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Gaw Capital Partners (GCP) is looking acquire more properties here following its $203 million purchase of the former Big Hotel and the $342 million acquisition of the nine-storey office and retail block PoMo, reported The New Paper.
“We are interested in acquiring other assets in the commercial office and residential sectors in Singapore,” said Kenneth Gaw, President and Co-founder of Hong Kong-based private equity property group.
“Singapore’s property sector is one of the very few major markets in Asia which suffered a downturn in the past few years. It is now on the cusp of recovery, and we are confident about buying into a recovery.”
The company plans to renovate PoMo in Selegie Road after it was acquired in December 2017. Specifically, it intends to renovate its retail complex and launch an entertainment zone to take advantage of the large student population in the area.
GCP Senior Investment Director Imelda Tham revealed that the property is near several large educational institutions with a total of around 17,000 students and personnel.
“PoMo itself is anchored by Kaplan, which has a substantial student enrolment.” Moreover, the property is close to School of the Arts, Nanyang Academy of Fine Arts, the Singapore Management University and LaSalle College of the Arts (McNally Campus).
“We believe we can harness this potential by creating a more comprehensive retail tenant mix that engages the student population and draws higher foot traffic into the mall,” Tham noted.
Meanwhile, GCP acquired the former Big Hotel along Middle Road in 2015. It subsequently invested another $10 million to revamp and rebrand the property into Hotel G, which was launched last year.
GCP, which specialises in adding value to underutilised properties through repositioning and redesign, was established by Gaw and his elder brother Goodwin in 2005. Since its founding, the company raised US$8.7 billion (S$11.6 billion) in equity and has US$13.4 billion in assets under management.
This article was edited by Keshia Faculin.
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