JLL losing investment sales ace, recruits veteran

[SINGAPORE] JLL's top investment sales broker Ashish Manchharam is leaving the group to set up his own boutique property investment outfit.

Meanwhile, Colliers International's executive director of investment services Tang Wei Leng will join JLL on Nov 1 as regional director of investments. Her arrival at JLL is not linked to Mr Manchharam's decision to move. Talk in the market is that JLL has been courting Ms Tang for a few months as she brings to the firm her network of relationships with local property players.

Mr Manchharam, on the other hand, is best known for doing deals involving institutional players such as big overseas property funds. The 36-year-old, who has spent all 12 years of his career to date at the property consulting giant, confirmed the move when contacted by BT. "JLL has provided incredible opportunities for me throughout Asia-Pacific, being based in both Singapore and Hong Kong. After spending over 12 years in investment sales I have decided to pursue my personal entrepreneurial ambitions.

"It has been a difficult decision but I would like to thank my colleagues for all their support in my journey," he said on Monday.

Among the major deals he has brokered are Nex mall (50 per cent stake sold for S$825 million in 2012), TripleOne Somerset (S$970 million) last December, and 77 Robinson Road, which was sold to SEB in 2007. He was also involved with the S$1.16 billion sale of Grand Park Orchard hotel and its retail mall Knightsbridge last year, and the 2007 sale of Chevron House for S$730 million to a Goldman Sachs fund.

In China, he handled the US$330 million sale of Roosevelt Centre in Dalian to ARA Asia Dragon Fund and Morgan Stanley Real Estate Funds' US$300 million divestment of the Incity mall portfolio (both in 2009). In Hong Kong, he brokered the US$235 million sale of Fortis Centre to Hong Kong Housing Society in 2010.

Mr Manchharam - who holds a BA majoring in economics and political science from University of Rochester, New York - joined JLL's Singapore office in 2002 as an analyst in the consulting department. Two years later, he crossed over to the Asia capital markets team based here. Between early 2008 and early 2011, he was head of transactions, North Asia-Asia capital markets, based in Hong Kong. Following that stint, he returned to Singapore as regional director, investments. His last day with the firm will be end-October. The father of two is an avid footballer.

In early July, JLL promoted Anthony Barr from national director to regional director, investments. Karamjit Singh was also promoted from regional director to international director.

While the office market has been the bright spot in the Singapore investment sales landscape this year, private residential land sales have been quiet. There has not been a single residential en bloc sale so far this year. JLL's investment sales team comprises 15 people, down from 22 after it acquired Credo Real Estate in 2012.

"We are very pleased to have Wei Leng agreeing to join us. She brings with her one of the most stellar and diverse track records in the investment sales field, including the 2005 sale of DBS Towers 1 and 2 to (to a Goldman Sachs fund); the second largest residential collective sale at S$835 million of Leedon Heights in 2007 to GuocoLand; and Suntec Reit's divestment of Chijmes in 2011," said Mr Singh, who is also head of investments and residential at JLL.

With her latest appointment at JLL, things have come full circle for Ms Tang. She was with the firm, then known as Jones Lang Wootton between 1993 and 1995 before moving to Edmund Tie & Company (now known as DTZ). She later joined the real estate arm of US bank Wachovia in 2007 before moving to Colliers in 2010. Ms Tang, who is in her 40s and a mother of three, holds an MBA from Imperial College in addition to a BSc in Estate Management from National University of Singapore.