SLB is a subsidiary of main contractor Lian Beng.
Following approval obtained from shareholders at an extraordinary general meeting held on Sept 26 to diversify its business into fund management, SLB made its first £2 million investment into a UK residential fund, Pinnacle Residential Fund, which will focus on the private rented sector across the UK.
SLB said:"This initial investment also gives the group an option to subscribe for a 20 per cent equity stake in , which will be building a series of funds in 'Living Sectors' – properties that provide people with homes of different types and tenures for various needs and stages of life – supported by key macroeconomic, demographic and political themes and data analytics. The option expires on Dec 31, 2019.
Meanwhile, SLB continues to push sales for its ongoing projects and has been recording incremental sales, it said. On Sept 25, it announced the disposal of its wholly-owned subsidiary Wellprime that owns the development site at 50 Lorong 21 Geylang for S$13.5 million. The disposal is expected to contribute positively to the group's performance in the second quarter, it said.
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