BK Modi acquires two islands close to Singapore for $200 million project
BK Modi, one of India’s affluent businessmen and known for his eccentric business strategies has confirmed to Moneylife that he is investing $200 million to acquire two pristine Islands—Batam and Bintan near Singapore.
 
A suave Mr Modi said, “It is true that I am acquiring two Indonesian Islands located just about 45 km south east of Singapore. I have plans to transform both the Islands into ultra global residential and entertainment townships, which will house super-luxury homes and ultra studio apartments for high net-worth individuals (HNIs) on search for super luxury villas and also set up a 24-hour entertainment precinct. The project management team is in place to carry out the acquisition of the two Islands.”
 
“I am looking to buy small Islands in and around Singapore. This is also because Singapore is my next home after India and I live here,” said Mr Modi.
 
When asked about the source of funding for the mega-project, Mr Modi said, “The entire $200 million will be funded by Spice Global which is one of my group companies. Besides, I have set aside an additional corpus of $70 million which will go towards developing the Islands.”
 
“Spice Finance—one of my financial services arms along with Singapore-based 3 Degrees Asset Management has recently formed Spice 3 Degrees Special Opportunities Fund. The fund will invest in distressed assets like acquiring properties in India and Southeast Asia,” said Mr Modi.
 
According to realty experts, Singapore has emerged as one of the hottest destinations for HNIs and celebrities. The global economic slowdown adversely impacted the realty market in Singapore. The real estate rates are down by 30-40%. Mr Modi’s move to acquire properties like the two Islands near Singapore is related to the falling real estate cost.
 
Apart from the residential apartments, Mr Modi has bought several properties across Singapore. He also has plans to venture into the reality market of China and also set up a holistic wellness centre.
 
Meanwhile, many say Mr Modi is flush with funds after selling his stake in Spice Communications to Aditya Birla group for almost $600 million.  Recently, he has acquired 51% stake in Wall Street Finance where Anil Ambani Group's Reliance Money had 36.8% holding before exiting.
— Vidyut Kumar Ta [email protected]
 
  • Like this story? Get our top stories by email.

    User 

    We are listening!

    Solve the equation and enter in the Captcha field.
      Loading...
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email

    BUY NOW

    online financial advisory
    Pathbreakers
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    28 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 4 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)