PROPERTY development and investment company Tern Properties had been keeping a low profile until its recent link-up with Cheung Kong.
The issue of a $50 million convertible redeemable note to Cheung Kong effectively made the Li Ka-shing property flagship a shareholder in Tern.
The company, formerly Eco Properties until it was renamed in 1988, will become even more visible with the impending completion of Tern Plaza, an office building in a prime area of Tsim Sha Tsui.
Tern has also acquired a 1,700-square-foot site at nearby 29A Granville Road for $125.5 million.
The current building is to be demolished by the end of this year and replaced by a commercial block with a gross area of 20,000 square feet.
The company has a large land bank occupied by old buildings in Granville Road. Along with the Woo Hing Industrial Building in Chekiang Street, there is considerable redevelopment potential, though no schedule has been set.
Meanwhile, Tern Plaza, at 5 Cameron Road, is due to be finished by the end of the year. Pointe Claire, a 35-storey residential development in central Vancouver, Canada, is expected to be completed in the third quarter of 1995.