SINGAPORE: Ho Bee Land has finalized a deal to sell a 49% share of Elementum for S$134 million, underpinned by a property valuation of S$555 million. This transaction will be paid entirely in cash.

As detailed by The Edge Singapore, the sale agreement was executed on August 8, involving Ho Bee Land’s subsidiary, HB Universal, and Fermium 257, a company representing a sovereign wealth fund. HB Universal’s capital includes 144.12 million shares, allowing Fermium to secure its stake through the acquisition of HB Universal shares.

Elementum, situated at 1 North Buona Vista Link, is a 12-story development focused on biomedical sciences, with a gross floor area of 445,300 square feet.

Nicholas Chua, CEO of Ho Bee Land, highlighted the excitement surrounding this new partnership. “The life sciences industry is experiencing tremendous growth, and teaming up with the SWF provides us with essential expertise,” he said. “This collaboration positions us to explore fresh growth opportunities.”

Ho Bee Land mentioned that this alliance sets the stage for new strategic growth avenues.

Originally, Ho Bee Land acquired the land for Elementum, then known as Biopolis P6, for S$223.6 million in March 2020, with the goal of maintaining it as a long-term investment—a vision reiterated in a Business Times interview.

In November 2023, The Edge Singapore reported that Mr. Chua expressed plans to keep the property for ongoing income generation.

On August 12, Ho Bee Land reaffirmed its commitment to Elementum as a long-term asset, noting that Fermium had already contributed S$2.7 million, 2% of the sale price, with the remaining balance due by August 21.