“Global Investments, Lasting Returns” underscores Seacare Co-operative’s
commitment to building enterprises that generate enduring value not only financially
but also socially and collectively.
Co-operative Executive Chairman Mr Leow Ching Chuan made this salient point at the co-operative annual general meeting, held on Oct 29, where members gathered to reflect on the significant developments since the previous AGM, including key corporate milestones, overseas investments and new growth initiatives across the Group.
The AGM reviewed the financial performance of the Co-operative and its group of companies for the financial year ended 31 March 2025. Despite global economic uncertainties, rising costs and
geopolitical challenges, Seacare remained resilient, reporting a net profit before tax
of S$6.76 million.
A key highlight of the AGM was Seacare’s expanding global footprint, particularly in the United Kingdom, where the Group has steadily strengthened its hospitality portfolio since 2015.
During the review year, Seacare’s portfolio of hotels, acquired through a mix of full and partial ownership across England, Wales, and Scotland, recorded a 5% increase in revenue, from £23.2 million to £24.3 million. During the year, the Group completed the divestment of Citrus Hotel Cardiff, unlocking capital gains that can be strategically redeployed into higher yield opportunities.
In April 2025, Seacare further expanded its hospitality presence in Blackpool with the acquisition of the 78-room Royal Boston Hotel and the 89-room Royal Alexandra Hotel. Members were updated on Seacare’s overseas investment strategy, led by Seacare Global Investment, to drive
cross-border ventures. Its first project in Vietnam, a joint venture in furniture manufacturing and design-and-build services, positions the Group in a growing sector.
In Indonesia, construction commenced on 60 landed homes in Berlian City, Kota Serang, Banten Province. Designed for young families and first-time homeowners, the development reflects Seacare’s commitment to combining commercial prudence with social purpose.
The Group also continues to explore opportunities in Indochina and the Middle East, where infrastructure expansion, urbanisation and sustainability initiatives are creating new pathways
for strategic partnerships and long-term value creation.
Leadership
The AGM also marked a milestone with the election of candidates nominated by the Founder Member, Institutional Member and Ordinary Members to the Board of Directors for a new three-year term of office from 2025 to 2028. The new board composition is as follows:
Note: Mr Lee was appointed by the Board, the rest were elected/re-elected during the AGM
Appreciating Our Members
In recognition of members’ unwavering support, a motion to award NTUC FairPrice vouchers to members as a token of appreciation was tabled and passed. Following the resolution, vouchers were distributed to ordinary members from Dec 8. The initiative reflects the essence of
the co-operative model, where success is shared and value creation extends meaningfully to
members.
The 2025 AGM reaffirmed a defining truth about Seacare:
global investments may broaden horizons, but lasting returns are measured by resilience and shared prosperity.
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