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Cheng Chung Design unveils APAC Headquarters in Singapore

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Luxury interior design firm Cheng Chung Design (CCD) expands its global footprint with the opening of its Singapore office which will also double up as its Asia Pacific headquarters outside Greater China. The headquarters occupies Level 25 of Collyer Quay Centre located in the Central Business District.

 

The opening of CCD’s office in Singapore marks yet another significant milestone for the hospitality giant, which just celebrated its 30th anniversary in a grand celebration during Salone del Mobile in Milan,  Italy, earlier this year.

 

On choosing Singapore as CCD’s APAC headquarters, founder Joe Cheng, says, “Our plan to open an office in Singapore has been a long time coming. As a gateway to Southeast East Asia and the rest of  Asia Pacific, Singapore is an ideal launchpad to introduce CCD’s design ethos and redefine the luxury design landscape in this region that is seeing the biggest growths in the sector. We hope to strengthen  our foothold in this part of the world and impart our expertise to cultivate a team of true design innovators that carry forward our spirit of pursuing excellence and quality in every creation.”

 

Embodying CCD’s design principles of art, humanism, efficiency, and warmth, the Singapore office reimagines the traditional workspace that harmoniously integrates work and life with design, art and biophilic elements. The workspace embraces CCD’s “de-office” design concept seen in its Shenzhen and Shanghai headquarters which transcends the ordinary with the aim of focusing on the emotional needs of its employees to build meaningful connections and expand their imagination.

 

A brainchild of Cheng, the workspace not only provides aesthetic enjoyment but also provides a way of life and a sense of ritual which reinforces a sense of belonging and promotes employee engagement amid the rise of hybrid work models. Complete with a book bar, kitchen, coffee shop, landscape gallery and art room, the open and diversified space allows employees to break away from the constraints of a conventional office. The office also pays homage to Southeast Asian cultural attributes and contemporary craftsmanship, integrating ethnic materials such as bamboo and rattan that add layers to the design narrative.

 

Making its move into Singapore, the initial elite team of 30 design experts in Singapore will be led by CCD Senior Vice President, Aldwin Ong. With extensive experiences and varying senior roles at internationally renowned design firms, Ong brings rich narratives to projects of diverse scales and styles across Asia Pacific and beyond.

 

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Hyundai Engineering & Construction Co. and SJ sign MOU to Collaborate

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Hyundai Engineering & Construction Co., Ltd. (HDEC) has entered a  Memorandum of Understanding (MOU) with Surbana Jurong Group (SJ). This strategic partnership leverages the respective strengths and expertise of HDEC and SJ to advance sustainable practices within the built environment industry while addressing global energy challenges. HDEC  is renowned for its extensive track record in construction, while SJ has extensive experience in multidisciplinary consultancy services across the built environment and energy sector, including clean fuels,  new energies, energy transition, engineering and project management.

 

Key objectives of the MOU include:

  • Exploration of collaborative projects: HDEC and SJ will jointly identify potential projects within the realms of renewable energy and infrastructure.
  • Research and Development: HDEC and SJ will jointly undertake R&D initiatives focusing on low-carbon business practices and innovative construction technologies such as Carbon Capture and Storage (CCS)  and prefabricated prefinished volumetric construction (PPVC).
  • Cooperation on infrastructure technology: The MOU outlines plans for general cooperation in infrastructure technology, including construction automation or robotics, collaborative workshops,  training programs, and technical support.
  • SMR: HDEC and SJ will also collaborate on opportunities related to SMR technologies, an area critical for  Singapore’s future energy needs.

 

SJ’s Group Chief Executive Officer Sean Chiao said, “The transition to net zero is underway, but it’s not happening fast enough, and the demand for resilient infrastructure has never been greater. By joining forces,  HDEC and SJ aim to push the boundaries of sustainable practices in the built environment and address global energy challenges head-on. SJ’s multidisciplinary consultancy, deeply rooted in sustainability, combined with  HDEC’s world-class engineering and construction expertise, will drive innovation in clean energy solutions and  advanced construction technologies, paving the way for a greener, more resilient future.”

