Hongkong Land Holdings Limited has announced the launch of the Singapore Central Private Real Estate Fund (SCPREF), the largest office-focused private investment platform in Singapore. With assets under management of S$8.2b (US$6.4b), SCPREF aims to acquire ultra-premium commercial properties in Singapore, bolstering Hongkong Land’s strategic goal of managing US$100b by 2035.
SCPREF’s initial portfolio includes Asia Square Tower 1, Marina Bay Financial Centre Towers 1 and 2, Marina Bay Link Mall, One Raffles Quay, and One Raffles Link, collectively representing 2.6 million square feet of net lettable area. The fund’s perpetual open-end structure is designed to attract long-term institutional capital, with founding investors including Qatar Investment Authority and APG Asset Management.
Michael Smith, Chief Executive of Hongkong Land, stated, “In launching the Singapore Central Private Real Estate Fund, we again demonstrate our ability to execute our strategy through recycling capital to create shareholder value.”
The fund’s establishment marks a significant step in Hongkong Land’s capital management business, aiming to expand its investment platform and attract institutional capital. SCPREF also aligns with sustainability goals, featuring assets certified under Singapore’s BCA Green Mark standards.
The launch of SCPREF, alongside the sale of Marina Bay Financial Centre Tower 3, has generated US$1.3b in capital for Hongkong Land, contributing to its US$4b recycling target by 2027. The company has also increased its share buyback programme to US$650m, reflecting its commitment to enhancing shareholder value.
