Partnerships

TRANS CORP (Since 2001)
Trans Corp is CT Corp’s dynamic Media, Lifestyle, Retail, and Entertainment arm, with a diverse portfolio including leading television broadcasters, digital media, premier shopping malls, hotels, theme parks, and key retail ventures like its majority ownership in Trans Retail Indonesia.

Metro’s journey in Indonesia evolved significantly through its partnership with Trans Corp, which began in 2001. This collaboration culminated in December 2019 when Trans Corp acquired full ownership of PT Metropolitan Retailmart (“Metro Indonesia”). A revised license agreement concurrently ensures PT Metropolitan Retailmart continues to utilise the esteemed “Metro” trademarks, upholding brand standards under a fee payable to Metro, fully integrating Metro Indonesia into the Trans Corp ecosystem.

Under Trans Corp’s dedicated stewardship, Metro Indonesia is focused on enhancing customer experiences and leveraging synergies within the CT Corp network. As of early 2025, Metro Indonesia operates 15 department stores across key Indonesian cities including Jakarta, Bandung, Surabaya, Makassar, Solo, Manado, Karawang, and Medan, demonstrating a strong national footprint.

Metro Indonesia consistently refines its merchandise mix with leading international and local brands, supported by strategic initiatives such as exclusive brand launches and store modernisations. Integration with CT Corp’s wider ecosystem provides unique customer advantages, e.g., unified loyalty programs and cross-platform promotions. Trans Corp is committed to Metro Indonesia’s sustained growth and the continued prestige of the Metro brand in the Indonesian market.

In November 2017, Metro entered into further collaboration with PT. Trans Corpora for the development, marketing and sales of apartment units in Bekasi, Jakarta, Indonesia. In April 2018, Metro strengthened the partnership with PT. Trans Corpora with the development, marketing and sales of apartment and SoHo units in Bintaro, Jakarta, Indonesia.

BENTALLGREENOAK CHINA REAL ESTATE FUND (Since 2007)
BGO is a leading global real estate investment manager with US$86 billion in assets under management as at 31 March 2025, and a global presence of 25 offices across 12 countries.

InfraRed NF Investment Advisers Limited (“InfraRed NF”) was a joint venture between InfraRed Capital Partners, a London-headquartered manager of specialist infrastructure and real estate funds, and Hong Kong’s Vervain Group (which includes entities operating under the former name of “Nan Fung China”). InfraRed NF was wholly acquired by BGO in April 2021. Post acquisition, InfraRed NF was renamed BentallGreenOak Investment Advisers Limited (“BGO China”).

Metro’s partnership with BGO China started in 2007 with co-investments alongside InfraRed NF China Real Estate Fund, L.P. (“the Fund”), a fund advised by BGO China, with investments in EC Mall, No. 1 Financial Street and Metropolis Tower – in Beijing. In 2009 and 2011, Metro entered into joint ventures with the Fund and Tesco plc in six Tesco Lifespace malls in mainland China. Metro and the Fund have since divested their interest in all these developments.

In 2015, Metro invested in BentallGreenOak China Real Estate Fund II (A), L.P. (“Fund II”). Fund II is the follow-on fund to the Fund. In 2016, Metro extended the Group’s partnership with Fund II through a co-investment in a real estate debt instrument.

In 2018 and 2019, Metro invested in BentallGreenOak China Real Estate Fund III L.P. (“Fund III”) as well as co-invested with Fund III in real estate debt instruments.

TOP SPRING INTERNATIONAL HOLDINGS LIMITED (Since 2011)
Top Spring International Holdings Limited (“Top Spring”) is a real estate property developer in China specialising in the development and operation of urban mixed-use communities and the development and sale of residential properties in the Greater Bay Area, the centres of which are Hong Kong, Shenzhen and Guangzhou, as well as the economically dynamic regions including Shanghai. Metro acquired an initial stake of 5% in Top Spring when it was listed on the Main Board of The Stock Exchange of Hong Kong Limited in March 2011. Top Spring’s revenue stood at HK$1.4 billion for the year ended 31 December 2024.

