JLL has promoted Ting Lim to head of capital markets for Singapore, the property services firm revealed to Mingtiandi today.
The capital markets executive and Singapore local, who joined JLL in 2004, has stepped up to her new role amid a buoyant property market in the city state as real estate investment nearly doubled in the first half of the year compared to the same period in 2018, according to JLL.
“With the emergence of funds entering the Singapore market directly, as well as a number of joint ventures and M&As across the region, this is a signal that Asia Pacific’s real estate market is maturing,” said Lim.
Lim replaces outgoing head of capital markets for Singapore, Greg Hyland, who is moving on to pursue other opportunities.
JLL’s new head of capital markets for Singapore takes over a team of 21 professionals providing investment services to pension funds, developers, major corporates, sovereign wealth funds, and international investment managers.
Lim is also responsible for connecting international investors with opportunities in Singapore, as well as advising local firms with cross-border transactions.
Handling En Bloc and Portfolio Deals
In her new role Lim reports to JLL’s chief executive officer of Asia Pacific Capital Markets, Stuart Crow, as well as to the property services firm’s chief executive officer for Southeast Asia, Chris Fossick.
“Over the years, Ting has contributed to some of our most significant and long-standing client relationships in Asia Pacific and beyond,” said Crow, adding that she has built up a strong reputation in the industry for her deep expertise and ability to help clients navigate some of the most complex and high value deals.
During 2019, Lim has already been involved in some of the highest profile transactions in the city, including both en bloc and portfolio deals.
In a deal which closed in June, Lim was part of the JLL team which assisted Frasers Property in the sale of a 50 percent interest in Frasers Tower to South Korea’s National Pension Service for $1.5 billion. The company also represented a set of fund investors who sold a 35 percent interest in PGIM Asia Retail Fund to Frasers for $2.5 billion.
Surfing an SG Investment Wave
Lim’s move into her new role coincides with a surge of major investment transactions in Singapore this year, with the city’s office sector accounting for nearly $4.6 billion in acquisitions between January and June this year. That figure represents nearly a 50 percent increase over the $3.1 billion recorded in the first half of 2018, according to JLL.
“Singapore is a key market for JLL and continues to be a safe haven for foreign investors amid ongoing political uncertainty and market volatility,” said Fossick, who added that Lim’s experience of bringing Asian capital into the US and Europe, and vice versa, will bring a broader perspective to the team and further enhance the company’s services, enabling its clients to access greater cross-border connectivity.
Grade A office rents in Singapore’s central business district were reported two weeks ago by Colliers International to have hit a ten-year high in the second quarter of this year, growing over 12 percent compared to the same period last year to reach an average of S$9.93 ($7.18) per square foot per month.
With rising rents driving demand, two deals worth a combined S$2.3 billion have been transacted in the past ten days.
Local real estate investment house Sun Venture bought 71 Robinson Road from a unit of Germany’s Commerzbank for S$744 million, paying roughly S$2,756 per square foot for the 237,644 square foot property just one week ago.
Two days before that deal, Gaw Capital and Allianz announced that they had paired up to buy the Duo complex in Singapore’s Bugis area for S$1.6 billion, netting the new owners 557,972 square feet of office tower and retail gallery for S$2,590 per square foot.