The Growth Years
A Family Heritage
ACT Holding Pte Ltd, formerly known ACT Enterprise Pte Ltd was founded by the late Mr. Toh Aik Choon in 1969. It was originally established as a holding company for industrial joint ventures in South East Asia with the Hitachi Group of Companies, and the Fujitec Elevator Corp.
Singapore Residential Development
In the mid 90′s, the ACT Group started our Singapore residential development division by acquiring a site at 60-66 Kim Yam Road from the Urban Redevelopment Authority. This was developed into 22 apartments and is now known as Gambier Court. This project won the URA Heritage Award in 2000 for restoration of a conserved property. In 2006, we won the same award, this time for Empire Lofts on Mosque Street. To date, we have successfully completed more than 20 residential projects, with sales of well over $300 million.
Aspen Management, our project management arm, is dedicated to building high-quality homes designed with the end user in mind. We focus on high-end landed homes, cluster-landed properties, and boutique apartment projects.
US Real Estate
ACT first invested in Atlanta, Georgia in the mid-80s, with the Grandview Apartments, a 226 unit high rise condo in the Buckhead district. On its completion in 1990, we faced the worst recession (at that time) in the last 20 years, caused by the S&L Crisis. However, instead of pulling out, we persevered with a new investment strategy, focusing on moderate income multi-family assets. We capitalized on the opportunity to acquire and value- add to these rental properties during the recession. When the economy recovered, ACT was well positioned to ride the wave of condo conversions and the housing boom that lasted through 2006. We also diversified into commercial real estate, such as the Atlanta Chinatown Square.
The financial crisis of 2008 again presented us with unique opportunities. We formed a new vehicle, Woodbury Place Investments, to acquire foreclosed residential lots from the banks, at deep discount. At the same time, we invested in Tribridge Residential, now one of the leading multi-family platforms in the US Southeast, focused on multi-family development and management. We continue to invest in the multi-family residential sector, with opportunistic acquisitions in high potential, high growth markets in the US, including Atlanta, Jacksonville, Nashville, Austin and Raleigh.