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Tai Wah Building sold en bloc for $84.89 million
16 November 2017

China Maple Leaf acquires 11 Hillside for $68 mil
27 July 2016

School sites as an alternative investment?
23 November 2015

Over S$70m asking price for school premises
12 November 2015

Also on the market are a light industrial building in Ubi area and an Upper East Coast Road redevelopment site

A MIXED bag of investment sales properties have been put on the market.

These include school premises at Hillside Drive, off Upper Serangoon Road, with a price tag in excess of S$70 million; a light industrial building at 51 Ubi Avenue 3 with a S$32 million-S$33 million guide price; and a freehold mixed-use redevelopment site along Upper East Coast Road, the owners of which are expecting offers of above S$34.2 million.

Knight Frank, which is marketing Lodge 77 at the corner of Upper East Coast Road and Hacienda Grove through a tender exercise, said currently on site is a three-storey residential development with two food and beverage establishments and a clinic at the first storey.

The property has a land area of 13,123 square feet. Under the Urban Redevelopment Authority's Master Plan 2014, the site is zoned "residential with commercial at first storey" with a 3.0 plot ratio, which is the ratio of maximum gross floor area (GFA) to land area. The existing development has tapped a GFA of 19,964 sq ft - reflecting about 1.52 plot ratio.

Knight Frank said an estimated S$9 million development charge (DC) is payable to the state to tap the maximum 3.0 plot ratio. Inclusive of DC, a price of S$34.2 million translates to a unit land price of around S$1,100 per square foot per plot ratio.

The site can be redeveloped into a four-storey residential project with retail shops at the first storey, Knight Frank said in a release. The tender for Lodge 77 closes on Dec 16.

The property is understood to be owned by a company the shareholders of which are from the Ngo family, some members of which used to own the former Gallery Hotel in the Robertson Quay area.

CBRE is marketing a two-storey purpose-built light industrial building at the corner of Ubi Road 2 and Ubi Avenue 3 for sale via an expression of interest exercise (EOI) that closes on Jan 14, 2016.

The property is owned by ModusLink Pte Ltd, an American supply chain and logistics services company which is open to a partial leaseback arrangement with the buyer.

Alternatively, if the buyer wants the property with vacant possession, ModusLink is prepared to relocate its operations.

"The building is fully air-conditioned, has good specifications on ceiling height and floor loading, and may appeal to industries in the data storage and automobile businesses, which will find synergies to being close to the car belt," CBRE said.

The building's existing GFA of 167,692 sq ft reflects a 1.3 plot ratio - shy of the 2.0 plot ratio stated for the site in Master Plan 2014. The site is zoned for Business 1 use and leased from the Housing & Development Board (HDB) on a tenure of 30 years starting Jan 1, 1990, with an option to renew for a further 30-year term.

A ground rent is payable to HDB, currently fixed at S$50,126 per month for 2015. The rent is subject to yearly revision to market rate but the increase shall not exceed 5.5 per cent of the yearly rent for the preceding year.

JLL and Cushman & Wakefield (C&W) are marketing 11 Hillside Drive - which is approved for education use and held under a 103-year leasehold tenure from 2012. The property is being put up for sale by Lucrum Capital, which bought it three years ago for S$34.4 million from The Lady Superior of the Convent of the Holy Infant Jesus in Penang, which holds the 999-year leasehold title on the site starting December 1878, according to an earlier BT article.

Sitting on about 81,457 sq ft of land, 11 Hillside Drive has GFA of 46,753 sq ft. On site are four blocks - of either one or two storeys. Lucrum did some renovations to the property and has leased it to Hillside World Academy.

"The tenancy has a balance of eight years, with a renewal mechanism built into it," said Shaun Poh, executive director of capital markets at C&W.

Based on a price of S$70 million, and the current rental, the net yield works out to "below 4 per cent", he added.

The property is zoned for residential use with a 1.4 plot ratio under Master Plan 2014 but has permanent approval for use as a school, said Mr Poh.

C&W and JLL highlighted the rarity of sites approved for education use being put on the market - and that too one with a relatively long tenure of 103 years.

Rohit Hemnani, head of corporate capital markets at JLL, said: "While the asset could generate stable income, the potential buyer will also have a variety of options to fully prepare for future growth plans. We expect very strong interest from educational operators and investors who are looking to enter the Singapore market, or established groups looking to expand their presence and offering in Singapore."

The EOI for 11 Hillside Drive closes on Dec 16.

Source: The Business Times, 12 November 2015 by Kalpana Rashiwala

Plots for education and for mixed-use project up for sale
12 November 2015

A Serangoon site used for education and one in East Coast for mixed-use development were put on the market yesterday.

The plot at 11 Hillside Drive, Serangoon, was formerly the premises of CHIJ St Joseph's Convent and then used as a training school for foreign domestic workers. It is now tenanted to international school Hillside World Academy, which has about eight years left on its lease.

The property, which has a land area of 81,457 sq ft and gross floor area of 46,753 sq ft, is approved for education use and held under a 103-year leasehold tenure from 2012, said JLL and Cushman & Wakefield, the joint marketing agents.

"(It) has has been recently enhanced to provide updated teaching facilities... Well-located, long- leasehold sites of this nature are very rarely available for sale," they added.

"We expect very strong interest from educational operators and investors who are looking to enter the Singapore market, or established groups looking to expand their presence and offering in Singapore."

The owners are expecting upwards of $70 million for the property, with expected yield to be about 4 per cent. A buyer could further maximise the asset's potential as it has an approved plot ratio of 0.8.

The site is zoned for residential use under the 2014 Master Plan, which means it could be redeveloped as residential in the future.

The other site on sale is Lodge 77, a freehold, three-storey residential development in Upper East Coast Road that houses two food and beverage outlets and a clinic on the first storey. It has a land area of 13,123 sq ft and a gross plot ratio of 3.0.

The plot, which is zoned for use as residential with commercial on the first floor, can be redeveloped into a four-storey mixed-use development, said sole marketing agent Knight Frank.

The seller expects offers of above $34.2 million, which means a land rate of about $1,100 per square foot per plot ratio, including an estimated development charge of about $9 million. The acquisition will not require Strata Titles Board approval.

"We continue to see strong interest for redevelopment opportunities in the eastern part of Singapore. In the past two months, two redevelopment sites, at Sea Avenue and East Coast Avenue, were transacted," said Mr Ian Loh, executive director and head of investment and capital markets at Knight Frank. "We expect this property to also attract strong interest in view of its location and relatively affordable investment size."

