Brother & son of two former US Presidents to chair S'pore developer
Mar 11, 2013 - PropertyGuru.com.sg
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”.
