By Olivia Siong | POSTED: 14 Jan 2014 22:25 | CNA

SINGAPORE

Property agency PropNex has launched a new fund to invest in real estate at the development stage in a partnership with fund management company Infiniti Asset Management.

PropNex says the new fund – Infiniti Real Estate Strategies Fund – is designed to co-invest with developers in land bids for both local and overseas projects.

These include executive condominiums and commercial properties in Singapore.

The minimum outlay per investor is S$100,000 and PropNex hopes to grow the fund to S$50 million by June.

PropNex says it has raised more than S$6 million at its soft launch last week.

Investors have to be accredited by the Monetary Authority of Singapore (MAS). This means they need to have a net-worth of at least S$2 million or an annual income of above S$300,000.

PropNex adds it is targeting a 10 per cent return per annum.

Mohamed Ismail, CEO of PropNex, says: “Last year, when there were a slew of measures that restricted many people – TDSR, ABSD, Loan-To-Value and other restrictions, they find it hard to enter the real estate market, which is brick and mortar and many of these people have preference to these kind of investments.

“In a way, we are trying to provide alternative solutions to people who are very much interested in property investments.”

– CNA/fa

http://www.channelnewsasia.com/news/business/singapore/propnex-launches-new/954198.html