Averic Capital Management Pte Ltd (ACM) together with a major real estate investment fund founded Avery Strategic Investments Pte Ltd (ASI) in 2007 to invest in and develop purpose-built, investment grade dormitories globally, with an initial footprint in Singapore. ASI is a locally incorporated investment holding company with a current real estate portfolio of over SGD640 million in Singapore. It currently owns four purpose-built dormitories with some 1,800 residential units.
Current shareholder partners in ASI include global real estate funds, foreign finance ministries and investment offices of local educational institutions. ACM remains a shareholder of ASI where it’s Managing Director, Mr Vernon Chua sits on the Board. ASI is currently one of the largest provider of permanent dormitories housing over 23,000 foreign workers from the manufacturing, marine, oil and gas industries in Singapore, and growing.
Apart from being a shareholder of ASI, ACM is also the exclusive asset manager and project manager for ASI’s portfolio. ACM is also a project manager for other residential developments and it also undertakes selective property management assignments, and real estate investments.
In a bid to expand business operations and to internalize dormitory management expertise, ACM went on to undertake the facilities management functions for ASI’s properties in 2010. With an exclusive contract over ASI’s portfolio and over 1.6 million square feet of GFA under management, ACM launched its first foray into the Facilities Management industry and it continues to leverage on this platform to grow its facilities management business.