The fund's initial portfolio comprises five office assets in Singapore, including Asia Square Tower 1 (right) (Picture: Samuel Isaac Chua/EdgeProp Singapore)
Hongkong Land has launched the Singapore Central Private Real Estate Fund (SCPREF) with $8.2 billion in initial assets under management (AUM). The Singapore office-focused fund was first announced last December, after Hongkong Land divested its one-third interest in Marina Bay Financial (MBFC) Tower 3.
Hongkong Land is the general partner and manager of the fund, holding a majority stake in SCPREF alongside key investors Qatar Investment Authority (QIA) and Dutch pension fund investor APG Asset Management. Other investors in SCPREF include a Southeast Asia sovereign wealth fund. SCPREF has a committed equity of $4.1 billion, with over $1.8 billion in third-party capital.
SCPREF has been seeded with assets injected by HongkongLand, comprising a 33⅓% interest in MBFC Tower 1 & 2 and Marina Bay Link Mall; a 33⅓% interest in One Raffles Quay; and 100% interest in One Raffles Link. In addition, QIA has injected its 100% interest in Asia Square Tower 1 into SCPREF's initial portfolio. Meanwhile, APG says it contributed 15% of the total AUM at inception, equating to an initial commitment of $630 million.
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The initial portfolio has a collective net lettable area of 2.6 million square feet, with a gross asset value of $8.2 billion as at December 2025. This makes the fund the largest private real estate fund focused on Singapore and among the largest Asia-focused funds by AUM in the market today, says Hongkong Land in a Feb 3 release.
Post-launch, the fund has an investment mandate to acquire high-quality income-producing commercial assets in Singapore’s CBD and Orchard Road district.
The fund is targeting a gross asset value of at least $15 billion, which will be supported by acquisitions. The fund will also benefit from Hongkong Land's pipeline of future commercial developments in Singapore.
“In launching the Singapore Central Private Real Estate Fund, we again demonstrate our ability to execute our strategy through recycling capital to create shareholder value, as well as validating our value proposition in ultra-premium integrated commercial properties in Singapore, one of Asia’s leading gateway cities,” says Michael Smith, chief executive of Hongkong Land.