SINGAPORE, May 6, 2019 - (ACN Newswire) - Homegrown Elite Partners Capital ("Elite Partners") and the Singapore Malay Chamber of Commerce and Industry ("SMCCI") have announced a strategic partnership to develop a 600,000 sq ft Halal Hub in Singapore's Western region that will be the most advanced of its kind in Southeast Asia.
The dedicated Halal Hub will house halal food processing units, central kitchens, cold-rooms, a Halal Excellence Centre and logistics operations in a multi-storey state-of-the-art complex.
The Agreement is conditional upon Elite Partners and SMCCI fulfilling the condition precedents from Jurong Town Corporation to develop the site.
The entire project is estimated to cost between $80 - $100 million, and construction will take approximately 2 years to complete.
SMCCI is a non-profit organization that supports the interests of the Malay/Muslim business community in Singapore. The partnership will leverage SMCCI's position as a touchpoint between the local and international business communities to enable Singaporean companies to scale, expand and globalize their halal operations.
Elite Partners will be responsible for conceptualisation, funding and asset management of the hub, which will offer its tenants opportunities for digitalization, partnerships and branding initiatives. The Hub will leverage on Elite Partners' management team, who have decades of experience in private equity, asset management and investments.
The two partners intend for the Hub to serve the blue ocean market in the Asia Pacific region where there is a significant demand for halal food. With its strong legal framework, quality control and logistical and services infrastructure, Singapore is well-equipped to become ASEAN's halal hub. Beyond logistics and connectivity to international markets, tenants will also have access to a wide range of legal, administrative and IT related functions.
Mr. Zainul Abidin Rasheed (Singapore ambassador to the State of Kuwait and Special Envoy of the Minister for Foreign Affairs to the Middle East), an advisor on the project, said: "Singapore has been looking to develop an integrated Halal business platform in the last few years. This proposed Halal Hub is a step in the right direction and will greatly contribute to the speed and efficiency of halal-related business processes."
Mr. Shamir Rahim, President of SMCCI, said: "We are pleased to be a part of this initiative to develop Singapore into a global Halal hub. We believe that the Hub will be at the forefront of innovation in the Halal industry and can offer businesses a huge leg up in terms of procurement, production, distribution and international expansion."
Mr. Victor Song, CEO and Managing Director of Elite Partners, said: "The Hub will complement the Halal industry while enhancing business processes through the integration of Halal-related services in one ecosystem."
For further information, please contact:
WeR1 Consultants Pte Ltd (Investor Relations) www.wer1.net
Jordan Teo / Ryan del Agua, Tel: +65 6737 4844, [email protected]
About Elite Partners Capital
Headquartered in Singapore, Elite Partners Capital is an alternative asset management company focused on the management of yield-accretive real estate assets with high growth potential and well-defined exit strategies. Backed by a team with proven expertise in private equity and real estate investment trusts (REITs), its threefold investment philosophy aims to protect initial capital, preserve investment value and create new growth opportunities.
Elite Partners Capital is a Registered Fund Management Company with the Monetary Authority of Singapore (MAS) under the Securities and Futures (Licensing and Conduct of Business) Regulations. For more information, please visit: http://elitepartnerscapital.com
May 6, 2019 13:00 HKT/SGT
Topic: Press release summary
From the Asia Corporate News Network
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