In FY2013, Metro invested S$48 million for 30% equity in Nanchang Top Spring Real Estate Co., Ltd (“Nanchang Top Spring”), a partnership with Top Spring. Known as Nanchang Fashion Mark and located at Hong Gu Tan Central Business District in Nanchang, Jiangxi Province in China, the mixed-use development initially had total leasable/saleable gross floor area (“GFA”) of approximately 780,000 square metres (“sqm”). Metro and Top Spring divested their interest in Nanchang Top Spring in 2017/2018.

In December 2013, Metro acquired a 30% stake in Shanghai Shama Century Park from Top Spring for RMB524 million. The property operated as serviced apartments with a total of 284 residential units across a total GFA of approximately 49,357 sqm. All 284 residential units have been sold and handed over.

On 1 July 2014, Top Spring became an associated company of the Metro Group when Metro’s nominated representative was appointed to the board of directors of Top Spring as non-executive director.

In September 2017, Metro, together with Top Spring, acquired three off ice buildings in Bay Valley in New Jiangwan City, Yangpu District, Shanghai, for RMB 2.5 billion. Metro’s stake is 30%.

On 10 January 2024, Metro acquired an additional 6% equity stake in Top Spring. As at 31 March 2024, Metro has an equity stake of approximately 22.17% voting rights and 20.48% ownership interest in Top Spring.

SCARBOROUGH GROUP INTERNATIONAL (Since 2014)
Scarborough Group (“Scarborough”) is one of the United Kingdom (“UK”)’s largest privately-owned, property regeneration and placemaking specialists. With a legacy spanning more than six decades, Scarborough has evolved from a UK-based real estate developer and investor into a global organisation with an award-winning portfolio of projects.

In the UK alone, Scarborough has delivered over 9.1 million square feet (“sqft”) of commercial space and 3,900 residential units, with a pipeline comprising an additional 3.7 million sqft of commercial development and 1,600 homes.

In July 2014, Metro entered into a joint venture with the Scarborough Group, acquiring through ownership of Scarborough Real Estate Limited (“SRE”) a 25% stake in two land plots for GBP5.7 million in Manchester, United Kingdom – Middlewood Locks (a residential-led mixed- use development) and Hat Box (a 144-unit new build residential development). Hat Box has been fully sold with handover completed in April 2016 whilst the second phase, Bowlers Yard, was sold as a land sale in 2022. Phases 1 and 2 of Middlewood Locks have been fully sold and handed over, while handover of homes sold has commenced for ‘Railings’, i.e. Phase 3 after practical completion was achieved in November 2024.

Metro also participated in a 50:50 joint venture with the Scarborough Group in February 2016 to develop two Grade-A office buildings at Sheffield Digital Campus, namely Acero Works and Endeavour. Acero Works was completed in 3Q2017 and sold in May 2018, while Endeavour achieved practical completion in June 2023 and was handed over to British Telecom in July 2023 to commence a 15-year lease.

SRE subsequently changed its name to Fairbriar Real Estate Limited (“Fairbriar”). In November 2024, Metro acquired an additional 25% equity interest in Fairbriar for a total purchase consideration of GBP18.0 million.

LEE KIM TAH HOLDINGS LIMITED (Since 2017)
The Lee Kim Tah Group (“LKT Group”) built both its business and reputation upon sound foundations that date back to the 1920s. The LKT Group had its nascent beginnings when the late Mr Lee Kim Tah, who went on to become the founding Chairman of the LKT Group, took over the family business of supplying materials and labour to the British army, which was then stationed in Singapore. Steered by Mr Lee’s stalwart commitment to quality and innovation, the company grew to become a leader in the construction industry, as it introduced much needed modern construction technology to Singapore in the 1980s. The eventual listing in 1984 marked an important milestone for the local construction industry: the LKT Group was among the first few construction companies to be listed on the Singapore Exchange. The LKT Group was delisted from the Singapore Exchange in 2014.

