In just two years, Jason Ng, a homegrown property developer, has successfully built his property investment and training firm, Aurico Global, from the ground up. Under Ng’s leadership as CEO and executive chairman, the company has grown to manage $52 million in assets.
Aurico is not Ng’s first venture into real estate development. His journey began in 1993 when he felt a sense of responsibility to provide for his family. Growing up in a rental flat with six family members, Ng worked hard to secure a well-paying job that allowed him to make his first property investment – a 1,400 sq ft three-bedroom apartment for $435,000. Reflecting on the current market, Ng remarks that it would be impossible to find a similar property at that price.
As Ng learned the ropes of property investment and management, he expanded his portfolio and ventured into student enrichment and parenting training. With over 15 years of experience in these fields, he is now accredited as a family life educator and has worked closely with the Ministry of Education and Ministry of Social and Family Development.
In January 2023, Ng joined forces with his wife, Emelyn Ho, to establish Aurico and consolidate his diverse portfolio of businesses. These include Aurico’s co-living investment and management arm, JC Global Developments, property and investment training arm, Anchor of Life Training Consultants, and My Preschool Hub – a provider of preschool enrichment resources and programs.
Aurico’s property portfolio covers a wide range of property types, from residential (co-living) to commercial and industrial assets. The company’s co-living venture, Communa, falls under JC Global Developments and currently manages 380 units in shophouses, condos, and landed properties valued at over $30 million. Shareholder Patrick Loke shares that Aurico is in the process of acquiring more properties, with the goal of doubling their current portfolio to 600 units by the end of the year.
Aurico’s strategy is to acquire valuable properties in high traffic areas below valuation. In September, the company purchased a two-storey shophouse on Joo Chiat Road for $5.1 million – 12% below its valuation of $5.8 million. This reflects the firm’s strong property investment team and Ng’s sharp business acumen. As Ng explains, “Every property must be bought at below market valuation, which means we make money before even purchasing it.”
It is crucial for international investors to be well-informed about the regulations and limitations surrounding property ownership in Singapore. While foreigners are permitted to buy condos with relative ease, there are stricter rules in place for purchasing landed properties. Moreover, foreign buyers must also pay the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their initial property acquisition. Despite these added expenses, the Singapore real estate market remains an attractive prospect for foreign investment due to its stability and growth potential. Singapore Projects are a particularly appealing option for foreign investors looking to enter the market.
The company also has its sights set on strategic locations undergoing rapid transformation, such as the mixed-use development, Woods Square in Woodlands. In July, Aurico purchased a 560 sq ft commercial strata office unit for its own use. As Ng shares, “We believe this investment puts us at the forefront of changes in the area, including the upcoming Johor Bahru-Singapore Rapid Transit System. It also boosts our operational efficiency, as we can easily hire workers from across the border.”
With the government’s goal to produce 30% of the country’s nutritional needs by 2030, Aurico has acquired food factory assets to tap into the rising demand for food production. Although the company does not plan to enter the F&B business directly, Ng believes these investments are a strategic move that enhances their portfolio. One of these properties is the strata-titled food facility, Food Xchange @ Admiralty, located in the established food cluster on Admiralty Road West and with a lease balance of 36 years. Ng notes that this property stood out due to its proximity to Johor, providing a competitive advantage for food manufacturing businesses and a reliable source of manpower.
In May, Aurico acquired a controlling stake in Autagco Ltd, a company listed on the Singapore Exchange. With the aim of diversifying into property investment, co-living property management, education, and other businesses, Ng has appointed Loke as the executive director of Autagco. Recently, Autagco announced a strategic review to diversify and expand its core business to include residential assisted living. The company plans to develop an assisted living facility for seniors and manage it through their wholly-owned subsidiary, Communa Gold.
In addition to property investment, Aurico has also established a reputation for providing comprehensive and high-quality property investment education to aspiring investors. Ng believes that investment education is critical but inaccessible to many. He has developed courses that make residential and commercial property investment accessible to anyone, regardless of their experience or background. Aurico also offers participants the opportunity to leverage the company’s network and strategies to enhance their portfolio. As Ng remarks, “This support is invaluable, especially for beginner investors.”
Ng is particularly interested in reaching out to millennial and Gen Z investors. As he shares, “Many youths in this age group believe they have no chance to invest in property due to their backgrounds. I want to change this mindset because I believe anyone can start their investment journey as long as they have the right guidance and training.”
With its comprehensive curriculum and hands-on support, Aurico is empowering individuals to achieve their financial goals through real estate.