Olayan Purchases Podium Block of Chevron House, Singapore
The Olayan Group, a new entrant in the Singapore real estate market, on June 30, 2020, completed its purchase of the seven-story podium block at the base of Chevron House in Singapore’s downtown core. The 32-storey office tower is also known as 30 Raffles Place.
The acquisition is the first direct transaction by Olayan since establishing an office in Singapore in 2019.
“Our wholly owned purchase of this prestigious property at 30 Raffles Place demonstrates our long-term commitment to Singapore,” stated Hani Lazkani, head of Olayan’s Singapore office and a member of the group’s Global Management Team.
The purchase occurred within a highly compressed time frame. “Timing played a really big part,” said Jeff Ong, head of Real Estate at Olayan Singapore. “We were able to capitalize on unique circumstances and also conduct our due diligence on the property despite the challenges presented by the COVID-19 health restrictions. We were able to complete the purchase very quickly, in around 45 days.”
While The Olayan Group has long had investment exposure to Asia, its Singapore office is the first physical presence the group has established in the region. The Olayan office is located in Singapore’s Central Business District overlooking Marina Bay.
Olayan’s Singapore team includes both local professionals and members of the group’s global investment team. The Singapore office coordinates closely with the Group’s other offices, located in the US, UK, Europe, and Saudi Arabia.