Daily Briefing: GIC and Temasek ate up 60% of sovereign fund deals in 2018; Singaporean PE firm Tembusu Partners invests $201.4m in Chinese projects

And luxury property Boulevard 88 sold 20 out of 25 units for $3,550 psf.

From Reuters:

Singapore funds GIC and Temasek Holdings accounted for for 60% of all sovereign wealth fund deals in 2018, Reuters reported.

There were 84 sovereign wealth fund deals in 77 different venture capital rounds in 2018, the report by IE University and ICEX said. In the five years up to 2018, there were 220 venture capital rounds, up from 14 in the previous five year period.

Biotech and healthcare had dominated in the last five years, with 20% of venture capital investment rounds, but there was now a growing interest in startups leading transformation of traditional sectors such as in fintech, mobility services and agriculture, the report said.

Read more here.

From DealStreet Asia:

Singapore-based private equity investment firm Tembusu Partners on Thursday announced that it will launch several investment funds totalling at least $201.4m (CNY¥1b) in China’s Guizhou province after securing the first Qualified Foreign Limited Partner (QFLP) status.

According to a Tembusu statement, it is the first foreign fund management firm in the province to be awarded the QFLP by the Chinese government. The 80:20 joint venture with a Guizhou state-owned entity will allow investors to “enjoy an express lane'” for regulatory approval and taxation, without foreign currency convertibility issue.

The funds will invest in technology, infrastructure, healthcare, tourism and impact-related projects in China. Through the funds, the portfolio companies will also be eligible for financial incentive schemes from the Chinese government.

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From PropertyGuru:

Boulevard 88, a freehold luxury residential development along Orchard Road, sold 20 of the 25 units released during its private preview at an average selling price of $3,550 psf.

City Developments Limited (CDL) and its joint venture partners, Hong Leong Holdings and Lea Investments revealed that the previews, which started on 8 March, were by appointments only.

Directly accessible via Cuscaden Road and Orchard Boulevard, the 154-unit project is a short walk to Orchard MRT station and the future Orchard Boulevard station.

Prices for a two-bedroom plus study unit start from $4.4m, $6m for a three-bedder, and $9.6m for a four-bedder.

Majority of the units taken up were four-bedroom units priced at over $10m each, while the rest were three-bedders and two-bedroom plus study units.

Read more here.