Singapore real estate firm Asia-Pacific Strategic Investments announced that it has on Jan 29 entered into a conditional letter of offer to buy a 46.91% stake in Singapore property development and investment company IPC Corporation.

Asia-Pacific Strategic Investments is looking to buy 32.96% of the shares in IPC from Singapore billionaire Oei Hong Leong. It also intends to buy a 13.95% stake in IPC from a group of sellers, which includes four executive directors of IPC, privately-held company Essex Investments, and their nominees.

The move comes after Asia-Pacific Strategic Investments announced plans to diversify into property development in a circular issued to shareholders on Sept 27, 2017. If the acquisition is successful, Asia-Pacific Strategic Investments intends to make a mandatory unconditional offer for all the issued and paid-up ordinary shares in the share capital of IPC.

Asia-Pacific Strategic Investments is known for its real estate agency arm, Global Alliance Property, which has a pool of about 650 real estate agents who operate under the Century 21 brand.