{"id":9856,"date":"2016-04-03T17:56:20","date_gmt":"2016-04-03T10:56:20","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/red-sea-buys-malaysian-modular-housing-builder-for-7-million\/"},"modified":"2016-04-03T18:49:10","modified_gmt":"2016-04-03T11:49:10","slug":"red-sea-buys-malaysian-modular-housing-builder-for-7-million","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/red-sea-buys-malaysian-modular-housing-builder-for-7-million\/","title":{"rendered":"Red Sea buys Malaysian modular housing builder for $7 million"},"content":{"rendered":"


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\nRed Sea Housing Services Company has announced that its Dubai-based subsidiary has bought a Malaysian company that specialises in building modular housing for US$7 million. The Jeddah-based company said that the deal, under which it will pay an initial $3m in cash and the rest in annual instalments, will boost its plans to expand into the South-East Asian market and allow the company to get its hands on an “unconventional construction technology” that would allow it to build concrete structures of up to 12 floors quickly and using less manpower.
\nIn a statement to the Saudi stock exchange, the company said the deal would add about 100m Saudi riyals (Dh97.95m) to its revenues for this year. The deal will be financed through existing bank facilities and cash flow. AM Modular is a designer and manufacturer of prefabricated modular buildings with three factory sites in Malaysia. The company was set up in 2007 and opened an Australian arm in Ade\u00adlaide in 2009.
\nDon Sumner, the acting chief executive of Red Sea, said: “This is an excellent opportunity for us to continue driving the Red Sea Housing growth strategy along with our new colleagues at AM Modular, while maintaining our technological superiority.”Rick Singh, the chief executive of AM Modular, said: “This acquisition will allow the exponential growth of Red Sea in the Australasian Region. Our strong presence in Malaysia will enable faster delivery to all Red Sea clients and offer a greater range of product.”
\nRed Sea Housing Services provides temporary and permanent modular housing used by companies to house staff working in remote locations. It has provided accommodation to companies in the mining, oil and gas sectors and recently had a deal with the Australian government to provide housing for asylum seekers at a processing centre in Papua New Guinea. Last month, the company also announced that it had won a contract with the Qatari real estate company Daruna to build accommodation for up to 4,000 people. The contract, worth 144m Qatari riyals (Dh145m), is for accommodation blocks, indoor and outdoor recreation spaces, utilities, retail space, a police station, bank and a clinic.
\nRed Sea declared a 56 per cent decline net profit last year to 76.1m Saudi riyals. Revenue fell by 7 per cent to 1 billion riyals. Amr Al Dabbagh, the chairman, said the company had been \u00adaffected by lower oil prices, which resulted in some projects being called off and others suspended.mfahy@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Red Sea buys Malaysian modular housing builder for million<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Red Sea Housing Services Company has announced that its Dubai-based subsidiary has bought a...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-9856","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-2yY","jetpack-related-posts":[{"id":9854,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/read-sea-buys-malaysian-modular-housing-builder-for-7-million\/","url_meta":{"origin":9856,"position":0},"title":"Read Sea buys Malaysian modular housing builder for $7 million","date":"April 3, 2016","format":false,"excerpt":"\r \r Red Sea Housing Services Company has announced that its Dubai-based subsidiary has bought a Malaysian company that specialises in building modular housing for US$7 million.The Jeddah-based company said that the deal, which will see it pay an initial $3m in cash and the rest in annual instalments, will\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":143058,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/modular-homes-were-hailed-as-a-solution-to-housing-crises-but-the-sector-is-now-struggling-to-scale\/","url_meta":{"origin":9856,"position":1},"title":"Modular homes were hailed as a solution to housing crises. But the sector is now struggling to scale","date":"March 18, 2024","format":false,"excerpt":"\r Modular construction promises a faster, more sustainable solution to housing crises but it still sees wider adoption in some countries more than others.\r \r Source : cnbc.com\r Read more...Modular homes were hailed as a solution to housing crises. But the sector is now struggling to scale","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":107628,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/places-for-people-bets-100m-on-modular-housing\/","url_meta":{"origin":9856,"position":2},"title":"Places for People bets \u00a3100m on modular housing","date":"May 31, 2019","format":false,"excerpt":"\r Investment represents a \u2018huge vote of confidence\u2019 in modern prefab, says Homes England\r \r Source : ft.com\r Read more...Places for People bets \u00a3100m on modular housing","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":132534,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/editorial-off-site-modular-housing-hard-to-nail\/","url_meta":{"origin":9856,"position":3},"title":"Editorial: Off-site modular housing hard to nail","date":"December 8, 2022","format":false,"excerpt":"\r OPINION: Our editorial on the re-fab house construction sector.\r \r Source : nzherald.co.nz\/Property\r Read more...Editorial: Off-site modular housing hard to nail","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":139233,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/kainga-ora-modular-housing-units-from-china-up-in-point-chevalier\/","url_meta":{"origin":9856,"position":4},"title":"K\u0101inga Ora modular housing: Units from China up in Point Chevalier","date":"September 19, 2023","format":false,"excerpt":"\r Green machine rises, soon after 24,717 applicants were on the housing register.\r \r Source : nzherald.co.nz\/Property\r Read more...K\u0101inga Ora modular housing: Units from China up in Point Chevalier","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":139801,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/from-sweden-to-owairaka-first-of-three-modular-timber-housing-blocks-up\/","url_meta":{"origin":9856,"position":5},"title":"From Sweden to \u014cwairaka: First of three modular timber housing blocks up","date":"October 10, 2023","format":false,"excerpt":"\r 'We went to the USA, China and Europe but the Swedish model was the right model for us.'\r \r Source : nzherald.co.nz\/Property\r Read more...From Sweden to \u014cwairaka: First of three modular timber housing blocks up","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/9856"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=9856"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/9856\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=9856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=9856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=9856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}