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Singaporean entrepreneur wins €2.4bn in Dubai property deal

July 12, 2021 Comments Off on Singaporean entrepreneur wins €2.4bn in Dubai property deal By admin

A Singaporean businessman has won a record $2.5bn deal to buy an apartment building in Dubai, making it the largest foreign investment in the country.

Dubai-based Sihanouk Partners, which had been working on the project for more than a year, secured a $2bn commitment from a group of investors including Singapore’s State Investment Fund.

Sihanouks chief executive officer Tan Woon Chee said the investment would see a $3bn development with an investment of $2 billion in Singapore.

The Singaporean investor has secured the construction of an apartment block, office space and retail space.

The block, known as the Diamond Jubilee, is planned to be built on 1.5 acres.

The Dubai-based company had been eyeing the project since last year, when the company announced a $1bn loan from the state investment fund, which was announced in July last year.

“We’ve got a huge project in Singapore and we’re really excited to be able to invest in it,” Mr Tan said.

He said Sihans investment had been the “most successful foreign investment we have done in Dubai”.

The company had secured a total of $1.6bn in loans, and was also in talks with the government to secure another $1 billion.

The project is being built at a site near the world-famous Burj Khalifa hotel, which has been the subject of protests and criticism over the past year.

Last week, protests erupted in the city over plans to demolish the property, with residents protesting against the plans.

“This is a real eye-opener for the government in terms of their attitude towards the situation in Singapore,” Mr Sih told The Straits Times.

“It is also important to point out that we have a really strong and vibrant economy in Singapore that is really resilient and resilient and strong,” he added.

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