Daily Briefing: Asia's ultra-rich fuel Singapore's family office boom; Singtel joins $38.47m funding for US startup

And Park Esta opens showflat for preview.

From Reuters:

Rich Chinese and other Asians are increasingly seeking more control of their wealth, driving a rapid rise in the number of so-called family offices, or private investment vehicles, being set up in Hong Kong and Singapore.

The rich are favoring family offices as they get personalised attention and are able to have a bigger say in their wealth management.

Six private bankers on average estimated the number of new family offices in Asia had risen 15 percent in the first three quarters of this year over the year-ago period. This could pick up pace with a worldwide wealth transition of $3.4 trillion expected over the next two decades, as per the UBS/PwC report.

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From Deal Street Asia:

Singtel Innov8 which is the venture capital arm of Singtel backed the $38.47m (US$26m) funding for US startup Shape Security which enables security technologies for web and mobile applications.

The new funding will be used to help Shape accelerate international expansion to provide defense against bots, fraud, and unwanted automation in real-time.

The growth capital round brings Shape Security’s total funds raised to $181.38m (US$132m), with the latest round led by Norwest Venture Partners and joined by JetBlue Technology

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From iCompare Loan:

Parc Esta at Sims Avenue launched its showflat for preview on 3 November. The highly anticipated development as the closest private condominium to Eunos MRT station, is also just one stop away from Paya Lebar MRT station and Paya Lebar Central (PLC).

Parc Esta will contain five shops and 1,399 residential units spread across nine 18-storey blocks, said its developers MCL Land. Buyers will have a choice of one- to five-bedroom units ranging from 420 sq ft to 1,604 sq ft.

The development sits on a 376, 713 sqm plot area and is expected to house a couple of short tower blocks carrying a total of 1,400 residential apartments. Each unit will feature high-quality finishing with well thought out window designs to allow for sufficient inflow of natural light and wind. In terms of configuration, the condo development will consist of 1 to 5 bedroom unit mix. That makes it an ideal home for singles, newlyweds and even multi-generational families.

Read more here.

Photo from iCompare Loan.