Chinese e-commerce giant Alibaba Group Holding Ltd has acquired a 50% stake in the Singapore office building for S $ 1.68 billion (RM5.11 billion).
The agreement was struck with a consortium led by Perennial Real Estate Holding Ltd, with the sale expected to close around June, according to a statement today.
Alibaba and Perennial will then establish a joint venture to redevelop the 50-storey AXA tower located in the city ’s financial district.
The building ’s floor area has increased from 1.05 million square feet to 1.24 million square feet. Alibaba is the main tenant of the building.
A spokesperson for the company said: “Singapore is an important market for Alibaba.” “As we continue to strengthen our operations in Singapore, this investment will help meet our expected business needs in the Alibaba digital economy.”