Aurum Gravis: From strategy games to property crowdfunding and a $100 mil target equity investment
Kieran Wee (left), director and founding partner of Aurum Gravis, and Eugene Huang, director and founder of Redbrick Mortgage Advisory, on Tung Po Avenue, where the development plot for the upcoming Vila Natura is located (Photo: Samuel Isaac Chua/EdgeProp Singapore)
In the past, friendships were forged on the sports field. For Choong Zhen Mao, executive director of Equatorial Marine Fuel, and Kieran Wee, director and founding partner of Aurum Gravis, it began with Romance of the Three Kingdoms, a multi-player war strategy game.
Wee often hosted game nights at his home, cooking dinner for the group. “I love to cook,” he says. “So I used to invite everyone over before we played.” In the game, Wee served as a general to Choong’s faction leader; in real life, he was a director at ZACD Group and later at Firmus Capital.
More than two years ago, the two friends bumped into each other at a Japanese restaurant. Wee was meeting a client to discuss a real estate investment in Japan. After the client left, the pair caught up — and that conversation would later reshape their careers.
Romance of the Three Kingdoms strategy game by Koei Tecmo (Source: Romance of the Three Kingdoms Facebook)
When Choong learnt that Wee worked in private equity, he mentioned that his family office was also keen to invest in real estate. Until then, neither had known much about the other’s professional life; their friendship had always revolved around the game, not work.
After Wee left Firmus, Choong asked what his next move would be. Wee replied that he might join another private equity real estate firm. Then, on Oct 4, 2023 — Wee’s birthday — Choong surprised him: he had set up a private equity real estate firm, Aurum Gravis, and invited Wee to join as a partner.
“It was the best birthday present,” Wee recalls. He officially joined the team in January 2024.
Choong Zhen Mao (left) and Kieran Wee celebrating Wee's birthday and Aurum Gravis' second anniversary (Photo: Kieran Wee)
Building momentum
In less than two years, Aurum Gravis has invested in half a dozen projects, totalling $44 million in equity and having a combined project value of $51 million. “The target is to grow our equity to $65 million by early next year, and $100 million by end of 2026,” says Wee.
On Oct 9, Aurum Gravis announced that Redbrick Mortgage Advisory had become a cornerstone investor in a $23 million closed-end fund backing a new project — Vila Natura, an 11-unit landed housing development in the Lentor area in the northeast region.
The freehold development comprises five pairs of three-storey semi-detached houses and one detached villa, with some featuring attics. Each home will have five to six bedrooms and built-up areas ranging from 5,100 to 8,100 sq ft, with prices starting from $7 million.
The launch is expected early next year, with the project targeted for completion in 2027.
Award-winning firm Create Architecture has been appointed project architect. Co-founder Tan Bing Hui says the design was inspired by “its natural environment while still embracing contemporary design”.
Artist’s impression of Vila Natura, an upcoming development at Tung Po Avenue, with five pairs of semi-detached houses and a sole detached house (Picture: Aurum Gravis)
Large landed sites ‘increasingly rare’
Aurum Gravis acquired the 32,600 sq ft freehold site at 2G Tung Po Avenue for $34.75 million ($1,065 psf) through a private treaty brokered by Quinvest Chambers International, according to an Oct 6 press release.
“Landed sites of this scale and profile are increasingly rare,” says Ian Loh, managing director of Quinvest Chambers.
For three decades, the land at Tung Po Avenue had remained vacant. It previously belonged to the Loke-family-controlled Tai Heng Development, the developer of the neighbouring Mun Wah Garden, a small housing estate with 40 freehold, semi-detached houses completed between 1986 and 1995.
Award-winning firm Create Architecture has been appointed project architect (Picture: Aurum Gravis)
Atelier Villas, a 36-unit strata housing project along Yio Chu Kang Drive, developed by Novelty Holdings, also sits on a freehold site formerly acquired from Tai Heng Development. The project was completed in 2008 and sits next to 2G Tung Po Avenue.
For Wee, it was the generous plot size and proximity to the upcoming Lentor Hills estate within the Outside Central Region (OCR) that made the site attractive. The site at 2G Tung Po Avenue is 800m from Lentor MRT Station on the Thomson-East Coast Line and complements the rapidly evolving Lentor area.
Over the past three years, six non-landed residential projects comprising a total of 2,954 units have been launched at Lentor Hills estate — from the 605-unit Lentor Modern in September 2022 to the 477-unit Lentor Central Residences in March this year. To date, 2,887 units, or about 98%, have been sold.