 

A representative from HDEC stated, “Since entering the Singapore construction market in 1981, HDEC has actively contributed to the country’s economic development through major infrastructure projects, including the construction of Changi International Airport, Marina One, South Beach, and Southeast Asia’s largest underground substation. With this business partnership with SJ, a leading built environment consultancy with  a long track record of successful project delivery, we will make every effort to accelerate Singapore’s energy  transition based on the strengthened collaboration network at both the government and group levels and the  trust we have built with the Singapore government and clients.”

 

The MOU ceremony between HDEC and SJ was part of the Singapore-Korea Business Forum which took place on 8 October 2024. Present at the MOU ceremony were (from left to right) Young-joon Yoon, President and CEO of Hyundai E&C; Ahn Duk-geun, Minister of Trade, Industry and Energy of the Government of South Korea; Tan See Leng, Minister of Manpower and Second Minister for Trade and Industry; Sean Chiao, Group CEO, SJ.

 

 

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Otis Taiwan Completes the Acquisition of Jardine Schindler Lifts Limited in Taiwan

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Otis Elevator Company (Taiwan) Limited has completed the acquisition of Jardine Schindler Lifts Limited in Taiwan from the Jardine Schindler Group. Otis Taiwan is a subsidiary of Otis Worldwide Corporation, a company for elevator and escalator manufacturing, installation and service. Jardine Schindler’s elevator and escalator business in Taiwan, with approximately 200 employees, serves customers through its four branches.

 

“This acquisition marks a significant milestone in Otis’ commitment to the region, our customers, our colleagues, and other stakeholders. It further strengthens our presence in Taiwan and will be complementary in terms of customer coverage and operational capacity.” said Hemant Jolly, Vice President, Strategy & Corporate Development – Otis, Asia Pacific.

 

“Otis has been present in Taiwan since 1963 and has a long history of serving customers here,” said Michael Lee, Vice President and Managing Director, Otis Hong Kong, Macau & Taiwan.

 

“Through this acquisition, we look forward to welcoming our new colleagues from Jardine Schindler Lifts Limited in Taiwan. At the same time, we are eager to introduce our highly regarded products & service offerings, including the recently launched Otis ONETM platform and our connected Gen3™ elevators to our customers. Always guided by our Absolutes – Safety, Ethics, Quality – our newest customers should expect the same level of high-quality service and execution that Otis is well known for.”

 

Image Credit: Otis Elevator Co via Facebook

 

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Nearly Half of Global Companies are Ready to Pay a Premium for Lower Emission Steel and Concrete

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A new report released by Climate Group and Ramboll at Climate Week NYC reveals close to 50 percent of global businesses that were surveyed for the research are prepared to pay a premium for lower-emission steel and concrete, signalling a powerful and growing demand for more sustainable materials. With steel and concrete emissions responsible for 15 percent of global emissions, their urgent decarbonisation is critical to meeting the goals outlined in the Paris Agreement.

 

The Steel and Concrete Transformation: 2024 market outlook on lower emission steel and concrete report, comes after over 250 companies globally from 42 countries and 21 industries were surveyed on their current readiness to use and willingness to pay for lower emission steel and concrete. It aims to evaluate business readiness to incorporate lower-emission steel and concrete in their operations, their willingness to pay a premium for these materials, and the existing key barriers preventing wider adoption.

 

Positive Market Outlook but Barriers Remain

The research indicates growing momentum, with 45 percent of respondents saying they would be willing to pay a premium for emissions reductions of 25 percent or higher for steel, while 57 percent would be willing to do so for reductions exceeding 50 percent. For concrete, these numbers were 40 percent and 49 percent respectively. While the ability to pay varies across sectors and geographies, 52 percent of respondents had a higher willingness to do so when compared to their stance one year ago, while 34 percent reported no change in opinion.

