Editorial: Real Estate in Singapore
01 October 2007
Singapore is witnessing huge developments in its commercial and residential real estate sectors, with a massive influx of foreign investment. Four of the largest acquisitions in Asia were carried out in Singapore and the level of activity shows no signs of slowing.
With a sterling reputation for corporate real estate work as well as high-end real investment, Allen & Gledhill LLP possesses a team of “highly respected, thinking lawyers who can, from a combination of first principles, experience and legal learning, creatively work out structures or resolve problems for their clients.” They represent domestic and international property funds, investors, banks and real estate and government linked companies in commercial, industrial, residential and logistics projects all over Asia. Penny Goh is head of corporate real estate at the firm. Her work involving regional investments, joint development schemes, private equity property funds and asset restructuring was “rated highly” by competitors. She advised on the creation of a Bermudan private equity property fund, which invested in four retail malls with a total asset value of S$765 million. Margaret Soh also attracted a great deal of praise from respondents to this survey. She concentrates her practice on asset securitisation, property trusts, project finance in the region and commercial leasing acquisition. She has advised and negotiated on behalf of multinational corporations in taking long leases for industrial land in Singapore, especially with the Jurong Town Corporation.
KhattarWong’s real estate practice is one of the largest in Singapore and is closely linked with its banking and finance capabilities. The firm’s “recognised strengths” include development work and high-end conveyancing. It acted for the Collector of Land Revenue against McDonald’s Restaurants Pte Ltd in relation to the acquisition of land, in which McDonald’s unsuccessfully appealed against an award made in Land Revenue’s favour. Amita Dutt is involved in the firm’s India practice group. Dutt’s practice is “very strong in all areas”, with a particular focus on private client real estate. She also acts for banks and other lenders, and carries out corporate conveyancing for developers such as ING.
Rodyk & Davidson LLP’s real estate practice group garnered respect for its competence in complex, large-scale projects, particularly collective sales projects, such as the 52-unit Hilton Towers development on which the team recently worked. Rodyk’s other recent clients include Fasidon Holdings and Napier Properties. Dorothy Chia was named as “one of the deans of development in the Singapore market”. She represents developers and investors in this area as well as in leasing, acquisition, construction and operation transactions.
Rajah & Tann’s property contingent includes corporate work, development and financing, commercial leasing and REITs among its areas of expertise. The firm has a strong crosspractice ability, which is evidenced by transactions such as its work on one of the largest Singapore hotel insolvencies, acting for the receivers and managers of Forward Investments (owners of Crown Prince Hotel). Total debts due to financial institutions totalled around S$250 million. “Seasoned real estate expert” Gan Hiang Chye has over 30 years of experience and his advice “adds value to any transaction he is involved in”.
Drew & Naper LLC’s real estate practice has forged a formidable reputation in the area since the inception of the firm, acting for a wide range of clients in the areas of sale, purchase, lease project development, estate planning, trusts, loan restructuring and securitisation. Much mention was made by competitors of the firm’s expertise in enbloc sale transactions. Chua Bee Lan is the “excellent, very astute” senior director of the firm’s corporate conveyancing department, whose clients include royalty and other individuals, local and foreign companies and developers, statutory boards, foreign governments and local and foreign banks in the acquisition and divestment of real estate. She acted in the en-bloc purchase of condominiums for companies such as HPL Properties and Pontiac Land Group in transactions valued at over $439 million.