Ho Bee Land has sold a 49 percent stake in special purpose vehicle HB Universal (HBU), the entity that holds Singapore’s Elementum — a state-of-the-art biomedical life sciences development designed by Skidmore, Owings & Merrill — at an agreed property value of S$555 million (US$427 million). According to Mingtiandi, the new partner is the Brunei Investment Agency, a sovereign wealth fund.

Elementum is located in one-north, Singapore’s premier life sciences hub, and comprises 445,300 square feet (41,370 square metres) in gross floor area. Awarded the Green Mark Platinum by the Building and Construction Authority, the 12-storey development includes biophilic terraces, modular laboratories, offices, and food and beverage spaces, as well as end-of-trip facilities for the community.

Elementum, together with The Metropolis at one-north — the largest grade A office development outside of Singapore’s central business district — serves as a landmark i