 

The report highlights that businesses expect the transition towards lower-emission materials to be inevitable. Driven by both regulatory pressures and market demand, 78 percent of respondents answered they expect lower-emission steel and concrete will be standard materials for new products or projects within the next decade.

 

While the outlook is broadly positive, the report also focused on the barriers and solutions to this widescale adoption and transition. Businesses said while progress is accelerating, the greatest barriers to adoption remain cost (84 percent), industry conservatism (37 percent), and lack of knowledge (33 percent).

 

In terms of solutions, businesses were clear that governments have a significant role to play in supporting them. Financial levers such as tax incentives, credits, and subsidies (69 percent), carbon pricing (50 percent) as well as minimum product standards or embodied carbon limits (43 percent) were identified as crucial policies for governments to prioritise. Without them, the world is unlikely to see the rapid scaling of lower-emission steel and concrete in time. Clear and robust policies must be implemented at all levels of government, now.

 

Jen Carson, Head of Industry at Climate Group, said, “Business leaders are not only calling for change – they’re enacting it. This report is a real temperature check of the market. It’s hugely encouraging to see the appetite is here, now, for organisations to pay a premium for lower-emission steel and concrete. Actors across the value chain – suppliers, governments, and investors – should take note.

 

But there’s deep work to be done to speed up progress. It’s critical that businesses can make the right choices for their operations, and the planet, and switch to lower-emission steel and concrete. Governments must listen to their concerns, support their ambition, and act quickly to remove barriers. This way, we can unlock corporate demand to drive real sector transformation.”

 

Michael Simmelsgaard, Chief Operating Officer at Ramboll, said, “The fact that more companies are now willing to pay a premium for lower emission steel and concrete sends a strong signal to the market. To accelerate progress, all actors now need to come together – from policymakers and investors to off-takers of steel and concrete, as well as end users who will need to accept a price premium until the market matures. Let’s build on the momentum we have to drive a rapid and lasting decarbonisation of heavy industries on the path to global net zero.”

 

 

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Accor Signs Three Hotels with Over 1,300 Keys in Singapore

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Accor continues its strong growth trajectory in Singapore with the signing of two new-build properties with three hotel brands set to open by 2027 with its long-standing partners, Fragrance Group Limited and Global Premium Hotels Limited, both owned by Koh Wee Meng. This landmark agreement will introduce Mövenpick Singapore, the largest Mövenpick hotel in Asia Pacific, the first Mövenpick Living in Singapore, and a Handwritten Collection branded hotel situated alongside the city-state’s famed and culturally rich Waterloo Street.

 

These new signings reaffirm Accor’s position as the preferred partner for hotel owners across Asia’s premium, midscale, and economy (PM&E) segments. As the region’s leading operator in these categories, Accor is committed to driving value and business performance through its extensive expertise and platforms.

 

Located near the central business district at Hoe Chiang Road, Mövenpick Singapore will be the largest Mövenpick hotel in Asia Pacific, featuring approximately 808 keys. Mövenpick offers a warm and premium experience, with a focus on culinary excellence that helps foster moments of indulgence and human connection. The same building will house Mövenpick Living Singapore, an approximately 37-key property ideal for business and leisure travellers seeking extended stays.

 

In late 2025, Waterloo Street, renowned for local arts and culture in the heart of Singapore’s civic centre, will welcome a new hotel under the Handwritten Collection brand. This 502-key curated and stylish hotel will showcase unique character in every detail. As Singapore’s second Handwritten Collection property, it follows the successful launch of Hotel Faber Park Singapore – Handwritten Collection in late 2023. The Handwritten Collection brand continues to show momentum across Asia, reflecting the high demand for bespoke hospitality offerings and character-rich experiences.

