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SingHaiyi takes 25% interest in ARA Harmony Fund III for RM120m

SINGHAIYI Group - which specialises in property development, real estate investment and property management in Singapore and the US - said on Wednesday that it has subscribed for a 25 per cent interest as a limited partner of ARA Harmony Fund III for RM120 million (about S$45 million), via its wholly-owned unit, Asset Century International.

SingHaiyi sees the subscription as "a rare opportunity to enter Malaysia's retail sector and gain exposure to a diversified portfolio of high-quality income producing properties".

Assets held under the fund comprise a portfolio of commercial properties in Kuala Lumpur, the Greater Kuala Lumpur region of Selangor, Ipoh and Malacca.

SingHaiyi's shares closed unchanged at 13.6 Singapore cents each on Wednesday, before the announcement.