Surbana Jurong acquires multi-million stakes to fuel global expansion

SINGAPORE — Surbana Jurong has further expanded its international footprint with two investments worth US$69.3 million (S$98.4 million).

The consultancy for urbanisation, industrial and infrastructure developments today (Nov 11) announced it will acquire a 20 per cent stake in CITICC (Africa) Holding Limited — a US$300 million investment platform set up between International Financing Company (IFC) and Chinese multinational construction and engineering company, CITIC Construction Co. Surbana Jurong will partner with local housing developers in Sub-Saharan Africa and provide long-term capital to potentially develop 30,000 homes in the region over the next five years.

The company also announced it has taken a US$9.25 million stake in American software company FLUX Factory Inc to help grow its sustainable and building design capabilities. FLUX is a spinoff from Google X, a development lab by Google dedicated to making breakthrough technological advancements in areas including self-driving cars, Google Glass and drone deliveries.

Mr Wong Heang Fine, Group CEO of Surbana Jurong, said: “The equity stakes in these two international entities is a continuation of our strategy to grow as a global firm that has solid presence in emerging markets, while incorporating the most effective and efficient technology to augment our town planning and urban solution capabilities.”

He added: “We have a strong presence in Africa, having done projects in nine African counties. With the stake in CITICC, we will significantly increase our market access into Africa, particularly in affordable housing.”