Source: The Straits Times, 12 November 2015 by Rennie Whang

Lucrum资本拟脱售一私校地段传开价高出三年前收购价一倍
12 November 2015

Singapore is keeping an eye on its migrant workers
April 2015

The 36 year-old Bangladeshi works on construction sites, earning $720 (£492) a month and he sends most of it to his wife and five-year-old son back home.

He is one of thousands of migrant workers housed at the Tuas View Dormitory - a huge new complex in Singapore's industrial far west.

In the past, foreign workers' accommodation has been the subject of criticism from human rights groups. So Tuas View, with beds for 16,800 men and medical and shopping facilities, is being hailed as the ideal model for housing them.

It's like a small town, with a mini-market, a food court, a medical clinic and a dentist.

Employers pay the bills - $220 per month for a bed and a locker. The workers' laundry and cleaning are done for them.

There's also a well-equipped gym and a cricket pitch. At night the men watch the latest Bollywood movies on a large outdoor screen. There's even a view of the sea.

But for the residents there is a trade-off. While they enjoy better facilities here, they give up some privacy.

Each time they arrive home, workers are required to give their fingerprints. Almost 250 CCTV cameras monitor them.

"If the company is saying to us: 'What time did he come in? What time did he go out? Because he's not been coming to work, he's disappearing', we can give them a record," says Mr V Ranjan, the dormitory's camp manager.

Surveillance also means that if a crime were to occur, dormitory authorities could supply information to police, he adds.

Some argue the plan is partly motivated by a desire to separate these workers from mainstream society. In 2013 a rare migrant worker riot broke out in the city's Little India district. Police cars were burned and officers attacked.

Jolovan Wham, from Humanitarian Organisation for Migration Economics (HOME), says he believes the thinking behind the big out-of town dormitories is "to keep [migrant workers] out of the mainstream as much as possible… so outbreaks of violence will be less likely to happen or, if they do, it will be easier to contain".

Mr R Subra, a consultant at Tuas View, has been in the business of housing such workers for two decades. He says the construction of new super-dorms like his are not linked to the riot, but the result of long-term government planning aimed at improving their lot.

But, he adds, if those workers are provided with enough on-site facilities, then aside from going to work, they won't need to venture out much into the wider community.

"When they go into the neighbourhood, maybe certain Singaporeans will not welcome them," he said. "So we are trying to keep these people as much as possible in the dormitory complex so they will be happy."

Far from the city

Residents of Tuas View come from countries including India, Bangladesh, China, Myanmar, Thailand and the Philippines. They work in blue-collar industries like construction, shipping, oil and gas, and pharmaceuticals.

The workers, who sleep 12 to a room, are free to come and go as they please. But the dorm is about as far from the city centre as you can get.

Tuas View Dormitory
- Singapore's biggest dormitory with 20 four-storey blocks

- The complex can accommodate up to 16,800 residents

- The first integrated facility built for foreign workers

- Amenities include a minimart, a beer garden and a 250-seat cinema

"Here the air is very fresh," says Gogo Perez, a father of three from the Philippines. "And if you want to exercise you have a lot of places, a gym and a basketball court."

It's very different to how many of Singapore's migrant workers live.

They are spread throughout the city, in accommodation ranging from temporary set-ups on construction sites, to crowded rooms above shops.

The BBC was given a video of a dormitory attached to a factory - a narrow, cramped room full of rudimentary bunk beds, with no mattresses, just wooden boards. We were told 25 people were living in it.

More photos of other dorms provided by the workers' advocacy group Transient Workers Count Too (TWC2) revealed similarly crowded and unsanitary conditions.

But despite its advantages the dormitory at Tuas View is still less than half full. Many employers are resisting accommodating their workers in such facilities, because other places are cheaper.

Workers' advocates say the lack of privacy is not something migrant workers complain about. They have come to expect close scrutiny.

In fact TWC2's Debbie Fordyce says foreign workers rarely complain about anything, as long as they're getting paid.

Last year Singapore introduced legislation regulating living conditions in large-scale accommodation. A spokesperson from the Ministry of Manpower says the needs of foreign workers are better met through purpose-built dormitories with adequate living space and recreational facilities. And it says these are generally located no more than about 25 kilometres from the city centre.

Debbie Fordyce says she's all in favour of the government improving workers' accommodation but still has reservations about how it's being done.

"We hear the government talking about having a better relationship with foreign workers, but we see them housed in these far off places and it looks like a type of apartheid."

Source: http://www.bbc.com/news/business-32297860

TUAS View Dormitory
February 2015

11 Hillside Drive
September/ October 2014

Lucrum Capital is pleased to announce the completion of refurbishment works to 11 Hillside Drive.

We are also pleased to announce the successful leasing of 11 Hillside Drive to an established International School.

Property fund buys former convent
8-9 September 2012

Lucrum pays $34.4m for what will be a 'rental income play'

[SINGAPORE] HOME-GROWN property fund management outfit Lucrum Capital has bought the former CHIJ St Joseph's Convent premises at Hillside Drive off Upper Serangoon Road for $34.4 million.

Lucrum's purchase price works out to $422 per square foot based on a land area of 81,467 sq ft. The property is being sold on a 103-year leasehold tenure by its registered owner, The Lady Superior of the Convent of the Holy Infant Jesus in Penang, BT understands.

The church holds 999-year leasehold title on the site starting December 1878.

On site are the former school premises, which are thought to be around 70 years old but which have been vacant when the school moved to Sengkang around 10 years ago.

When contacted, Lucrum Capital director David Batchelor said the property will be a "rental income play". The plan is to stick to the property's current "education" use. Lucrum is mulling whether to spruce up the building and lease it out for rental income or to redevelop the site and build a new structure on it to be leased out for educational use.

However, market watchers say that under Master Plan 2008, the site is zoned for residential use with a 1.4 plot ratio (ratio of potential gross floor area to land area). This means that the plot can be redeveloped into a private residential project up to five storeys, subject to payment of a development charge (DC) to the state for the change of use.

Based on a conversion to residential use, Lucrum's purchase price would translate to a unit land price of $648 per square foot per plot ratio (psf ppr) including an estimated DC of $39.5 million.

The sale is thought to have been brokered by CBRE, which earlier marketed the property through a tender that closed in mid-August.

Lucrum made the headlines earlier this week when it teamed up with Wee Hur for a $590 million purchase of Thomson View Condominium through a collective sale.