 

Garth Simmons, Chief Operating Officer of Accor’s Premium, Midscale, and Economy Division in Asia, commented, “Singapore is a key destination for both tourism and business in Asia, and we are thrilled to strengthen our presence with these new properties. This signing not only demonstrates the robust demand from owners and investors for brands within Accor but also reinforces our commitment to leading the region’s growth and redefining the future of hospitality in Asia. Each of these properties will cater to the diverse needs of travellers, offering high-quality hospitality. We look forward to a successful partnership with Fragrance Group Limited and Global Premium Hotels Limited as we continue to expand our footprint in Asia.”

 

Accor has a longstanding strategic partnership with Fragrance Group Limited and Global Premium Hotels Limited, operating 17 hotels in Singapore, 5 in Australia, and 3 in the United Kingdom, under brands such as MGallery, Mövenpick, Novotel, Mercure, Handwritten Collection, ibis Styles, and ibis budget brands.

 

Koh Wee Meng, Founder and Chairman of Fragrance Group Limited, commented, “We are excited about this new chapter in our partnership with Accor. These new properties will allow us to continue curating enriching experiences for our guests and further diversify our hospitality offerings in Singapore. As we expand our portfolio, we are committed to delivering memorable stays that cater to the evolving needs of travellers. We look forward to working closely with Accor to bring these exceptional properties to life.”

 

Accor currently operates 35 hotels across 13 brands in Singapore, including Raffles, Fairmont, Sofitel, Mondrian, Swissôtel, Pullman, Grand Mercure, Novotel, Mercure, Handwritten Collection, ibis, ibis Styles, and ibis budget.

 

 

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SingPost Completes Rooftop Solar Panel Installation at S$1.1 Billion SingPost Centre

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Singapore Post Limited (SingPost), a postal and eCommerce logistics provider in the Asia-Pacific region, announced the completion of a 995 kilowatt-peak (kWp) solar energy power system atop SingPost Centre, executed in collaboration with Sembcorp Solar Singapore.

 

Expanding the Group’s Solar Energy Footprint

SingPost Centre, located at 10 Eunos Road 8, is a prominent mixed-use development valued at S$1.1 billion as of 31 March 2024. The centre features a retail mall with a gross floor area of 269,000 square feet and more than 500,000 square feet of prime office space.

 

The newly installed rooftop solar photovoltaic panels are expected to generate around  1,150,000 kWh annually. The amount of renewable energy generated by these solar panels can power approximately 271 four-room public housing units in Singapore for a year1. The solar energy generated will come with Renewable Energy Certificates (RECs), which  SingPost can use to abate its Scope 2 carbon emissions.

 

“As a mixed-use development comprising retail spaces, commercial offices and our operational centres, SingPost Centre’s annual electricity consumption is significant, given the diverse needs of our tenants and our own operations. While many other energy efficiency initiatives have been implemented over the years, the PV panels installation is important as it introduces an on-site renewable energy source to reduce reliance on brown energy and inspires similar renewable energy retrofits in other existing large, mixed-use facilities,” said Lee Eng Keat, Head of Strategy, Communications, and Property at SingPost.

 

This installation at SingPost Centre builds upon SingPost’s previous successes in harnessing solar energy. At the company’s Regional eCommerce Logistics Hub at Tampines Logistics  Park, solar panels installed by Sembcorp Solar generate about 25 percent of the building’s total annual electricity consumption2, equivalent to the energy usage of approximately 321 four-room public housing units in Singapore per year.

 

Commenting on the collaboration, Lai Mun Dart, General Manager (Renewables Business)  from Sembcorp Solar Singapore said, “We are pleased to be SingPost’s green energy partner once again, supporting them in their ongoing sustainability efforts. This project is a prime example of how we can retrofit existing older building structures to be transformed into energy-efficient assets. The collaboration also marks another important  step forward in our shared commitment to driving energy transition in Singapore and  actively contributing to our nation’s renewables goals.”