Having firmly established itself in the construction sector, the LKT Group vigorously diversified into investment and property development. Its diversification saw the LKT Group successfully deliver a wide spectrum of developments, including luxury apartments, landed properties, shopping malls and hotels. The LKT Group’s footprint straddles across Australia, China, India, Indonesia and the United Kingdom.

In November 2017, Metro, together with Trans Corp and the LKT Group, entered into a joint venture to develop, market and sell five 32-storey residential towers in Bekasi, Jakarta, Indonesia. In January 2018, Metro entered into a 50:50 joint venture with the LKT Group to jointly acquire a freehold office property in London, United Kingdom.

Another joint venture with Trans Corp and the LKT Group followed in April 2018 to develop, market and sell two residential towers in Bintaro, Jakarta, Indonesia.

In December 2020, Metro, through a newly formed strategic partnership with LKT Group and Woh Hup Holdings Pte Ltd, established a purpose-built student accommodation fund, Paideia Capital UK Trust, to expand further in the United Kingdom.

SIM LIAN GROUP OF COMPANIES (Since 2019)
Sim Lian is a group of companies with established businesses in property development, investment and construction.

Sim Lian Holdings Pte Ltd is an investment holding and development company, and Sim Lian Group Ltd is an established property development, construction and investment company with a strong track record spanning more than 40 years. The Group was listed on the Mainboard of the Singapore Exchange for 16 years from 2000 to 2016, and has a track record of residential, commercial, industrial, retail and mixed-use developments.

In November 2019, Metro expanded its regional footprint through a strategic investment of 20% in a joint venture with Sim Lian. The joint venture boasts a portfolio of 14 high-quality freehold properties, comprising four office buildings and 10 retail centres, strategically located across four key states in Australia, namely New South Wales, Victoria, Queensland, and Western Australia.

The joint venture has since grown its presence in New South Wales with notable acquisitions, including Ropes Crossing Village Shopping Centre in November 2020 and Cherrybrook Village Shopping Centre in October 2021. Following these acquisitions, Metro increased its equity stake in the Australian portfolio from 20% to 30%.

Further expanding its retail footprint, the joint venture acquired Shepparton Marketplace in Victoria in September 2022. Most recently, in October 2024, the joint venture added 1 Castlereagh Street, a prime office property located in the financial core of Sydney’s CBD. This acquisition grew the portfolio to a total of 18 high-quality freehold properties across Australia.

SIM LIAN-METRO CAPITAL (Since 2019)
To align the interest with Metro’s strategic partner, Sim Lian and to grow Metro’s asset management arm, Metro invested a 20% equity stake in an asset and investment management company, namely Sim Lian-Metro Capital Pte. Ltd., in November 2019 to manage the portfolio in Australia.

In October 2021, Metro stepped-up its equity stake to 30% in Sim Lian-Metro Capital Pte. Ltd.

WOH HUP GROUP OF COMPANIES (Since 2020)
Woh Hup Holdings Pte. Ltd. (“Woh Hup”) is one of Singapore’s oldest and largest construction and civil engineering specialists. Throughout its 98-year history, it has contributed proudly to Singapore’s evolving skyline with an extensive portfolio of iconic developments including Clifford Pier, Reflections at Keppel Bay, Gardens by the Bay, The Interlace, Jewel Changi Airport and the recently completed Punggol Digital District.

Aurum UK Pte. Ltd. (“Aurum UK”) is a 100% owned subsidiary of Woh Hup, that focuses on real estate investment, development, and management, founded in 2020.

In December 2020, Aurum UK made its foray into UK PBSA by establishing a Singapore-based trust (Paideia Capital UK Trust) with Metro Holdings Limited and Lee Kim Tah Holdings Limited. Since then, the trust has acquired 902 operational beds in the cities of Bristol, Exeter, Durham, Glasgow, Warwick, and London.

