SOFAZ considering an investment in Singapore | 29 May 2013
State oil fund SOFAZ has revealed it is considering an investment in Singapore’s commercial real estate market.
A report from azernews.az confirmed that the body (which focuses primarily on managing the oil and gas revenues accrued in Azerbaijan) has solid plans to invest in commercial property throughout Asia – with Singapore a main target.
In fact, SOFAZ wishes to spend around $1 billion (£662m) on such property in one of the main Asian regions. It also has its eyes on Singapore’s residential real estate, reports confirmed, although it is not known how much it wishes to spend on it.
An investment strategy released by SOFAZ revealed that it would be willing to dedicate up to five per cent of its entire investment portfolio into property. A further five per cent will be invested into gold and another into stocks. Its total investment portfolio value is estimated to be around 25.2 billion manats (the Azerbaijan currency), which equates to approximately £21.3 billion.
A statement from SOFAZ read: “SOFAZ has its own strategy on the purchase of real estate and related requirements. If the commercial property meets the strategy and all requirements of the fund, then SOFAZ is ready to purchase it.”
According to oilfund.az, SOFAZ was established back in 1999 and is committed to remaining entirely transparent when it comes to its asset purchasing and management.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
We are pleased to confirm that Qube Global Software will once again be sponsoring and exhibiting at MIPIM in Cannes, South of France.
Staff from Qube Global Software will attend MIPIM Asia, the two day global leader summit, at the beginning of December 2015. Topics this year include Asia Pacific inbound and outbound investment flows, regional development opportunities and projects, and real estate trends.
Anticipation surrounding upcoming policy moves is not negatively affecting the Singapore dollar as expected, amid reports that it’s actually strengthening rather than weakening. Although many analysts believe Singapore’s central bank meeting in April will result in easier monetary policy, the Singapore dollar is beating everyone’s expectations. Since the middle of March, the Singapore dollar has […]