 

Greater Energy Efficiency Across its Properties

SingPost has implemented various energy efficiency upgrades across its properties,  including improvements to its air-conditioning and mechanical ventilation (ACMV) systems and replacing lighting with energy-efficient Light Emitting Diodes (LED) alternatives. These efforts have led to recognition such as the Singapore Building and Construction Authority (BCA) Green Mark Gold Plus award for SingPost Centre (Commercial) under the Green Mark for Existing Non-Residential Buildings (ENRB:2017) criteria.

 

The company has set targets to achieve net zero (Scope 1 and 2) carbon emissions for its Singapore operations by 2030 and net zero (Scope 1, 2 and 3) for its global operations by 20503. As part of its decarbonisation roadmap, it is also exploring options to expand the use of renewable energy across its operations including its new facilities in Australia.

 

 

1The Singapore Energy Statistics 2023 stated that the average 4-room public housing units consumed 353.3  kWh/month as at June 2023.

 

2SingPost Sustainability Report 2023/24. RESET FOR SUSTAINABLE GROWTH

 

3This applies to Singapore and International operations. For Australia operations, this target is currently under review, in consideration of recent business acquisition.

 

Image Credit: Sembcorp Solar Singapore

 

 

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Jebsen & Jessen Group Announces Acquisition of Mongolia-based MSM Group

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Diversified industrial conglomerate Jebsen & Jessen Group announced the acquisition of MSM Group, a Mongolia-based company headquartered in Ulaanbaatar, thereby establishing a market leading position in the fast-growing market of Mongolia.

 

As one of the leading conglomerates in Mongolia, MSM Group spans multiple sectors including industrial equipment, chemical, automotive, beverage and agricultural equipment distribution. Since 1998, MSM Group has been playing a pivotal role in introducing premium international brands to the Mongolian market, and remains the sole distributor and partner for more than 50 of these brands in the country today. With over 650 employees, MSM Group operates showrooms, workshops, warehousing facilities and sales outlets in the central area of the capital city Ulaanbaatar, as well as South Gobi and other areas of Mongolia.

 

This acquisition brings together the technological know-how and strength of two family businesses serving complementary markets. Jebsen & Jessen Group has had a long-standing relationship with MSM Group, with MSM Group serving as a distributor of Jebsen & Jessen Group’s industrial products in Mongolia for over a decade.

 

Expanded Market Reach and Capabilities

MSM Group is Jebsen & Jessen Group’s third acquisition in six months following that of GMA Garnet and Safetech, and marks its further expansion into new markets beyond its stronghold in South East Asia this year. With the entry into Mongolia, Jebsen & Jessen Group is poised to extend its reach and capitalise on new opportunities in a rapidly growing market.

 

“We are delighted to be welcoming MSM Group as part of the Jebsen & Jessen family. The acquisition is a strategic move that aligns with the goal of expanding our global footprint, and enhancing our industrial and distribution capabilities,” said Jebsen & Jessen Group CEO Per Magnusson. “MSM Group’s leading market position in Mongolia, its strong management team and workforce, and its diverse businesses will be a valuable addition to our portfolio. We will benefit from the synergies that we can now leverage across these activities.”

 

Synergies for Growth

For MSM Group, this acquisition facilitates access to the extensive resources and expertise of Jebsen & Jessen Group, offering new avenues for growth and development. Further, the history of the two family businesses with a shared commitment to long-term growth and community impact makes this an attractive union. The alignment of common values – rooted in trust, heritage and a deep understanding of the markets – creates a strong foundation for a successful, sustainable partnership.

 

MSM Group will become the seventh business unit within Jebsen & Jessen Group. The founders of MSM Group, Laurenz Melchers and David Reiner, will remain minority shareholders alongside CEO Mark Gabel. MSM Group will continue to operate under its current company name and leadership, and maintain its commercial presence with all operations and business proceeding as usual.

 

“Having known Heinrich Jessen, Chairman of Jebsen & Jessen Group for many years, both in a professional and personal capacity, both David and I are assured that this is the right step and Jebsen & Jessen Group is the perfect partner to entrust the future of MSM Group and its employees for the many years to come,” said Chairman of MSM Group Laurenz Melchers.

