Hongkong Land Launches S$8.2 Billion Singapore Office Fund with QIA and APG in Major Institutional Partnership
The new Singapore Central Private Real Estate Fund becomes the city-state’s largest office-focused private investment platform, anchoring institutional capital in premium commercial assets
Hongkong Land has launched a landmark Singapore office real estate fund with initial assets under management of S$8.2 billion, partnering with Qatar Investment Authority and Dutch pension asset manager APG Asset Management as founding investors in the vehicle.
The Singapore Central Private Real Estate Fund (SCPREF) is structured as an open-ended perpetual private investment platform and marks the largest private commercial real estate fund in the Republic at inception, reflecting strong institutional demand for top-tier office assets in Asia’s premier financial hub.
SCPREF’s inaugural portfolio comprises a mix of ultra-prime office properties, including 100 per cent interests in Asia Square Tower 1 and One Raffles Link, and one-third stakes in Marina Bay Financial Centre Towers 1 and 2, Marina Bay Link Mall, and One Raffles Quay.
Collectively, these assets represent approximately 2.6 million square feet of net lettable area and underscore the fund’s focus on high-quality, income-producing commercial real estate in Singapore’s Central Business District and key business precincts.
Hongkong Land will act as general partner and fund manager, holding a majority stake at launch alongside QIA and APG, with additional participation from a Southeast Asian sovereign wealth fund.
The fund has secured S$4.1 billion in committed equity, including more than S$1.8 billion of third-party capital, and targets expanding its gross asset value to at least S$15 billion through selective acquisitions and future placements.
The launch of SCPREF forms a key pillar of Hongkong Land’s strategy to build a third-party capital management platform and contribute to its broader target of US$100 billion in assets under management by 2035. By recycling capital from its existing Singapore portfolio and attracting significant institutional backing, Hongkong Land aims to reinforce its role as a premier real estate investor and manager in Asia’s gateway cities.
The fund’s investment mandate anticipates further expansion in Singapore’s office market, leveraging stable fundamentals, strong occupancy rates and sustained demand from multinational tenants.
The Singapore Central Private Real Estate Fund (SCPREF) is structured as an open-ended perpetual private investment platform and marks the largest private commercial real estate fund in the Republic at inception, reflecting strong institutional demand for top-tier office assets in Asia’s premier financial hub.
SCPREF’s inaugural portfolio comprises a mix of ultra-prime office properties, including 100 per cent interests in Asia Square Tower 1 and One Raffles Link, and one-third stakes in Marina Bay Financial Centre Towers 1 and 2, Marina Bay Link Mall, and One Raffles Quay.
Collectively, these assets represent approximately 2.6 million square feet of net lettable area and underscore the fund’s focus on high-quality, income-producing commercial real estate in Singapore’s Central Business District and key business precincts.
Hongkong Land will act as general partner and fund manager, holding a majority stake at launch alongside QIA and APG, with additional participation from a Southeast Asian sovereign wealth fund.
The fund has secured S$4.1 billion in committed equity, including more than S$1.8 billion of third-party capital, and targets expanding its gross asset value to at least S$15 billion through selective acquisitions and future placements.
The launch of SCPREF forms a key pillar of Hongkong Land’s strategy to build a third-party capital management platform and contribute to its broader target of US$100 billion in assets under management by 2035. By recycling capital from its existing Singapore portfolio and attracting significant institutional backing, Hongkong Land aims to reinforce its role as a premier real estate investor and manager in Asia’s gateway cities.
The fund’s investment mandate anticipates further expansion in Singapore’s office market, leveraging stable fundamentals, strong occupancy rates and sustained demand from multinational tenants.
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