Hongkong Land Holdings has rolled out its first private real estate fund in Singapore, the largest office-focused private investment platform in the city-state, more than a year after the company’s pivot towards investment in prime commercial properties in Asia.
The fund, called the Singapore Central Private Real Estate Fund (SCPREF), has S$8.2 billion (US$6.4 billion) in assets under management at inception. Hongkong Land will serve as general partner and fund manager, holding a majority stake alongside founding investors Qatar Investment Authority (QIA), APG Asset Management, and a Southeast Asian sovereign wealth fund.
HongKong Land said the fund is currently in active discussions to bring in additional institutional investors.
The initial portfolio spans 2.6 million sq ft, including full ownership of Asia Square Tower 1 and One Raffles Link, and one-third stakes in Marina Bay Financial Centre Towers 1 & 2, Marina Bay Link Mall, and One Raffles Quay.
After launch, SCPREF plans to expand its portfolio with additional income-generating commercial properties in Singapore’s CBD and Orchard Road. HongKong Land said the fund is aimed to grow through selective acquisitions and contributions from Hongkong Land’s future developments. It also reiterated its ambition to reach $100 billion in assets under management by 2035.
“The creation of SCPREF is a pivotal step in expanding our capital management platform. Partnering with QIA and APG demonstrates the global appeal of Singapore’s prime office market and Hongkong Land’s ability to steward best-in-class assets,” Michael Smith, Chief Executive of Hongkong Land, said.
The fund launch follows Hongkong Land’s sale of its interest in Marina Bay Financial Centre Tower 3 to Keppel REIT in December 2025.
With its committed capital and the proceeds from the sale of Marina Bay Financial Centre Tower 3, Hongkong Land has raised $1.3 billion, bringing total capital recycled since 2024 to $3.4 billion, over 80% of its $4-billion target for 2027.
In 2024, the company announced that it has exited its residential and build-to-sell operations to focus on income-generating investment properties, aiming to diversify geographically and limit any single city’s profit contribution to under 40%. Capital recycling, including potential contributions to REITs, forms a core part of this strategy.
The fund’s assets are fully leased to multinational tenants and meet Singapore’s top sustainability benchmarks, reflecting the investment criteria of its global institutional backers.
