Ji Changquin, one of China’s richest men, is set to buy the holding company that owns a great A office building of GSH Plaza, for $725.2 million.
The Nanjing businessman, who is known for his company Fullshare Holdings, made a deal with the group with Plaza Ventures that owns the GSH Plaza. Sam Goi is responsible for the group. GSH has 51% stake while partner Vibrant DB2 holds 35% and TYJ Group – a private investment vehicle of Goi’s – has 14% stake.
The group bought the 28-story building for $550 million from Keppel Land and Alpha Investment Partners in 2014. It spent about $100 million renovating the place. It is expecting to obtain the temporary occupation permit in March 2017. When complete, the GSH plaza will include two floors of retail space and nearly 260 strata office spaces. GSH will take the top floor with Fullshare coming in later on.
Fullshare has captured the market’s attention thanks to its rising share prices in the last three years. The HK firm has been quite successful ($12 billion) and has ensured Ji is on China’s rich list. Forbes named him China’s 25th wealthiest person in 2016. Though he mostly has a low profile, he allows his transactions to speak for him. Fullshare attained a major stronghold of the company responsible for designing wind-power turbine gearboxes.
A 2014 transaction made headlines after the company bid $169,000 a month for the former Bottle Tree Park site in Yishun. This was two times the amount the previous firm had paid for the land.
The deal notes the office units will cost $2,900 per square foot with a 9.5% discount. The sale is an indication of foreign buyers interested in Singapore’s office real estate sector.
Author: Nic Ee
Nic is the Executive Director and Key Executive Officer (KEO) of CENTURY 21 Property Agent Singapore Pte Ltd. Nic starts his real estate career in 1995. He focuses in providing real estate services specifically to international high net-worth individuals and corporate clients. His expertise includes luxury home finding, property investment planning & acquisition, managing buy to let property, expat home finding and tenant representation for office space.