Core Insights - Hongkong Land is launching the Singapore Central Private Real Estate Fund (SCPREF), anticipated to be the largest private real estate fund in Singapore with over S$8 billion (US$6.2 billion) in assets under management [1] - The fund will focus on prime commercial properties in Singapore, including significant stakes in One Raffles Quay and Marina Bay Financial Centre Towers 1 and 2 [1][3] - The transfer of assets to the fund follows the lapse of pre-emptive offers to joint venture partners [2] Asset Details - The total attributable property value of One Raffles Link, Marina Bay Financial Centre Towers 1 and 2, and One Raffles Quay is S$3.9 billion, encompassing 3.2 million sq ft of prime office space [4] - Hongkong Land sold its one-third stake in Marina Bay Financial Centre Tower 3 for approximately S$1.5 billion, which is 2% above the property's valuation as of June [4] Financial Impact - The net proceeds from the sale of Tower 3 will increase Hongkong Land's total capital recycling since 2024 to US$2.8 billion, achieving around 70% of its 2027 target of US$4 billion [5] - SCPREF is expected to launch with more than double the assets of Hongkong Land's seed portfolio, with equity commitments from third-party investors in the final documentation stage [6]