Business | General
Depa and Design Studio in venture
Depa Limited (Depa) yesterday said it has formed a partnership with Design Studio Furniture Manufacturer Ltd, (Design Studio), Singapore's leading premier furniture manufacturer, product and interior fitting-out specialist.
- Staff Report
- Published: 23:38 April 8, 2008
Dubai: Depa Limited (Depa) yesterday said it has formed a partnership with Design Studio Furniture Manufacturer Ltd, (Design Studio), Singapore's leading premier furniture manufacturer, product and interior fitting-out specialist.
The venture aims to capture large-scale interior fit-out deals in the booming real estate sector of Singapore and Southeast Asia.
With Design Studio's niche position in Singapore and Depa's excellent track record and expertise, the joint venture, DDS Asia Holdings Pte Ltd (DDS), will be able to capture higher value deals.
DDS, in which Depa holds 55 per cent and Design Studio 45 per cent, will target interior contracts in the hospitality and commercial segments within Singapore, Malaysia, Thailand, Indonesia and Vietnam.
Mohannad Sweid, CEO of Depa, commented, "We are pleased to have Design Studio as our partner for the Southeast Asian market. Depa has been a shareholder of Design Studio since August 2006, and we have confidence in its industry expertise and knowledge of the markets in Asia. We believe our strengths are complementary and allow us to deliver large projects in the region."
Bernard Lim, executive chairman and CEO of Design Studio, said, "We are privileged to join hands with Depa. With the booming Asian economies and Depa's valuable Middle East experience, we are confident of securing significant projects in the near future."
In Singapore, DDS will form a wholly-owned subsidiary, DDS Contracts and Interior Solutions Pte Ltd ("DDS Singapore"), which will exploit growth opportunities in the real estate and construction sector in Singapore. DDS Singapore is a specialist company poised to be a significant player offering a comprehensive fit-out suite, including turnkey and retro-fitting services, to new and existing hospitality and commercial projects.
Analysts are bullish on the construction sector in Singapore, which is at the implementation stage of multi-year projects announced in 2006.
An estimated S$54.4 billion ($39.4 billion) of committed projects up until 2010 are to be scheduled for construction.
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