Daily Briefing: Casa Sophia relaunched for en bloc sale at lower price; Golden Gate Ventures targets US$200m fund to invest in tech start-ups

And here’s why GIC is eyeing assets in Brazil.

From PropertyGuru:

The 12-unit Casa Sophia has been relaunched for collective sale by private treaty, after most of the owners agreed to a lower asking price of $30 million or $1,158 psf ppr, revealed marketing agent ERA Realty Network.

The District 9 development was first launched with a reserve price of $36m or $1,390 psf ppr in July last year, just a few days after the government introduced its latest round of property cooling measures.

Situated within Mount Sophia, the freehold development occupies a 12,327.9 sq ft site zoned residential under the 2014 Master Plan, with a gross plot ratio of 2.1.

Casa Sophia is close to Dhoby Ghaut MRT station and Orchard Road as well as various schools, including Singapore Management University and School of the Arts Singapore.

Read more here.

From CNBC:

Singapore-based Golden Gate Ventures said that it is teaming up with South Korean asset manager Hanwha Asset Management to invest in technology start-ups in Southeast Asia.

The firms are looking to raise around US$200m in funds and already have about US$80m worth of commitments from investors, according to a source familiar with the matter. Golden Gate Ventures declined to comment on the goal for the fund's size or on how much had been committed so far.

Hanwha Asset Management did not immediately respond to CNBC requests for comment.

In a press release, however, the companies said investments will focus on start-ups that are raising funds in the so-called Series B round — at that stage, start-ups have moved past the early development phase, achieved a few important initial milestones, and are looking for financing to grow their businesses to meet user demands.

Read more here.

From Bloomberg:

Singapore’s sovereign wealth fund GIC Pte has grown more optimistic about Brazil.

Latin America’s largest economy may offer investment opportunities in sectors from healthcare to education and gas pipelines if it keeps inflation under control and reduces interest rates, according to Lim Chow Kiat, the fund’s chief executive officer.

Brazilian assets have jumped amid optimism about President Jair Bolsonaro’s administration, but could still be considered cheap if the government manages to push through its market-friendly agenda. So far, the rally has been fueled mostly by locals, with foreign investors staying on the sidelines even after Bolsonaro, who was the clear market favorite in the October runoff, won the election in a landslide.

The first step is the approval of a much-delayed overhaul to the country’s pension system. Last month, the economic team presented a proposal that would generate 1 trillion reais ($264 billion) in savings in the next decade, a plan Lim called “ambitious.”

Read more here.

Photo from PropertyGuru