 

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Residence on Langley Park Announces Launch at Former Hyatt Regency Perth Site

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A new hospitality offering has launched in Perth, Western Australia – with Residence on Langley Park commencing business and welcoming guests from 1 September 2024. This is the first Australian-based hospitality venture managed by Grand Hotel Group (“GHG”), a subsidiary of Tuan Sing Holdings. Operated by  Residence on Langley Park Pty Ltd, the new offering will be a significant addition to the region’s hospitality scene. The new venue aims to become a hub of activity for the Perth CBD, with a mix of hospitality and retail offerings for guests and visitors alike. Residence on Langley Park represents the first stage of the site redevelopment work at 99 Adelaide Terrace, Perth.

 

Commenting on the official launch of Residence on Langley Park, Group CEO of Tuan Sing  Holdings, William Liem said, “Residence on Langley Park is set to usher in a new era for Perth. Our enhanced offering will set a new benchmark in luxury, customer service and community engagement. We have thoughtfully crafted this offering to ensure we fulfil our goal of positively transforming the Perth CBD with a modern and engaging offer. This announcement represents a milestone step for Tuan Sing in becoming a leading provider of luxury hospitality  offerings across Asia.”

 

Residence on Langley Park confirmed they will offer a variety of new luxury hospitality options for both the local Perth community, alongside domestic and international travellers, catering to short and long-term visitors. Residence on Langley Park will feature a lively retail precinct, hospitality offerings and public spaces, all designed to create a vibrant, integrated hub in the heart of Perth’s CBD.

 

Commenting on the official launch of Residence on Langley Park, Lim Guan Kiang, Vice President of Hospitality said, “Residence on Langley Park is set to become a foundational business and community precinct for Perth, delivering a unique, modern and impactful experience to all visitors. Our ambition is to deliver a level of unparalleled service to our  guests and visitors, with the property delivering a service that perfectly fits the demands of a  modern city like Perth.”

 

Tuan Sing Holdings Limited has launched a strategic initiative to extend its hospitality offerings across the Asia-Pacific region. This includes plans to grow and enhance their existing portfolio, which features properties such as the Grand Hyatt Melbourne and the newly acquired Fraser Residences River Promenade, a recently completed mixed-use development providing serviced apartments and luxury hospitality services in Singapore.

 

 

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LIXIL Experience Centre Opens with Curated Spaces, Multi-sensory Experiences and Collaborative Solutions

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LIXIL, maker of pioneering water and housing products, held the opening ceremony for the LIXIL Experience Center (“LEC”), Singapore on 15 August 2024. The LEC, Singapore welcomes guests into an elegant Japanese-inspired space for a unique first-person multi-sensory, physical and digital experience showcasing LIXIL’s power brands – American Standard, GROHE and INAX.

 

Nestled in the heritage-rich Joo Chiat neighbourhood, each brand’s distinct design language, brand values and lifestyle appeal, are expressed in specially curated spaces and live water experience zones. Guests enjoy attentive and personalised customer service while appreciating the sophisticated designs, sounds and scents that change dynamically across the over 11,000 square feet of space.

 

Discerning guests and designers can create their own bespoke personal spa experience with luxurious GROHE SPA collections, crafted to the highest standards of materials and finishes. The future guest experience will also be digitally enhanced with the LIXIL CustoMy Space tool to virtually create and visualise their designs, including viewing their designs in Virtual Reality.

 

Audrey Yeo, Leader, LIXIL Water Technology, Asia Pacific, expressed, “Listening and engaging consumers and industry partners is an important part of delivering on our LIXIL purpose of making better homes a reality for everyone, everywhere. Our LECs in the Asia Pacific are an important platform to inspire ongoing conversations and purposeful solutions, especially in addressing three industry macro trends across health and well-being, sustainability and urbanisation. We look forward to delighting our LEC guests in Singapore, as well as LECs located in Bangkok, Jakarta, Bandung and soon in Hanoi.”

