in the growth of SingHaiyi. Through my network and business experience, I hope to strengthen the investment opportunities between Asia and the United States, using SingHaiyi and Singapore as a springboard.”

SingHaiyi's top management added: “The Board has great confidence in the abilities and network of Mr Neil Bush and we look forward to his contributions as the company explores real estate investment opportunities in the US and elsewhere.” 

Meanwhile, the firm and Mr Bush continue to have faith in Singapore’s economy and real estate sector. SingHaiyi is part of the consortium which launched the much-talked about CityLife executive condominium (EC) at Tampines in December last year which sold a S$2 million “presidential suite”.

 

Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@allproperty.com.sg