Singapore’s Springleaf Tower

Indian Billionaire Invests S$23.5m In Singapore’s Springleaf Tower

SINGAPORE – A real estate expert revealed that one of India’s richest men, Gautam Adani, has invested a large sum in Singapore’s office property market, and his wealthy compatriots may imitate his move, reported The Edge on Thursday morning (28 January, SGT).

In November 2020, the Indian business mogul’s company Adani Global agreed to buy the entire 22nd floor of Springleaf Tower along Anson Road for S$23.5 million, which translates to S$2,188 psf based on its overall strata floor area of 10,742 sq ft.

Completed in 2002, the 37-storey Springleaf Tower was constructed by the former Ban Hin Leong Group. It has 99-year leasehold tenure with effect from 1996.

Notably, Gautam Adani is the Chairman & Founder of the Adani Group, which controls the Mundra Port in the Indian state of Gujarat, as well as Australia’s Carmichael coal mine and Abbot Point coal terminal. In September 2020, it also bought a 74 percent interest in the Mumbai International Airport.

His large business empire is involved in defence, property, edible oils, and power generation. In 2020, Adani was ranked by Forbes as the 2nd wealthiest man in India with a net worth of US$25.2 billion (S$33.4 billion).

With one of India’s wealthiest investing in Singapore’s commercial property market, more may follow, said PropNex’s Associate Branch Director, Navin Bafna, who specialises in strata office space.

The seller of Springleaf Tower’s 22nd level was Chinese property investment firm Hua Bin Investments, which acquired both the 21st and 22nd level in June 2018 for S$54.2 million, or S$2,602 psf based on their total floor area of 20,828 sq ft.

Level 21 is slightly smaller at 10,086 sq ft, and it was offloaded in September 2019 for S$25 million (S$2,479 psf) to Pandita International, which is related to Indonesian chemicals producer Pandita Industries.

Meanwhile, Springleaf Tower’s 30th floor was also sold last November. It was purchased by ITG Resources for S$26 million, or S$2,420 psf based on its 10,742 sq ft strata area. The buyer is connected to Xiamen ITG, a Chinese state-owned company listed in Shanghai.

“A lot of companies from India and China are quietly moving their holding companies to Singapore from Hong Kong. Besides tech companies, other business owners are also considering moving their families and holding companies to Singapore,” Bafna added.

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