 

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Koh Fu Sheng, Leader, LIXIL Water Technology, Singapore, commented, “We are delighted to open the LEC, Singapore in the vibrant Joo Chiat neighborhood. This special location offers consumers and industry partners a unique and differentiated sensorial experience, with ample space for collaboration and events. Architects, designers and property developers can look forward to a close partnership, advisory and solutions across our American Standard, GROHE and INAX brands.”

 

Mr. Koh added, “The LEC features top-end GROHE SPA offerings that can be personalised with different combinations of showers, water jets, lighting and music tracks to create a truly individual spa experience for restoration, recovery or indulgence.”

 

Antoine Besseyre des Horts, Leader, LIXIL Global Design, Asia, mentioned, “At LIXIL, Design is the voice of the consumer. Our award-winning design teams are strategically located in some of the most dynamic cities and renowned architecture and design hubs in the world, including Tokyo, Singapore, Shanghai, New York, Düsseldorf, and London. Our close engagement with the architect and designer community enables our design teams to translate inspiration and insights on trends into culturally relevant experiences that enhance people’s lives emotionally and practically. We have curated the LEC, Singapore to inspire, to show water in its many forms and illustrate how our three power brands offer unique solutions across multiple categories to cater to the needs and aspirations of audiences with different lifestyles.”

 

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Each LIXIL power brand is unique in its way, but all serve the same purpose of making better homes a reality for everyone, everywhere. Every element, from the very first touchpoint to using the product moves beyond simply finding the perfect balance between aesthetics, functionality and technology – reflecting a deep strategic connection between design to each brand’s distinctive positioning and value proposition.

 

Guests to the LEC, Singapore can also experience the innovative advanced application of different signature elements for each brand that defines a unique design identity onto the products, which affords LIXIL designers with ways to differentiate our brands within the portfolio. These signature elements also reflect the brands’ values and are used by design teams, allowing LIXIL designers to translate the values into emotional and practical benefits that echo the brands’ promises.

 

 

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Warburg Pincus-Lendlease JV Platform Acquires ~S$1.6 Billion Asset Portfolio in Singapore

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The JV platform jointly established by Warburg Pincus and Lendlease recently announced it has, together with its managed investment vehicle LINO, acquired a ~S$1.6 billion portfolio of assets in Singapore from entities associated with Blackstone and Mr. Lim Chap Huat, Executive Chairman of Soilbuild Group Holdings Ltd. This represents one of the largest transactions of a private portfolio of industrial assets in Singapore.

 

The acquisition marks the first transaction for the JV platform since it was officially launched on 31 July 2024 to focus on life sciences and R&D real estate in Asia Pacific. With a total gross floor area of 4.5 million square feet, the portfolio comprises high-quality business parks and specialist facilities situated within established designated precincts across Singapore, tenanted to blue chip companies across life sciences, technology, advanced manufacturing and logistics. The transaction solidifies the JV platform as the market-leading life sciences and R&D real estate platform in Asia Pacific with over S$2 billion of assets under management, and is consistent with the strategy of capitalising on attractive opportunities in the region’s rapidly expanding real estate sector.

 

Takashi Murata, Managing Director, Co-Head of Asia Real Estate and Head of Japan at Warburg Pincus, said, “We are delighted to be completing this landmark acquisition shortly after establishing the JV platform. The portfolio gives us immediate scale in the tightly held Singapore market, cementing our position as one of the top industrial asset owners in Singapore and reiterating our conviction in the life sciences and R&D sector.”

 

Justin Gabbani, CEO Investment Management, Lendlease, said, “This strategic acquisition underscores our commitment to the rapidly expanding life sciences and R&D real estate market in Asia Pacific. The platform is well-positioned to capture opportunities in the sector. We look forward to building momentum and further scaling the business, as well as driving performance for our investment partners.”