The price reflects a unit land price of $712 psf ppr, taking into account two premiums payable by the site's developers to the state – a differential premium to tap a higher plot ratio and a lease upgrading premium to top up the site's lease from a balance term of 62 years to 99 years.

Talk in the market is that Wee Hur and Lucrum's acquisition is subject to the two premiums payable to the state not exceeding $220 million. The collective sale is also subject to approval from the Strata Titles Board.

Thomson View Condo sits on land area of 540,314 square feet along Upper Thomson Road (opposite Thomson Plaza). The site is zoned for residential use with a 2.1 plot ratio and 24 storeys maximum height under Master Plan 2008, and is close to the recently announced Upper Thomson MRT Station under the upcoming Thomson Line.

Market watchers say the $712 psf ppr unit land price for Thomson View Condo is close to the $720 psf ppr that a UOL Land-Singapore Land joint venture paid at a state tender last month for the neighbouring 99-year leasehold condo plot at Bright Hill Drive.

Meanwhile, another Lucrum tie-up is getting ready to launch a seven-unit cluster housing development at 3 Jalan Ulu Siglap next month.

Source: The Business Times, 8-9 September 2012

Thomson View fetches $590m in en bloc sale
7 September 2012

It's sold to consortium led by Wee Hur and Lucrum Capital in third attempt

[SINGAPORE] Thomson View condominium has been sold to a consortium led by Wee Hur Development Pte Ltd and Lucrum Capital Pte Ltd for $590 million after two previously unsuccessful en bloc attempts.

Including an estimated $107 million premium to enhance the property's use and a $90 million premium to top up the lease from the remaining 62 years to 99 years, this translates to $712 per square foot per plot ratio (psf ppr).

The 540,314-sq-ft site, located along Upper Thomson Road, is designated for residential use with a 2.1 plot ratio and 24-storey maximum height.

It comprises 100 residential apartments of 1,313 sq ft, another 100 residential apartments of 2,023 sq ft, 54 townhouses of 3,842 sq ft and one shop lot of 1,862 sq ft.

With the collective sale, owners are expected to receive proceeds of $1.62 million, $2.30 million, $3.59 million and $2.82 million respectively, representing an en bloc premium of 30 to 40 per cent above the current resale prices of individual units, according to marketing agent HSR.

The plot can be redeveloped into a new condominium with about 950 units averaging 1,200 sq ft.

The site was first launched in the collective site market in November 2007, with an indicative asking price of $550 million, which works out to $652 psf ppr. That sale, however, failed to attract any bidders.

Its second attempt in November 2011, too, proved unsuccessful.

In 2011, the site was marketing at between $595 million and $635 million, which translates to between $694 and $732 psf ppr.

It was launched for en bloc a third time in April this year for $580 million, which together with the associated premiums translated to $685 psf ppr.

According to Jeffrey Goh, head of investment sales, HSR, the sale was "boosted by the announcements of the Upper Thomson MRT station slated for completion in 2020".

Source: The Business Times, 7 September 2012 by Zeinab Yusuf Saiwalla

Thomson View condo sold en bloc for $590m
7 September 2012

THOMSON View Condominium has breathed new life into the collective sale market, fetching a whopping $590 million in the fifth largest such sale here.

One factor that helped clinch the landmark sale was likely the newly announced nearby Upper Thomson MRT station - part of the upcoming Thomson Line.

Many experts had thought the days of mega collective sales of more than $500 million were over in the wake of the property market cooling measures.

But mainboard-listed developer Wee Hur Development and private equity investment company Lucrum Capital have proved them wrong.

They teamed up to buy the 540,314 sq ft site along Upper Thomson Road for $712 per sq ft (psf) per plot ratio (ppr).

This is a boost to a market which has seen mostly only smaller collective sales of under $100 million in recent years.

Owners of Thomson View units - ranging from apartments to townhouses and shop space - are set to receive gross proceeds of $1.62 million to $3.59 million, marketing agent HSR said. This is about 30 per cent to 40 per cent more than selling individual units would have fetched.

Resident Sebastian Teo, 27, said the sale was good news. "I'm very used to this place but it'll also be nice to get a change of environment. We'll start looking for an new apartment soon." He is the managing director of an interior design firm.

Mr Jeffrey Goh, HSR's head of investment sales, expects the total development cost of the new project - including construction, fees, interests, taxes and acquisition costs - to amount to about $1.1 billion.

"This is a big confidence booster for the Singapore property market and the largest collective sale deal done outside the prime districts of 9, 10 and 11.

"The deal clearly marks the return of confidence that major developers have in the market for collective sale sites," he added.

There are only four other collective sales larger than this, all of them in 2007. The record is still held by Farrer Court at $1.34 billion.

Recent failed collective sale attempts at more than $500 million include Tulip Garden, Laguna Park and Pine Grove.

Lucrum Capital director David Batchelor said that the site is elevated with unblocked views, is close to good schools and opposite shopping mall Thomson Plaza. The upcoming MRT station and large site, conducive to major development, also made it attractive, he said.

Plans are still being firmed up but the redeveloped site will have at least 1,000 units, Mr Batchelor added. The site is zoned for residential use with a gross plot ratio of 2.1 and maximum height of 24 storeys.

Source: The Straits Times, 7 September 2012 by Esther Teo

引进露峰两亿资金 TT国际股价昨飙升近四成
10 April 2012

继宣布跟房地产私募基金公司露峰投资（Lucrum Capital）签署一项2亿元协议后，TT国际公司（TT Internati- onal）股价昨天飙升1.9分，达到6.9分，涨幅高达38％，创下20个月来的新高。

TT国际股价昨天多数在6.6分至6.8分之间升降，但一度攀升至7.1分。它在过去52个星期内的最低股价是0.7分。

该股也登上活跃榜，全天成交量达股7642万6000股，总值5亿2734万元，全天交易量是过去三个月全天平均交易量的7.5倍

TT国际上星期四宣布，已和露峰投资签署一项投资框架协议，以筹集2亿元资金，用来完成裕廊货仓零售概念商场"Big Box"项目。

TT国际子公司Big Box私人有限公司将通过一个中期票据计划，发行不超过总值2亿元的担保票据，而露峰投资子公司Lucrum Development可拥有Big Box私人有限公司不超过49％股权的选择权。

Big Box项目坐落在裕廊东地铁站毗邻，预计在2013年底完成，届时将成为经济发展局货仓零售计划下的最后一个、也是最大规模的项目。项目完成后，预计会对集团的财务表现作出正面的贡献。

Source: 联合早报, 四月 十日 二零一二年 韩宝镇 报道

STOCKS NEWS SINGAPORE-TT International jumps on Lucrum deal
8 April 2012

Shares of Singapore's TT International Ltd surged more than 30 percent after the company signed a S$200 million ($159 million) agreement with private equity real estate firm Lucrum Capital for a warehouse retail project in the city-state.

