Gaw Capital Buys Singapore's Iconic Duo Complex For HK$9.1 Billion, Announces Kenneth Gaw
The Gaw family is delving into Singapore’s luxury real estate market.
Gaw Capital, a Hong Kong-based private equity firm founded by Goodwin Gaw, has partnered with Allianz Real Estate to acquire the city state’s iconic Duo Complex for US$1.2 billion (HK$9.1 billion).
The recent sale includes Duo Tower, an office building, and Duo Galleria, the nearby high-rise shopping mall. According to The South China Morning Post, this is Singapore’s most expensive office sale in almost two years.
“This deal marks our second major office transaction in Singapore in 2019 and signifies our continued optimism towards the office market here," Kenneth Gaw, President and Managing Principal of Gaw Capital, wrote in a press release.
Known for its unique hexagonal design, the towering complex includes 20 office floors, over 550,000 square feet of commercial space and a five-star hotel.
Going forward, Allianz Real Estate, the property investment wing of German insurance company Allianz Group, will own 60 percent of Duo’s buildings, while Gaw Capital will own the remaining 40 percent.
“The acquisition of DUO deepens our strong partnership with Allianz Real Estate and we look forward to working together to add strategic value to the property,” Christina Gaw, Managing Principal and Head of Capital Markets at Gaw Capital Partners, wrote in a press release.