The Singaporean single family office of Teo Tong Lim, CEO of investment firm Tong Eng Group, is heavily investing in real estate projects in Singapore through his single family office TE2 Development. In 2018, TE2 together with Roxy-Pacific and Kim Seng Holding acquired the 20-unit property “The Wilshire” for $98.8M for a redevelopment project. The new “Wilshire Residences” will launch together with another project in July.
Various Investments in Real Estate Projects in Singapore
Teo is actively investing through his family office in the last years. The now launched redevelopment projects are following various investments. Besides The Wilshire, also a 43-unit project called “Kismis View” was bought for $102.75M. The deal was split 60:40 between Roxy-Pacific and the TE2 family office. An adjacent bungalow was purchased for $5.7M in February last year. By combining the two sites, a 186-unit object was realized which is now also launched in July. Interestingly, both deals were so called “en bloc sales” – collective sales of multiple units to a single buyer. Roxy Pacific, Teo’s venture partner, is a stock-listed property development and investment group which was founded in 1967. Roxy-Pacific invests in Asia, Australia and New Zealand.
Larry Teo, 05.07.2019
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