Xpress

Xpress: This morn, co has announced the launch of a DBSS, "Pasir Ris One" which is close to Pasir Ris MRT. Co owns a 80% stake with remaining 20% owned by Kay Lim Hldgs. The project announced is not new although the launch is fresh news. Tembusu Partners (headed by Viking's Andy Lim) signed an MOU earlier in Oct 2011 to take a 30% stake in the project from Xpress. No further developments were announced on whether the transaction went through. As of last announced, Xpress still claimed ownership of 80% of the project. Tembusu Partners is a private equity firm which is known to have stakes in Artivision. Link to their portfolio below http://www.tembusupartners.com/portfolio_5.html