Hong Kong-based Gaw Capital Partners hopes to enter into the Singapore property market with its bid to purchase Capitol Theatre and nearby properties at City Hall.
The private equity fund manager plans to develop an iconic hotel and entertainment project on the site if it wins the bid, said Goodwin Gaw, chairman of the company.
Ten developers and consortiums, including Gaw Capital Partners, submitted 14 bids to purchase and redevelop the City Hall site, along with Stamford House, Capitol Building and Capitol Theatre.
“For years we have been searching for the right site in Singapore, and this exciting and prestigious Stamford Road/North Bridge Road tender is a perfect fit with our commitment to excellence in heritage restoration and revitalisation,“ said Mr. Gaw.
Co-founded by brothers Kenneth and Goodwin Gaw in 2005, Gaw Capital Partners specialises in adding value to distressed or under-utilised property through redesign and repositioning.
The group currently manages three real estate funds: Gateway China Fund I, Gateway Capital Real Estate Fund II and Gateway Capital Real Estate Fund III, with combined total assets of US$4.8 billion and combined equity investments of more than US$1.5 billion.
The company is also looking for other opportunities in Singapore and Vietnam, where it does not yet have a presence, said Mr. Gaw. Most of the company’s assets are currently located in Greater China.