A joint venture between Chip Ying Seng and the Singhai Group and Hai Holdings – controlled by property tycoon Gordon Tang and his wife Celine – buys a 21% stake in the Singapore office tower, partly owned by Chinese e-commerce giant Alibaba as a billionaire. Increasing investment 6
Existing shareholders and new investors will restructure the 50-storey office skyscraper, valued at S $ 1.68 billion ($ 1.24 billion), according to a statement from Perennial Holdings, which manages the transaction. In addition to Alibaba (which has a 50% stake in the property) and Tang-backed firms, other key owners include real estate firm Perennial, palm oil giant Wilmer International and its controlling shareholder, billionaire Cook Khun Hong.
“The proposed acquisition presents an opportunity for the company to acquire a meaningful partnership on a major real estate site located in the central business district,” Chip Ying Seng said in a regulatory filing on the Singapore Exchange. “Also, the company is able to participate in a large-scale development project, which, when completed, is expected to be an iconic landmark.” The transaction will be completed by the end of this month.
The Grade A office building – which sits at 10,984 square meters on 8 Shenton Way – will be converted into a mixed-use complex comprising of office, retail, hotel and residential elements. When completed in 2028, the property’s gross floor area will increase from 1.05 million square feet to 1.55 million square feet (144,000 square meters), the perennial says.
Perennial — whose shareholders include Kuok, Wilmer, Singapore billionaire Ron Sim, perennial CEO Puya Sek Guan, and Chinese private equity firm HOPU Investments সম্পত্তি will provide property and asset management services for the project.
8 The redevelopment of Shenton Way (formerly known as AXA Tower) comes as developers are financing the growing demand for luxury homes in the Singapore CBD. City Developments-Billionaire Keuk Leng Bang and his family-controlled real estate companies are actively renovating old buildings in the city’s financial district, including Canninghill Pierce on the banks of the Singapore River and Fuji Xerox Tower in Tanjung. Pagar district.
Tangs is also actively investing in redevelopment sites in and around CBD, with Chip Ying Seng and Xinghai agreeing to buy a Peace Center / Peace Mansion S near Orchard Road Shopping District for S 650 million in December. In May, the two partnered with a unit of Hong Kong-listed Chuan Holdings to buy Tanjong Pagar’s Maxwell House for S $ 276.8 million. Both properties will be redeveloped into a mixed-use commercial and residential complex subject to regulatory approval.
With a net worth of 1. 1.06 billion, Tangs is ranked 39th in Singapore’s list of 50 richest people published in August. Their largest asset in the city-state is a partnership with Suntec REIT, which owns the major commercial property in the financial district.