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Tag: metro holdings

  • Metro Holdings buys 35% of JV that’s acquiring Shanghai mixed-use building

    Metro Holdings buys 35% of JV that’s acquiring Shanghai mixed-use building

    Metro Holdings, together with other JV partners, is acquiring a 90 per cent stake in Shanghai Plaza for RMB2.9 billion (US$613 million).

    The mixed-used commercial building, with a gross floor area of 40,693sqm spans seven floors in Huai Hai Zhong Road, Huang Pu district, one of the most densely populated urban districts in China. It is also near the shopping district of Xintiandi, People’s Square and the Lujiazui CBD.

    Under the JV agreement signed by the investor, Shanghai Xing Chu Business Consulting, a wholly owned subsidiary of Metro China Holdings, will contribute $56 million for a 35 per cent stake in Shanghai Yi Zhou Property Management, which will be used to acquire and run Shanghai Plaza.

  • Metro Holdings group MD, Jopie Ong, dies

    Metro Holdings group MD, Jopie Ong, dies

    The group managing director of retailer and property firm Metro Holdings, Mr Jopie Ong Hie Koan, died last night.

    Mr Ong, who was in his 70s, had helmed Metro Holdings since 1973.

    He was the son of the late Ong Tjoe Kim, who founded the Metro chain of department stores. He was also a member of the nominating and investment committees.

    When contacted by The Straits Times, Metro Holdings confirmed that Mr Ong had died yesterday.

    Mr Ong joined Metro in 1964 and helped to grow the retail division, introducing into Singapore luxury brands such as Cartier and Piaget, and guiding Metro to its listing in 1973.

    He had also held board positions in the retail, property development, construction, hotel and leisure industries.

    Under Mr Ong’s leadership, Metro Holdings, founded in 1957 by his father as a textile store, has grown to become a property development and investment group.

    The firm has a turnover of $145.8 million and net assets of $1.4 billion as at March 31 last year.

    Mr Ong was instrumental in the setting up of Transmarco, a group that dealt in luxury brands, watches and computers, and was previously its chairman.

    He also acted as director of Metrojaya, which operated the Metro retail arm in Malaysia, prior to its divestment.

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