Billionaire eyes islands beyond Singapore
By Amresh Gunasingham
HE ARRIVED in a whirlwind of publicity earlier this year and bought a $15.46 million penthouse at The Sail @ Marina Bay condominium.
Now, Indian billionaire Bhupendra Kumar Modi is setting his sights beyond Singapore.
He wants to spend US$100 million (S$140 million) to buy beach resorts in popular spots such as Bintan and Batam, and invest in at least four smaller islands which remain largely underdeveloped.
The privately owned islands with a combined land area of more than 300ha - or two-thirds the size of Sentosa - are north of Batam.
Dr Modi is the flamboyant founder-chairman of conglomerate Spice Group, which has interests ranging from telecommunications to entertainment. Speaking to The Straits Times at his 5,834 sq ft home, the Singapore permanent resident said he expects more than a 100 per cent return on his investments.
'I never realised until I came to this country that these islands were so big and so close,' said Dr Modi, 60, who moved here in May from the United States.
He also relocated the global headquarters of Mumbai-based Spice Corp to Singapore, and set aside US$200 million to invest through his office here. Already, well over US$100 million has been sunk into investments, from property and office space to acquiring a 20 per cent stake in online telephony firm MediaRing in August.
Now he is looking further afield. He plans to turn popular tourist spots such as the Pura Jaya resort in Batam into attractive havens for the rich and famous from Bollywood.
The carrot? Casinos and private villas with pools and spas. He also plans to build more and better houses, schools and hospitals on these islands.
Pura Jaya's owner, Indonesian businessman Zulkarnain Khadir, has confirmed that he is looking to sell the resort and is in discussions with Dr Modi as well as some other parties.
'For the last 12 years, these islands have lacked investment. There has been little change,' Dr Modi noted. He is understood to be in discussions with a number of banks as potential partners.
He feels developing the nearby islands offers an avenue to overcoming the challenge of land scarcity in Singapore: 'Looking at future development, we cannot continue doing what we have (here) for the last 50 years because it has reached a point of saturation. These islands could be examples of the future, that would also be commercially viable.'
Mr Michael Yong, a director of Kosmo Suria - the company that owns the group of islands just off Batam - said it was in early-stage discussions with Dr Modi: 'We have a meeting planned... to take these plans further. Our estimated target to start development is early next year.'
Dr Modi has also made his presence felt in other areas. He has pledged one of the largest single donations of $1.3 million to the Lee Kuan Yew School of Public Policy, which will fund scholarships and executive training programmes.
This contribution was recognised at the school's annual dinner in September, which was graced by Minister Mentor Lee Kuan Yew.
'I'm not here just to do business. I could do business anywhere. I'm here because I see a long-term future,' Dr Modi said.
Dr Modi wants to buy resorts in popular spots like Bintan and Batam and invest in at least four smaller islands. -- PHOTO: BHUPENDRA KUMAR MODI
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