TT International trades consumer electronics and also provides warehousing and logistics services.

TT International shares were up 34 percent at S$0.067 on volume of more than 38 million shares, about 9 times the average full-day volume traded over the past 30 days.

The shares have jumped more than 640 percent so far this year. In January, TT International said Lucrum Capital had proposed to invest at least S$200 million in the Big Box project in Jurong, western Singapore.

"This project is quite promising because Jurong is being developed as a commercial hub in Singapore. This announcement is positive because they have secured a partner," said Wilson Liew, an analyst at Maybank Kim Eng.

For a related company statement, click: link.reuters.com/sek57s

Source: Reuters, 8 April 2012 by Eveline Danubrata

TT International signs investment deal to complete
6 April 2012

Big Box project TT International has signed an investment framework agreement with private equity real estate firm Lucrum Capital to raise $200 million to complete the Big Box project, it said yesterday. TT International will put all of its Big Box interest into its special-purpose vehicle Big Box Pte Ltd (BB), which will issue secured notes of up to $200 million under a medium-term note programme. BB will then grant share options to Lucrum's subsidiary, Lucrum Development, to subscribe for up to 49 per cent of the interest in BB.

Source: The Business Times, 6 April 2012 Business Briefing

SGX-Listed TT International And Lucrum Capital Conclude S$200M Investment Framework Agreement To Develop Landmark Big Box Retail Project in Singapore's West
5 April 2012

SGX-listed TT International Limited (“TT International” or the “Company”) announced today that it has signed an Investment framework agreement (“IFA”) with private equity real estate firm Lucrum Capital (“Lucrum”) which undertakes to raise S$200 million to complete an iconic mega warehouse retail project in Jurong, Singapore (“Big Box”).

Under the IFA’s terms, TT International will assign to its wholly owned special purpose vehicle Big Box Pte Ltd (“BB”) all of its interest in Big Box on which an eight- storey retail store with gross floor area of approximately 1.3 million square feet will be built. BB will issue secured notes of up to S$200 million under a Medium Term Note Programme and grant share options to Lucrum's subsidiary, Lucrum Development (“LD”), to subscribe for up to 49% of the total interest in BB.

Located at Jurong East St. 11 next to the Jurong East MRT station, Big Box, upon completion targeted for the end of 2013, will be the last and largest of four warehouse retail projects approved by Singapore’s Economic Development Board (“EDB”) under the Warehouse Retail Scheme, the other three being outlets for IKEA, Courts and Giant in the Eastern region of Singapore.

TT International has to date invested approximately S$95 million in the Big Box project, including acquiring the land from Jurong Town Corporation and undertaking some foundation work on the land. Construction work halted during the 2008-2009 global financial crisis as TT International underwent a financial restructuring under a Scheme of Arrangement (“Scheme”) approved by the Singapore Court of Appeal which was effective from 19 April 2010.

TT International will lease the completed building from BB for an initial 20 years, with options for renewal, which will serve as its regional headquarters for various businesses and as a regional training centre for its core warehouse retail businesses in Singapore and possibly the region.

The transactions – expected to be completed by 30 June 2012 – are subject to approvals from relevant authorities, Scheme Creditors of TT International, and shareholders of both LD and the Company (if necessary), and due diligence.

TT International has written to the EDB to seek the necessary approvals including an extension of time to complete the Big Box project.

“Upon obtaining all relevant approvals, followed by the commencement of the construction, we can expect to complete the Big Box project by end of 2013. The project will not only have a significant impact on the retail scene in the Western region, but most importantly, it can also strategically enable the Company to expedite our pace of recovery, as well as speedily transforming TT International into a sizeable retail player,” said TT International’s Executive Director Ms. Julia Tong.

Upon completion, Big Box is expected to contribute positively to the financial performance of TT International.

Source: TT International Limited, 5 April 2012

TT国际将集资2亿 完成"Big Box"项目
4 April 2012

TT国际公司（TT International）宣布已和房地产私募基金公司露峰投资有限公司（Lucrum Capital）签署一项投资框架协议，以筹集2亿元资金，用来完成裕廊货仓零售概念商场"Big Box"项目。

TT国际子公司Big Box私人有限公司将通过一个中期票据计划，发行不超过总值2亿元的担保票据，而露峰投资子公司Lucrum Development可拥有Big Box私人有限公司不超过49％股权的选择权。

Big Box项目坐落在裕廊东地铁站毗邻，预计在2013年底完成，届时将成为经济发展局货仓零售计划下的最后一个、也是最大规模的项目。

项目完成后，预计会对集团的财务表现作出正面的贡献

Source: 联合早报, 四月 六日 二零一二年 简讯

Thye Hua Kwan Charity Show 2012
25 March 2012

Lucrum capital is honoured and pleased to announce a donation of S$ 100,000 to support the Thye Hua Kwan Moral Society, a non-profit voluntary welfare organisation that has provided community-based services in social, health, emotional, educational, family, disabled, and financial support to people in need regardless of their race, colour, creed, language, culture and region.

Lucrum capital is honoured and pleased to announce a donation of S$ 100,000 to support the Thye Hua Kwan Moral Society, a non-profit voluntary welfare that has provided community-based services in social, health, emotional, educational, family, disabled, and financial support to people in need regardless of their race, colour, creed, language, culture and region

The donation was made to assist the organisation to manage and operate its more than 50 centres and services which include the Ang Mo Kio – Thye Hua Kwan Hospital, charity homes, family service centres, meals on delivery, therapy services, counselling for pregnancies, senior activity centres, workshops for the blind and people with disabilities, counselling for problem gamblers, centres for early intervention for infants with disabilities and a cluster of welfare services for the under-privileged.

Lucrum Capital is proud to be a part of this contribution, which improve the overall well-being in the communities in which we operate. The donation has been made on Thye Hua Kwan Charity Show on 25 March 2012, which has successfully raised S$ 5.1 million on that night, exceeding the target amount of S$ 3.8 million.

