SINGAPORE (EDGEPROP) - Billionaire Gautam Adani, founder and chairman of the eponymous Adani Group, controls the Mundra Port in his home state of Gujarat in India, as well as Australia’s Abbot Point coal terminal and the Carmichael coal mine. Last September, the group also acquired a 74% stake in Mumbai International Airport, India’s second busiest airport.
His sprawling businesses include power generation, edible oils, real estate and defence. Last year, Adani was ranked by Forbes as India’s second-richest with a net worth of US$25.2 billion ($33.4 billion).
Last November, his company, Adani Global, signed a deal to purchase the entire 22nd level of Springleaf Tower at Anson Road for $23.5 million, or $2,188 psf, based on its total strata floor area of 10,742 sq ft.
The previous owner was Chinese-owned, real estate investment firm Hua Bin Investments, which purchased both the 22nd and 21st floors with a combined floor area of 20,828 sq ft, for a total of $54.2 million ($2,602 psf) in June 2018.
Read more: Office floor at Springleaf Tower for sale at over $26 mil
The unit on the 21st floor which is slightly smaller at 10,086 sq ft, was divested a year later for $25 million ($2,479 psf) in September 2019. The buyer, Pandita International, is related to Indonesian chemicals producer, Pandita Industries.
Another unit at Springleaf Tower, this time on the 30th floor, changed hands for $26 million ($2,420 psf), also in November. The unit measures 10,742 sq ft, which is similar in size to the one purchased by Andani Global.
The buyer on the 30th floor is ITG Resources, which is linked to Xiamen ITG, a China state-owned Shanghai-listed company whose businesses include supply chain management, real estate operations, and financial services and strategic investment.
The 37-storey Springleaf Tower was developed by the former Ban Hin Leong Group and completed in 2002. The 99-year leasehold building has a lease starting from 1996.
“A lot of companies from India and China are quietly moving their holding companies to Singapore from Hong Kong,” notes Navin Bafna, associate branch director of PropNex, a specialist in strata office space. “Besides tech companies, other business owners are also considering moving their families and holding companies to Singapore.” With one of India’s richest coming to Singapore, more may follow.