Regional Property Watch: Hongkong Land Preps $6 Billion Singapore Fund
No PH property headlines today, so we look at a major Singapore real estate move instead
Written by PropVela Editorial TeamPublished 1 min read
No major Philippine property news broke today, so here's a look at what's moving in the wider region:
Hongkong Land Poised to Launch US$6 Billion Singapore Property Fund
Hongkong Land is reportedly preparing to roll out what could become Singapore's largest private real estate fund, with assets under management topping S$8 billion (roughly US$6.2 billion). The new vehicle, the Singapore Central Private Real Estate Fund, would start out holding one-third interests in three prized commercial properties: One Raffles Quay and both towers of Marina Bay Financial Centre.
In a related move, Hongkong Land has already offloaded its one-third stake in Marina Bay Financial Centre Tower 3 to Keppel Reit, in a deal worth around S$1.5 billion — about 2 percent above the property's mid-year valuation. The transaction underscores continued investor appetite for prime Marina Bay office space even as portfolios get restructured.
According to South China Morning Post, the fund launch would mark one of the biggest private real estate plays in Singapore's market to date.