Aberdeen Standard buys first Singaporean properties
Aberdeen Standard Investments has bought a row of shophouses in Singapore, marking its first real estate acquisition in the island nation.
The six properties, acquired on behalf of ASI’s global real estate fund, were purchased from Phoenix Property Investors for S$54m (£30m), or S$2,700 per sq ft.
They are located along 46 to 48 Peck Seah Street, in Singapore’s prime central business district.
Aberdeen Standard Investments has bought a row of shophouses in Singapore, marking its first real estate acquisition in the island nation.
The six properties, acquired on behalf of ASI’s global real estate fund, were purchased from Phoenix Property Investors for S$54m (£30m), or S$2,700 per sq ft.
They are located along 46 to 48 Peck Seah Street, in Singapore’s prime central business district.
The shophouses provide total existing gross floor area of 19,938 sq ft across two storeys and an attic level, with a street frontage of 33m.
Ted Roy, deputy fund manager of ASI’s global real estate fund, said: “We particularly like the finite supply of shophouses and the potential for the asset to benefit from Singapore’s 2019 Master Plan designed to rejuvenate the immediate vicinity.”
“For global investors seeking diversification, we believe that cities in the Asia Pacific region are set to experience robust growth over the next decade, fuelled by both domestic and foreign immigration to major metropolises along with continued infrastructure spend across the region.
“Over the medium term, we have particular focus on residential, urban infill and logistics which has benefited from structural changes to the retail sector, offices in key gateway cities as well as age care in Japan.”
ASI, which began investing in Asia Pacific direct real estate in 2006 through the global fund, bought Orion Partners in February 2019 to expand its operations in Singapore, Korea, Japan and China.
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