SINGAPORE (Apr 2): Kishore Buxani gets excited when he is shown an old building. “It’s because there’s an opportunity to turn it around,” says the CEO and founder of real estate investment firm Buxani Group. He is considerably less enthusiastic when shown a shiny new building unless he can buy it at a price below market value.
That opportunity came about in early 2007: It was when Buxani and Seychelles-based private investment firm, Capital Management Group, purchased six strata floors of Grade-A office space at Samsung Hub at 3 Church Street. Capital Management, founded by Mukesh Valabhji, has been a partner with Buxani on several acquisitions.
The vendor of the six strata floors at Samsung Hub was OCBC Properties and the total strata area was 78,490 sq ft. The joint-venture partners, Buxani and Capital Management, paid $122.4 million for it, which translated to $1,560 psf.