Dubai, UAE – 26 Nov 2024: First APAC Fund VCC (Fund), a leading Singaporean investment fund, has signed a Memorandum of Understanding (MOU) to invest up to AED 5 billion in Dubai-based AMIS Development. The partnership reflects the Fund’s confidence in Dubai’s real estate market and AMIS Development’s reputation for high-value luxury developments.
AMIS Development has multiple upcoming projects in major areas of Dubai that have already received high interest from its customers, investors and partners. The investment by First APAC Fund will be used by AMIS Development to further expand its growth, both locally and internationally by growing its land bank, project pipeline, global brand partnerships, project team and investments in technology. AMIS Development’s portfolio represents a convergence of innovative design, superior amenities, and prime locations, promising an elevated living experience that exceeds expectations.
The Fund is incorporated in the Republic of Singapore that may form multiple sub-funds, each of which constitutes a separate sub-fund of the Fund (Sub-Fund). The Fund is managed by Pilgrim Partners Asia (PPA), a Singaporean fund management company licensed by the Monetary Authority of Singapore (MAS) and holds a Capital Markets Services License number CMS100612-1 for fund management under the Securities & Futures Act (SFA), and is also an Exempt Financial Adviser under the Financial Advisers Act (FAA).
The Fund along with PPA is currently in the process of completing its due diligence on AMIS Development. PPA has further appointed Greenback Capital Limited, a CAT 3C firm incorporated as a private company in the Dubai International Financial Centre (DIFC), Dubai, United Arab Emirates, as the Sub Investment Manager (GBCL) to provide sub-investment management services to the Fund Manager, in respect of the Sub- Fund. GBCL will aid in evaluating and structuring the Transaction on behalf of the Sub-Fund.
The partnership between AMIS Development and First APAC Fund follows the former’s recent success with the Woodland Residences project, a highly anticipated AED 425 million development located in District 11 of Meydan, just 12 minutes from Downtown Dubai. The project, which features a 100-meter swimmable lagoon exclusively for residents, was completely sold out within one week of its launch. The development is scheduled for handover in April 2026.
Neeraj Mishra, Founder and CEO of AMIS Development said: “We are proud to partner with First APAC Fund VCC, a globally respected fund with a proven track record. Their investment reaffirms our focus on luxury real-estate development and increases our ability to launch larger and more exciting projects for our customers. An investment from an international well renowned fund like First APAC Fund also confirms the international investors’ confidence in our mission to deliver truly exceptional quality of developments and to build well-integrated communities, while also providing high ROI to investors in our units or projects.”
Darrell Lim, Founder and Shareholder of the First APAC Fund VCC added: “This partnership reflects our commitment to identifying high-potential investment opportunities in key markets. Dubai’s burgeoning real estate sector and AMIS Development’s exceptional leadership team, management systems and track record make this collaboration an exciting prospect.”
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About AMIS Development
AMIS Development is a real estate developer based in Dubai, UAE. The company’s portfolio represents a convergence of innovative design, superior amenities, and prime locations, promising an elevated living experience that exceeds expectations.
About First APAC Fund VCC
First APAC Fund is a variable capital company (VCC) incorporated in the Republic of Singapore under the VCC Act that may form multiple sub-funds, each of which constitutes a separate sub-fund of the Fund (Sub Fund). The Fund is a single legal entity and each Sub-Fund does not constitute a legal entity separate from the Fund. Each Sub-Fund will be administered and maintained separately from each other Sub-Fund by the Fund Manager. Investors may invest in one or more Sub-Funds subject to any restrictions attached to a particular Sub-Fund.