Singapore Hot Stocks-TT Int'l jumps on project hope
6 January 2012

Shares of Singapore consumer electronics firm TT International surged as much as 23 percent on Friday, extending gains from the previous session, on hopes that a private equity firm will invest at least S$200 million ($154.6 million) into its real estate project.

At 0140 GMT, TT International shares were up 20 percent at S$0.048 on a volume of 9.6 million shares, 6.5 times the average daily volume in the last 30 days.

TT International said earlier this week it had entered into a heads of agreement with Lucrum Capital for a potential investment in the company's Big Box warehouse retail project in Jurong, western Singapore.

"If you look at how developers have gone into that area, and given the plan that the URA (Urban Redevelopment Authority) has for the entire region, I think the long-term prospects are quite promising," said Wilson Liew, an analyst at Kim Eng.

"There will be new offices and residential sites coming up. The process of developing the whole area is already underway," Liew said, noting that TT International's project combines both warehousing and shopping space.

Under the deal, Lucrum Capital's subsidiary, Lucrum Development (Singapore), will have the option to acquire up to a 49 percent stake in the project. TT International will hold the remaining stake.

TT International said it has to date invested S$95 million in the project, which is targeted for completion by end-2013. ($1 = 1.2936 Singapore dollars)

Source: Reuters, 6 January 2012 by Eveline Danubrata

Lucrum Capital to invest $200m in TTI's Big Box
5 January 2012

SINGAPORE-BASED private equity group Lucrum Capital has agreed to pump in at least $200 million into the Big Box project of TT International (TTI) - a move that could potentially revive the long-stalled warehouse cum retail project in Jurong East.

Lucrum Development (LD), a wholly owned unit of Lucrum Capital, entered into 'heads of agreement' with TTI to jointly develop the Big Box project.

Under the deal, TTI's interest in the project will be transferred to its wholly owned subsidiary, Big Box Pte Ltd. LD will be given the option to acquire up to a 49 per cent stake in this special purpose vehicle while TTI will hold the remaining shares.

Both parties aim to sign definite agreements by Jan 15. The proposed investment is subject to approvals from the relevant authorities, scheme creditors and shareholders of TTI.

This agreement culminated from six months of detailed discussions, Lucrum Capital director David Batchelor told reporters yesterday. 'When the first investor Boustead went in, we already took notice of the project at that time.'

Julia Tong, executive director at TTI, pointed out that unlike previous botched tie-ups, both sides are now committed to 'striking a balance' between achieving commercial interests and fulfilling regulatory compliance.

TTI was first granted approval for the Big Box project under the government's Warehouse Retail Scheme (WRS) scheme. But just after sinking $95 million into the project, TTI ran out of funds to continue with the project when the 2008 financial crisis hit.

This sent TTI on a search for a project partner that sequentially saw Boustead Singapore and Sembawang Equity Capital coming in and backing out.

Boustead had said at the time that it could not mitigate the risks given the restrictive terms of the WRS and the requirements of TTI's creditors. One key condition of the WRS is that TTI would be the main and only official lessee of the Big Box, and this could result in Boustead having little say in the finished project.

But Lucrum is unfazed by the earlier pull-outs of potential investors.

'We have learnt from their experience and we are actually coming from a different angle,' said Mr Batchelor.

Lucrum Capital chairman Wong Ah Long said that he believes Jurong Gateway will be transformed into the next Marina Bay in the next five years as the government seeks to develop it into a new commercial hub.

Mr Batchelor acknowledged, however, that TTI's scheme of arrangement was an area of concern. 'But through our last six months of detailed discussions with them, we have managed to overcome those issues.'

This will be the largest investment for Lucrum Capital, set up only in 2009. It made headlines earlier with its acquisition of One Finlayson Green, a freehold office block in Raffles Place, which it sold for $227 million last year.

Its $200 million capital injection into Big Box will come from the 'Lucrum Opportunistic Fund', a closed-end Singapore fund worth $250 million with a life span of five to seven years.

Construction of the Big Box is targeted for completion by the end of 2013. This project will be the fourth and last warehouse retail project under the WRS, after that of Ikea, Courts and Giant in the eastern part of Singapore.

The eight-storey development will have a gross floor area of about 1.3 million square feet and house retail services, including consumer electronic products, furniture and a hypermarket.

It is expected to cater to at least two million people in the Jurong Gateway area and create around 500 jobs, TTI's Ms Tong said. The Big Box will also serve as a regional headquarters, training centre and logistics hub for TTI.

Having scaled down its annual sales and global headcount significantly during its debt restructuring, the group expects the Big Box to 'contribute positively to TTI's financials' and to help transform the group from an international trading business into a sizeable retail player, Ms Tong added.

Source: The Business Times, 5 January 2012 by Lynette Khoo

Jurong project: Lucrum to invest at least $200m
5 January 2012

Firm in tie-up with TTI on warehouse and retail development

IT LOOKS like third time lucky for beleaguered firm TT International (TTI) after two previous bids to secure a partner for a key $295 million development in Jurong East fell through.

Private equity investment company Lucrum Capital has agreed to pump at least $200 million into the firm's Big Box project - an eight-storey warehouse and retail development.

The tie-up announced yesterday is the latest move in what has been a fraught process for TTI, whose financial security rests partly on Big Box being completed.

Construction was halted on the 5.6ha site next to Jurong East MRT station at the end of 2008 after the mainboard-listed firm ran into financial difficulties during the global financial crisis. A financial restructuring programme that started in 2010 is expected to be completed in 2015.

TTI executive director Julia Tong said the firm has met all its obligations so far. It has invested $95 million in the project, including the land cost and some foundation work.

Big Box - now expected to be completed by the end of next year - is the last and largest of four warehouse retail projects under the Warehouse Retail Scheme (WRS). The other three are stores for Ikea, Courts and Giant in Tampines.

In 2010, Boustead Singapore planned to pump in about $150 million into the project, but backed out saying the risks were untenable given the restrictions under the WRS.

Sembawang Equity Capital was then touted as a partner, but that eventually fell through in May last year.

The deal with Lucrum Capital gives the project new hope but it is still subject to certain approvals from creditors, regulators and shareholders, said TTI, which trades consumer electronics and provides warehousing and logistics services.

Lucrum Capital chairman Wong Ah Long said the project presents 'a fantastic opportunity' and that its location in the Jurong Lake District, which the Government has earmarked as the largest commercial centre outside the city, was key to the firm's confidence. He added that the area has the potential to be another 'Marina centre in five years'.

