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Hongkong Land plans to introduce a Singapore-based private real estate fund with over SGD 8 billion (USD 6.19 billion) in assets at inception. Named the Singapore Central Private Real Estate Fund (SCPREF), it will primarily manage commercial properties, including Marina Bay Financial Centre Towers 1 and 2 and One Raffles Quay. This launch follows the sale of Tower 3 to Keppel REIT for nearly SGD 1.5 billion and aligns with Hongkong Land's capital recycling strategy. The company aims to expand its assets under management to USD 100 billion by 2035, reinforcing its long-term growth in Singapore.
Hongkong Land is preparing to launch a private real estate fund in Singapore with initial assets under management exceeding SGD 8 billion (USD 6.19 billion). The Singapore Central Private Real Estate Fund (SCPREF) will focus on commercial properties in the city-state and is expected to become the largest private real estate fund in Singapore. While the exact launch date has not been confirmed, the company expects to announce the fund's establishment in the first quarter of 2026. Advertisement
The fund comes after Hongkong Land sold its stake in Marina Bay Financial Centre Tower 3 to Keppel REIT for nearly SGD 1.5 billion, a transaction that advances the company's capital recycling targets. Alongside this, the company plans to transfer its interests in Marina Bay Financial Centre Towers 1 and 2 and One Raffles Quay to the fund. These properties had a total attributable value of SGD 3.9 billion as of the end of June. The fund will provide a platform for efficient management of these high-value assets and attract institutional investors looking for exposure to Singapore's prime commercial real estate.
Hongkong Land has a long-standing presence in Singapore, with a portfolio that includes some of the most prominent commercial buildings in the Marina Bay and Raffles Quay areas. The SCPREF initiative aligns with the company's broader strategy to expand its assets under management to USD 100 billion by 2035. Analysts note that consolidating these properties into a single fund can optimize operational efficiency, strengthen investment returns, and support the company's long-term growth plans in the region.
The move also reflects confidence in Singapore's commercial real estate market, which continues to attract global investment due to its stability, strategic location, and robust economic fundamentals. Hongkong Land's approach of combining capital recycling with asset consolidation under SCPREF provides flexibility to invest in new opportunities while maximizing the performance of existing holdings.
Source Reuters
5th Jun, 2025
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