Global law firm Ashurst advised the buyer of a 49% stake in Elementum from Singapore property developer Ho Bee Land, based on an agreed property value of S$555 million.
Elementum is a landmark 12-storey mixed-use biomedical life-science development with a gross floor area of 445,300 square feet located in Singapore's one-north district. The property has around 280,000 square feet of biomedical business park space, and another 50,000 square feet of office accommodation. It also has 20,000 square feet of ready-to-use lab space and 10,000 square feet dedicated to food and beverage outlets. Purpose-built for biomedical use, all labs have dedicated exhaust risers to the roof and the project was awarded Green Mark Platinum status under Singapore's regimen for sustainable buildings.
In 2020, following a public tender, Jurong Town Corporation (Singapore's largest landlord for industrial property) awarded the land plot to Ho Bee Land for the development of the site. The property is designed by architectural firm Skidmore, Owings & Merrill and is one of the newest purpose-built developments in Singapore that is specifically designed for companies in the biomedical industry.
The transaction was led by Choo Yi Ming and Chok Zheng Kai, together with Ashurst's Southeast Asia Head of M&A Chiam Tao Koon, Christine Chang and Charissa Loi.
Chok Zheng Kai: "We thank our clients for entrusting us with this significant and strategic acquisition. Biomedical sciences developments, especially newly developed ones such as Elementum, are short in supply in Singapore and have become top targets for investors globally. We wish our clients a successful collaboration and partnership with Ho Bee Land."