'Other developers have already started work there like CapitaLand and Lend Lease. We believe we can tap on synergies with these other people... We can also position ourselves as a gateway to Malaysia through the second link,' Mr Wong said.

CapitaLand and Lend Lease are separately working on retail cum office projects.

While Lucrum Capital had initial concerns with TTI's creditor schemes, detailed discussion allowed the firm to overcome these worries.

'One of the main differences between us and the other investors is that we believe in TTI and their business. We believe that when Big Box is completed and starts operating, they will turn it around,' Lucrum Capital director David Batchelor said.

The $200 million investment in Big Box could come from a $250 million Lucrum (Singapore) Opportunistic Fund that the group recently raised. The deal will involve injecting TTI's interest in the land into its wholly owned subsidiary Big Box.

Lucrum's wholly owned unit, Lucrum Development (Singapore), will get the option to acquire up to a 49 per cent stake in the special purpose vehicle in the form of ordinary and preference shares.

Source: The Straits Times, 5 January 2012 by Esther Teo

货仓零售概念商场 Big Box有望明年底开业
5 January 2012

负责发展这个项目的TT国际公司已经同 房地产私募基金公司露峰投资有限公司签署初步协议，后者将从一个现有针对新加坡投资机会的基金拨出至少2亿元资金注入该项目，并将拥有持TT国际子公司Big Box私人有限公司多达49％股权的选择权。

原定在2009年底落成、坐落在裕廊的货仓零售概念商场——Big Box项目在两年多前停工后第三度迎来新投资商，使这一波三折的计划有望付诸实行，预料可在明年底开门营业。

负责发展这个项目的TT国际公司（TT International）已经同房地产私募基金公司露峰投资有限公司（Lucrum Capital）签署初步协议，后者将从一个现有针对新加坡投资机会的基金拨出至少2亿元资金注入该项目，并将拥有持TT国际子公司Big Box私人有限公司多达49％股权的选择权。

位于裕廊第11街、占地5.6公顷，总建筑面积130万平方英尺的这个八层楼货仓零售商场项目，是经济发展局货仓零售计划（Warehouse Retail Scheme）下的最后一个、也是最大规模的项目。该项目是在2008年动工，但因为TT国际资金周转不灵而被迫暂停，底层结构已经完成。

TT国际原在前年8月同宝德新加坡（Boustead Singapore）达成框架协议，就Big Box项目发展作安排，不过双方之后多次延迟签订实质性协议的期限，合作计划最终胎死腹中。

TT国际随后在去年2月同胜宝旺工程建筑私人有限公司（Sembawang Engineers & Constructors）独资子公司Sembawang Equity Capital私人有限公司签署不具约束性协议合作发展该项目，但合作计划最后也没有实现。

TT国际到目前为止已经为Big Box项目投入9500万元资金，包括向裕廊集团购入这块地皮以及在地皮上打地基的成本。Big Box项目在2008年到2009年之间因为环球金融风暴来袭，导致TT国际必须进行财务重组而被迫喊停。

有债务在身的TT国际已经在前年同借贷者达成协议安排（scheme of arrangement），Big Box的完成料将对公司的业绩表现呈正面影响。

合作计划须经数方面批准

露峰投资与TT国际的合作计划还有待经发局、TT国际股东和债权人的批准，双方的目标是在本月15日之前签署实质性协议。

露峰投资董事柏慈礼·大卫（David Batchelor）指出，公司早在宝德同TT国际签署框架协议时就注意到Big Box这个项目，并在六个月前同后者展开详细协商。

露峰投资主席王仟东对于这次成功取得合作表示十足信心。他指出，Big Box的地理位置相当优越，坐落在裕廊的心脏地带而且裕廊东地铁站近在咫尺。他说，裕廊是政府目前正在着重发展的区域中心，这里未来将成为另一个滨海湾中心，集合住宅、休闲与购物商场、办公楼和工业地带为一体的现代新城镇。此外，这里也靠近前往马来西亚的第二通道，因此这个项目相信也将受惠于依斯干达经济特区的发展。

他也提到，嘉德置地和澳大利亚发展商联盛（Lend Lease）也在裕廊一带发展项目，突显了这里的潜力所在。

王仟东承诺将同TT国际共同完成这项发展计划，并表示这将是一项长期性投资，双方对于这个发展项目也持共同理念。柏慈礼·大卫则表示，公司的项目投资期一般来说至少为五至七年。

负责Big Box项目的TT国际执行董事孙董家璧指出，该项目不只将为裕廊一带注入活力，也将为我国带来500个包括零售、货仓及管理相关的就业机会。

本地现有三个参与货仓零售计划的项目分别为在淡滨尼的阁室（Courts）、宜家（Ikea）和Giant超市的大型商场。Big Box为货仓零售计划下的第四个项目。

孙董家璧指出，Big Box里头将有TT国际旗下家具与电器品牌商店。TT国际旗下品牌包括Novena、Castilla、Barang Barang、Natural Living、ModLiving以及Akira电器。此外，商场也将售卖TT国际所代理的电器品牌，这里也将包含一家超市以及数家餐饮店。

Source: 联合早报, 一月 五日 二零一二年 何丽丽 报道

Lucrum Capital to invest at least S$200m in Big Box project
4 January 2012

SINGAPORE: Singapore-listed TT International said it has signed an agreement with private equity real estate firm Lucrum Capital, which will invest at least S$200 million to complete the Big Box project, a mega retail warehouse located in Jurong.

In a statement, TT International said it has started exclusive discussions with Lucrum's wholly-owned subsidiary Lucrum Development (Singapore) for the proposed investment.

Under the agreement, TT International's interest in the project will be transferred to its wholly-owned subsidiary, Big Box Pte Ltd, and Lucrum Development will have the option to acquire up to 49 per cent shareholding in the unit.

TT International has to date invested S$95 million in the Big Box project, including acquiring the land from JTC Corp. and undertaking some foundation work on the land.

Construction work was halted during the 2008 and 2009 global financial crisis as TT International underwent a financial restructuring.

The Big Box, an eight-storey warehouse retail store with a gross floor area of about 1.3 million square feet, is located just next to Jurong MRT station.

It is targeted to be completed at the end of 2013 and will be the last and largest of four warehouse retail projects approved by Singapore's Economic Development Board under the Warehouse Retail Scheme, the other three being outlets for IKEA, Courts and Giant in the eastern part of Singapore.