Aurum UK has also identified opportunities and overseen investments on behalf of Woh Hup in development assets. Aurum UK has secured a pipeline of 1,282 PBSA beds for delivery over Academic Year 24 to 26, located in tier 1 towns of London, Edinburgh, York, Leeds, Birmingham, and Bristol.

BOUSTEAD PROJECTS LIMITED – REAL ESTATE BUSINESS (Since 2020)
Established in 1996, Boustead Projects Limited (“BPL”) is a leading provider of innovative eco-sustainable real estate solutions with a regional presence across Singapore, China, Malaysia and Vietnam. To date, BPL has constructed and/or developed more than 3 million square metres of real estate for clients including Fortune 500, S&P 500 and Euronext 100 corporations across diverse sectors like aerospace, pharmaceutical, high-tech manufacturing, logistics, technology and waste management, among others.

BPL is the Real Estate Solutions Division of Boustead Singapore Limited (SGX:F9D), a progressive global infrastructure-related engineering and technology group which is listed on the SGX Mainboard.

In December 2020, Metro deepened its presence in Singapore by acquiring a 26% stake in Boustead Industrial Fund (“BIF”)’s portfolio of 14 quality properties, comprising six industrial properties, one business park, four high-spec industrial properties and three logistics properties, via the subscription of 26% of the units and 7.0 per cent. notes due 2031 in BIF. The acquisition was completed in March 2021.

In October 2021, BIF acquired 351 Braddell Road, another high-spec industrial property, and Metro further subscribed for 26% of the units and 7.0 per cent. notes due 2031 in BIF. The acquisition was completed in November 2021.

In January 2023, BIF acquired 26 Tai Seng Street, a high-spec F&B-focused industrial property, and Metro further subscribed for 26% of the units and 7.0 per cent. notes due 2031 in BIF. The acquisition was completed in April 2023. This acquisition brings Metro’s total portfolio under BIF to 15 properties (Phases 1 and 2 of Continental Building have since been amalgamated into a single property).

PAIDEIA PARTNERS (Since 2020)
To align the interest with Metro’s strategic partners, LKT Group and Woh Hup, and to grow Metro’s asset management arm, Metro invested a 33.3% equity stake in an asset and investment management company, namely Paideia Partners Pte. Ltd. (“Paideia Partners”), in December 2020 to manage the purpose-built student accommodation portfolio in the United Kingdom. Paideia Partners is the fund manager to Paideia Capital UK Trust.

EVIA REAL ESTATE (Since 2019)
Founded in 2010, Evia Real Estate (“EVIA”) is an owner, developer, and fund manager of diversified real estate classes across residential, industrial and logistics, commercial and retail in Singapore and South Korea. EVIA has made its mark by solidifying itself as one of the most recognised providers of investment opportunities across all sectors of the real estate market. In April 2019, Metro entered into a 50% joint-venture with an affiliate of EVIA to jointly acquire Asia Green, two blocks of premium Grade-A office towers in Singapore.

TE CAPITAL PARTNERS (Since 2023)
Founded in 2019, TE Capital Partners (“TECP”) is a Singapore headquartered real estate investment manager that offers and manages a comprehensive range of investment products on behalf of institutional investors, public listed corporations and family offices across the region.

As of Q4 2023, TE Capital Partners and its subsidiaries manage more than S$3 billion in assets under management in commercial office, and multifamily assets across Singapore, Japan, Australia, and the United States, via a range of investment vehicles, such as joint ventures, separate accounts, and closed-end funds, including its flagship Asia Opportunities series and Income Partners series.

In November 2023, Metro subscribed to a 40.9% stake in Vision One Enterprise Limited (“Vision One Limited”), a joint-venture company set up with an affiliate of TECP, with the affiliate owning the remaining stake. Vision One Limited, together with an affiliate of TECP and an independent third party incorporated a joint venture company to acquire VisionCrest Commercial – an 11-storey freehold Grade-A office building situated in the prime Orchard Road area – with Metro owning an effective 20% stake. VisionCrest Commercial has since been renamed as VisionCrest Orchard.