The houses at Vila Natura will be launched for sale early next year at prices starting from $7 million (Picture: Aurum Gravis)
Investments via crowdfunding
The gross development value (GDV) of Vila Natura is estimated at $84 million. A special purpose vehicle (SPV) was established to enable investors to participate in the closed-end fund through preference shares.
As the investment model is similar to crowdfunding and Aurum Gravis’ sole purpose is to invest in real estate development projects, the company is exempt from registration with the Monetary Authority of Singapore (MAS). However, investors in its funds must be accredited, with a minimum investment amount of $200,000.
At the end of the three- to five-year investment period, Aurum Gravis will acquire the preference shares and pay its investors their full dividends. The closed-end fund model also enables foreign investors to participate in the development. “We had a lot of interest from Hong Kong investors,” Wee notes.
Redbrick Mortgage Advisory is a cornerstone investor in a $23 million closed-end fund backing a new project — Vila Natura, an 11-unit landed housing development in the Lentor area in the northeast region. Kieran Wee (left) and Eugene Huang of Redbrick (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Co-investing with Redbrick
Vila Natura marks Redbrick Mortgage Advisory’s first foray as both a cornerstone investor and mortgage advisory partner in the development. It also represents the firm’s debut in private equity real estate, says Eugene Huang, director and founder of Redbrick.
The collaboration extends beyond Vila Natura. Aurum Gravis and Redbrick have co-invested in two additional landed housing projects.
The first is Vila Naga, located at 2B Jalan Naga Sari, a freehold site of 8,500 sq ft situated off Vanda Road and Dunearn Road in prime District 11 (Core Central Region).
The former detached house will be redeveloped into two luxury detached homes, designed by Create Architecture. The houses will include a home entertainment space in the basement and a wine cellar. The project is targeted for launch in mid-December, with prices expected in the $16 million to $17 million range.
The third development is at Aida Street, within the Opera Estate landed housing enclave in District 15. A former detached house on a 6,006 sq ft freehold site will be subdivided into two semi-detached homes, each measuring 3,003 sq ft. Redbrick also has a stake in this development.
“While the houses at Lentor are targeted at upgraders, those at Naga Sari cater to the luxury market,” notes Wee. “Investing in both vehicles provides investors with diversification.”
Aurum Gravis, together with Singapore-based family office Baksh Capital, has also backed Prima Asset Management in its UK investments, including the acquisition of the former Victoria Garden Hotel at Westbourne Terrace in Paddington, London, which is being refurbished and expanded to over 80 rooms (Photo: Aurum Gravis website)
Alternative investments
Aurum Gravis and Redbrick intend to continue focusing on boutique landed housing developments across Singapore. “We aim to sell our properties within three years,” Wee adds, “so we can return capital to our investors and allow them to recycle it into new opportunities.”
Beyond residential development, Aurum Gravis has also invested in Cecil Place at 137 Cecil Street — a 15-storey freehold office building undergoing $30 million in additions and alterations. It has been subdivided into 30 strata office units for sale, with three strata retail units on the ground floor.
At Cecil Place, Aurum Gravis is a joint-venture partner with investment firm The Beyond Partners. According to Wee, Aurum Gravis’ $8 million investment via crowdfunding is equivalent to a 20% minority stake in the project.
Aurum Gravis, together with Singapore-based family office Baksh Capital, has also backed Prima Asset Management in its UK investments. This includes the acquisition of the former Victoria Garden Hotel at Westbourne Terrace in Paddington, London, which is being refurbished and expanded to over 80 rooms. Upon completion, the hotel is expected to have an end value of $70 million.
The partnership has also invested in Prima Asset Management’s purchase of a prime Purpose-Built Student Accommodation (PBSA) site in Oxford. It will be developed into a 189-room PBSA in partnership with Real Living and DML Development Managers.
Each home at Villa Natura will have a built-up area ranging from 5,100 to 8,100 sq ft (Picture: Aurum Gravis)
Artist's impression of the master bedroom (Picture: Aurum Gravis)
Focus on boutique housing developments
Despite its growing overseas and commercial interests, Wee says Aurum Gravis’ current focus remains firmly on Singapore’s boutique landed housing sector — a view shared by Redbrick’s Huang.
“I like boutique landed property developments now because non-landed prices are a bit high, and the price gap between the two segments is narrowing,” Huang observes.
For Wee, the same strategic thinking that guided him as a general in Romance of the Three Kingdoms now shapes his approach to investing in real estate.
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