Wong Ah Long, chairman of Lucrum Capital, said: "The location itself, the potential itself, it reminds me of what we did many years ago for Marina Centre, from forming Suntec City, Millennium Centre into what it is today and that is something we can replicate again within the next five years."

TT International's executive director Julia Tong said: "As part of our efforts to deliver shareholder value, TT International intends to develop Big Box successfully in Singapore and then export this homegrown warehouse retail concept to countries in the region."

Meanwhile, Lucrum Capital's director David Batchelor said the project meets with its "long-term objectives" and that the company "believes in the impending growth potential of Jurong Gateway as Singapore's largest regional centre."

Source: Channel News Asia, 4 January 2012 by Wong Siew Ying

Lucrum Capital wins "Private Equity Dealmaker Team of the Year" award at 2011 Asia Pacific Atlas Award
6 December 2011

Lucrum Capital was honoured as "Private Equity Dealmaker Team of the Year" at the 2011 Asia Pacific M&A Atlas Award Ceremony held in Hong Kong, China on 6 December 2011, on its Lucrum One Limited Fund commercial real estate deal in Singapore. The Fund targeted prime commercial core office development at Central Business District (CBD) area that provide superior investment returns to investors through value-added Asset Management and high capital growth over a three to five year investment timeframe. The deal has achieved its Required Rate of Return in just 10 months, and earned an IRR of over 125% for its investors.

The Asia Pacific Atlas Awards recognizes and honours outstanding deals, dealmakers, firms, professionals and leaders from the mergers and acquisitions as well as alternative investing communities in Asia Pacific region. Winners are judged by the principles of authenticity, objectivity and excellence in performance. This year, Lucrum Capital has won the award along with other excellent firms in the market such as Citigroup, Mahindra & Mahindra, Jones Lang LaSalle, Apax Partners, etc.

Tender closing for office site at Mountbatten Road
1 November 2011

The Urban Redevelopment Authority (URA) closed the tender for the office site at Mountbatten Road today.

The site at Mountbatten Road was launched for public tender on 3 October 2011. It was originally on the Reserve List of the Government Land Sales Programme. URA had, on 19 September 2011, accepted a successful application for the site to be put up for sale. The site was offered for sale on a 15-year lease.

Please see Annex A for details of the site and tender bids received.

This is not an announcement of tender award. A decision on the award of the tender will be made after the bids have been evaluated. This will be publicised at a later date.

Source: URA News Release, 1 November 2011

Tender closing for residential site at Serangoon Garden Way
16 August 2011

The Urban Redevelopment Authority (URA) closed the tender for the residential site at Serangoon Garden Way today.

The site at Serangoon Garden Way was launched for public tender on 21 June 2011. The site was offered for sale on a 99-year lease.

Please see Annex A for details of the site and tender bids received.

This is not an announcement of tender award. A decision on the award of the tender will be made after the bids have been evaluated. This will be publicised at a later date.

Source: URA News Release, 16 August 2011

Lucrum targets $200m Singapore fund
27 June 2011

Singapore-based firm, Lucrum Capital, is hoping for 20 percent-plus returns from commercial and residential property. Investment volumes in the country were 60 percent higher in the first quarter compared to 2010.

Lucrum Capital, the Singapore-based firm, is seeking $201 million for a real estate opportunity fund.

The firm, which was established in 2009 and has raised two property funds since then, is concentrating on Singapore's property market. The vehicle will invest in commercial and residential property, it said.

According to marketing material, Lucrum Capital could invest up to a quarter of the equity in developments. The firm is promising investors the traditional 20 percent target internal rate of return, and a management fee of 1.5 percent per year of total commitments. It says the fund will run for five years, with two one-year extensions.

The first vehicle Lucrum launched was the Prime One Residential Fund in 2009. It followed up with Lucrum One Limited which targeted prime commercial developments within the core office district of Singapore. Sezing on the country's relatively strong economy, the firm highlighted growth domestic product waa expected to be 4 – 6 percent this year. Home ownership among its 5.1 million population is 87 percent.

CB Richard Ellis's first quarter 2011 market report said investment sales in Singapore were 66 percent above the first quarter of 2010. It added residential property cooling measures had been introduced on 14 January, though prices remained "firm" while a development site in the Government Land Sales programme even achieved record prices. A residential site called Bishan Street 14 was sold to CapitaLand for a record-breaking bid of $869 per square foot.

Source: PERE News, 27 June 2011 by Robin Marriott

Hedge Fund Watch Top 10 Best International Fund Performers
13 June 2011

Lucrum One Limited Fund was established in 2010, and has achieved superior investment returns for its investors within a short period of time. The Fund was ranked as one of the internationally recognised top 10 best performing funds by Reuters/Lipper TASS.

Source: The Edge, 13 June 2011, Issue 476

Singapore Business Case Competition
26 March 2011

Ms. Kareen Kan, Director of Lucrum Capital, has served as a judge in Semi-Final of Ernst & Young Singapore Business Case Competition concluded in March 2011. As a judge, Ms. Kan shared her knowledge and also offered the participants constructive feedbacks to improve their case recommendations.

The Singapore Business Case Competition, focusing its theme on the business development and analysis of sustainable business practices and policies, has attracted participations from talented students of the four universities in Singapore: National University of Singapore (NUS), Nanyang Technological University (NTU), Singapore Management University (SMU) and Singapore Institute of Management (SIM).

One Finlayson Green sold to private group for $227m
22 March 2011

Lucrum Capital fund paid $145m for property last March

A deal has been signed for the sale of One Finlayson Green, a free-hold office in Raffles Place for $227 million or about $2,520 per square foot on its net lettable area of about 89,950 sq ft.

The building is being sold through private treaty by a fund managed by Singapore-based Lucrum Capital to a group of private investors registered under a British Virgin Island vehicle.

"The buyer intends to keep the building for long-term investment," said Stella Hoh, national director and head of investments at Jones Lang LaSalle, which secured the buyer.

Word on the street is that Singapore-listed K-Reit Asia was keen on the property and even did due diligence with a view to buying One Finlayson Green at a price said to be about $221 million. However, when the due diligence period expired on March 11, a contract was not entered into; instead the seller held discussions with another party – the private investors under the BVI-registered entity – who offered a higher price.

The Lucrum-managed fund bought the 19-storey property in March last year for about $145 million under a deal effected through a sale of shares in company owning the asset.

