Singapore-listed property developer Hwa Hong Corporation, through its subsidiary Singapore Warehouse Company, has purchased a stake in a prime London residential property.
A 19 percent interest was acquired in property owner GOGC Allen House (GOGCAH) for about S$9.9 million.
Through the acquisition, Hwa Hong and GOGCAH will own the six-storey freehold property off Kensington High Street which comprises residential apartments. The partnership is managed by Hong Kong’s Gaw Capital Partners and GreenOak Real Estate Advisors.
Responding, Ong Choo Eng, Group Managing Director of Hwa Hong Corporation, said: “Given its location in the heart of the Royal Borough of Kensington and Chelsea, we believe this property is a valuable addition to our London residential portfolio and has significant potential. We are also optimistic that this partnership will work together well to maximise shareholder value from this investment.”