After taking into account fees and other expenses, the final cost to the Lucrum fund was thought to be about $155-$157 million, according to earlier reports. Lucrum bought the asset from UK-based property fund group Develica, which in turn had purchased it from Singapore's Hong Leong Group in 2007 for $230.88 million.

One Finlayson Green was developed in 1994. The retail unit on the first and second floors is occupied by AIA. The building has also obtained in-principle approval from the authorities for strata titling on a floor-by-floor basis. The typical strata-titled unit is about 6,437 sq ft.

The expression of interest exercise for One Finlayson Green launched late last year drew good interest from potential buyers keen on buying strata-titled units in the property as well as the entire building, said Ms Hoh.

The expression of interest has handled by JLL (for Singapore and South-east Asia) and Colliers International (for North Asia).

One Finlayson Green is at least the third deal of a Singapore commercial building brokered by Jones Lang LaSalle this year after Singapore Technologies Building in Tanjong Pagar and PoMo at Selegie Road.

On Sunday, it was announced that Alpha Investment Partners' Marco Trend Fund and NTUC Income have agreed to buy Capital Square at Church Street for $889 million or about $2,300 psf on net lettable area – marking the biggest Singapore office transaction so far this year. Cushhman & Wakefield brokered that transaction. The seller is Ergo Insurance Group – a subsidiary of reinsurer Munich Re.

Source: The Business Times, 22 March 2011 by Kalpana Rashiwala

Goldman to refinance, not sell, Hitachi Tower
13 October 2010

[Singapore] Hitachi Tower is now not expected to be put up for sale. The Goldman Sachs funds whichown the 999-year leasehold office block along Collyer Quay are instead thought to be looking to refinance the loan on the asset which matures in January next year.

The driver for the change in strategy is the improving outlook for the Singapore office market, say analysts.

"The thinking now is to get refinancing on the asset, ride the current office upcycle and perhaps sell in one or two years' time when office values should appreciate," said a market watcher.

Goldman Sachs bought Hitachi Tower for $811 million or about $2,900 per square foot of net lettable area (NLA) in early 2008. The purchase was funded mostly by a group of lenders led by Standard Chartered; the loan quantum is believed to be about 70 percent of the purchase price.

Because the 37-storey building's value today would be much lower than the purchase price then, the loan quantum for any refinancing deal today is also expected to be lower.Some industry players suggest that Hitachi Tower could be worth between $2,300 psf and $2,400 psf.

Goldman Sachs would thus be expected to come up with more equity. Additionally, or alternatively, it could potentially seek co-investors willing to pump in equity or extend other forms of funding such as mezzanine financing.

Over the past few months, Goldman Sachs funds have made two major office divestments in Singapore - Chevron House (behind Hitachi Tower) which was sold last month for $547 million or $2,083 psf of NLA, and DBS Towers One and Two at Shenton Way, which were disposed of for $870.5 million in August.

Hitachi Tower has a total net letable area of about 279, 560 sq ft, comprising about 279,560 sq ft, comprising about 257,800 sq ft of offices on the third to 37th levels and 21,760 sq ft of retail space on the first two levels. The property also has 148 carpark lots in the basement.

Goldman Sachs is working to get the building fully leased. Currently, the occupancy rate is said to be in the low 90s. However, leases on a substantial chunk of space occupied by Amex and Stanchart will expire in the first half of next year.

Finding new tenants for this space, however, is not expected to be a major challenge, given the strong demand for office space in the Raffles Place area, say leasing agents. Leases in the building could be signed for about $7 psf a month on average currently.

Hitachi Tower, which was completed in 1992, was developed by a joint venture between Ong Beng Seng's privately held Reef Holdings and Japan's Kowa Real Estate. The duo also developed Chevron House (formerly Caltex House) on an abutting site which today has a remaining lease of about 78 years.

While Hitachi Tower will not be offered for sale now, potential investors keen on the Singapore office market will have other offerings to consider.

These include 1 Finlayson Green. Its owner, a fund managed by Lucrum Capital, acquired the 19-storey freehold office block for $145 million or $1,630 psf of NLA in March.

After factoring in fees and other expenses, the final cost to Lucrum was thought to be about $155-157 million. Lucrum was set up by Indonesian investor Norman Winata.

BT understands that the Lucrum fund recently received offers of over $200 million for 1 Finlayson Green and is mulling whether to sell the building on an en bloc basis or to try and extract higher per square foot prices by selling strata-titled floors individually.

Source: The Business Times, 13 October 2010 by Kalpana Rashiwala

1 Finlayson Green sold, say sources
8 March 2010

Headline price is said to be $145 million

The office block that is 1 Finlayson Green has been sold, BT understands. The Price is saidto be about $145 million, or 37 per cent below the $230.88 million the seller had paid for the property in June 2007.

A unit of UK-based property fund group Develica is believed to have signed an agreement recently to sell the 19-storey freehold office tower to a foreign domiciled fund initiated by low-profile Indonesian investor Norman Winata.

Source: The Business Times, 8 March 2010 by Kalpana Rashiwala

8 Commonwealth Lane
December 2010

The Property is a high tech industrial building with a land area of 64,773 sq ft and Gross Floor Area (GFA) of 161,475 sq ft.

The Property is located along Commonwealth Lane situated near to the science and technology hub of Singapore and in close proximity to research and development centres such as the GMTI Building, Haw Par Technocentre and Biopolis and Fusionopolis at One-North. The Property is easily accessible via the Ayer Rajah Express way and is within walking distance from Commonwealth MRT station along the East-West Line.

Lucrum Capital's Chairman, Mr. Wong Ah Long participated actively in repositioning and enhancing the strategic position and value of the building.

The Property was subsequently sold for excellent return in December 2010 and injected into Sabana REIT, which is listed on the Singapore Exchange (SGX), as well as the world's largest listed Shariah-compliant REIT by total assets.

Prime One Residential Fund
2009

DESCRIPTION:

The Private Equity Fund was established in 2009 by the founding partners under their own private equity seed money to take advantage of opportunities that were presented out of the Global Financial Crisis. The fund's primary focus was in the prime residential districts of 1, 9, 10 and 11 in Singapore, where it acquired both completed and "under-construction" apartment units.

OBJECTIVE:

To provide fund holders with high capital growth over a three to five year investment timeframe by riding on the recovery of the economy.

TYPE : Close-Ended Opportunistic Residential Fund

INVESTMENT DETAILS :High end residential properties in Singapore.

INVESTMENT SIZE :SGD 50 million

TARGET IRR :20% pa

ACTUAL IRR :45% pa