Tax Liability Policy: Unlocking Cash in Real Estate Transactions

Sigrid is the Chief Executive Officer of Asia Pacific Real Assets Association (APREA). Based in Singapore, she is responsible for overseeing the strategic direction, initiatives and operations of the association across Asia Pacific. Under her leadership, APREA repositioned to an industry trade group focusing on real estate and infrastructure.

Sigrid joined APREA’s executive team in January 2019.

Prior to APREA, she served as Managing Director of Asia Pacific Research and Advisory Services of Cushman & Wakefield (C&W) from 2010 through 2018, where she was responsible for research, thought leadership, strategy formulation and client management.  Before relocating to Singapore, she was based in Washington, D.C. and led C&W’s U.S. research group in the Mid-Atlantic region, overseeing all aspects of market research activities in the Washington, DC; Virginia; Suburban Maryland, Baltimore; and Philadelphia areas. Prior to joining C&W, Sigrid served as a Senior Economist for the National Association of Realtors (NAR). In that position, she developed NAR’s office, warehouse, retail, multi-family housing, and international research programs.

A recognized expert in global economic, public policy and real estate issues, Sigrid is a frequent speaker at industry events.  Her commentary on commercial and residential real estate markets is also regularly featured in a wide array of global publications, including the Wall Street Journal, Financial Times, Bloomberg, New York Times and Reuters. Additionally, she has made several television appearances on financial networks and radio such as CNBC, Bloomberg, CNN, National Public Radio and Channel News Asia.

Sigrid holds a Master of Business Administration from Cornell University’s Johnson Graduate School of Management and a Master’s degree in Economics from Pennsylvania State University. She is a member of several civic groups including the Rotary Club of Raffles City in Singapore, where she has served in various leadership positions, and serves in the Executive Committee of the Crohn’s & Colitis Society of Singapore.

Having practised tax for over 23 years, Wee Hwee has extensive experience in structuring single country and multiple jurisdictional funds with an Asian focus, both close-ended and open-ended, listed and unlisted, and across various alternative asset classes including real estate, infrastructure, renewable energy, private equity, venture capitalist, hedge funds, crypto currency and debt. He has expertise in fund formations and is also familiar with fund platforms in Singapore, Luxembourg, the Cayman Islands, Labuan, etc., as well as tax efficient divestment planning opportunities for funds with multiple exit strategies (be it trade sale, conversion to income producing funds or IPO exit). He is also an expert in structuring carried interest from both a corporate and personal tax perspective.

Wee Hwee has assisted many Singapore and foreign investors to structure their Singapore real estate investments (both asset and share deals) in a tax efficient manner across various asset classes, ranging from hotels, office, retail mall, residential, data centres, healthcare properties to student housing.

With a Bachelor of Accountancy (Honours) from the Nanyang Technological University of Singapore and as an Accredited Tax Advisor with the Singapore Chartered Tax Professionals, Wee Hwee is regularly called upon to share his expertise at workshops organised by the Asia Pacific Real Estate Association (APREA) and the Real Estate Development Association of Singapore. He is an instructor for the Certificate of Real Estate Investment Finance, a course conducted by APREA, and the NUS Graduate Certificate in Real Estate. Wee Hwee works closely with the Singapore Exchange to promote REIT and Business Trust listings in Singapore and has spoken on fund and real estate tax topics at various conferences in Tokyo, Seoul, Sydney, Melbourne, Hong Kong, Kuala Lumpur, Mumbai and Jakarta.

CURRENT RESPONSIBILITIES

As the head of Marsh’s tax insurance practice in Asia, Eugene principal responsibility is to advise clients on the efficient use of tax insurance policies as a solution to mitigate potential tax risks associated with acquisitions, operations, divestments and restructuring. This enables businesses to achieve their commercial objectives while avoiding tax risks that may result in significant tax exposure.

EXPERIENCE

Prior to joining Marsh, Eugene was a senior tax manager under the real estate and hospitality practice in PwC Singapore. His focus was on tax due diligence, fund structuring, and tax minimisation strategies for real estate and infrastructure investments across Asia Pacific.

Eugene has a wide range of experience in providing tax advisory services to many corporates in the real estate, hospitality and construction sectors. Throughout his career, Eugene has been engaged in various M&A projects involving Singapore, Korea, Japan, Indonesia, Vietnam, China, and Australia real estate and has experience in advising on the tax implications arising from such transactions. Therefore, he is familiar with the tax implications arising from acquisitions and disposal of real estate in these jurisdictions (e.g. TMK structure, MIT regime, REF structure, etc.)

Since joining Marsh, Eugene has placed tax liability insurance covering tax risks in various jurisdictions (including Japan, Singapore and Germany etc.) and was instrumental in assisting one of his clients to place the first tax policy globally that can cover Indonesian tax risks.

QUALIFICATIONS

• Bachelor of Accountancy, Cum Laude, Singapore Management University (2010)

• CPA Australia

Ai Ling leads the Private Equity and Mergers & Acquisitions Services and Transaction Risk Services of Asia in Singapore. Ai Ling’s principal responsibility is advising private equity and corporate clients in their risk issues through their deal cycle. Ai Ling has pioneered the development and growth of warranty and indemnity insurance throughout ASEAN where she started the practice in 2007. She has achieved milestones such as placing the first onshore warranty and indemnity policy in Malaysia and Philippines, placing the first Litigation Buyout policy in Asia Pacific and placing the policy with the largest limit in Asia in 2015. Since then, Ai Ling has grown both the team and the market share of Marsh in all countries in Asia and maintain Marsh’s market share at 70%.

Ai Ling joined Marsh in May 2007 to start the PEMA Practice in ASEAN. She started her career in

PricewaterhouseCoopers focusing on external and internal audit before moving to corporate risk

management roles. Since starting the PEMA ASEAN practice in Marsh, Ai Ling has achieved a few

milestones in the industry in the area of warranty and indemnity insurance as well as structuring various portfolio programs for the clients. She has been a frequent speaker in M&A events in ASEAN on the topic of warranty and indemnity insurance and is a trusted advisor to several key private equity clients.

Having practised tax for over 23 years, Wee Hwee has extensive experience in structuring single country and multiple jurisdictional funds with an Asian focus, both close-ended and open-ended, listed and unlisted, and across various alternative asset classes including real estate, infrastructure, renewable energy, private equity, venture capitalist, hedge funds, crypto currency and debt. He has expertise in fund formations and is also familiar with fund platforms in Singapore, Luxembourg, the Cayman Islands, Labuan, etc., as well as tax efficient divestment planning opportunities for funds with multiple exit strategies (be it trade sale, conversion to income producing funds or IPO exit). He is also an expert in structuring carried interest from both a corporate and personal tax perspective.

Wee Hwee has assisted many Singapore and foreign investors to structure their Singapore real estate investments (both asset and share deals) in a tax efficient manner across various asset classes, ranging from hotels, office, retail mall, residential, data centres, healthcare properties to student housing.

With a Bachelor of Accountancy (Honours) from the Nanyang Technological University of Singapore and as an Accredited Tax Advisor with the Singapore Chartered Tax Professionals, Wee Hwee is regularly called upon to share his expertise at workshops organised by the Asia Pacific Real Estate Association (APREA) and the Real Estate Development Association of Singapore. He is an instructor for the Certificate of Real Estate Investment Finance, a course conducted by APREA, and the NUS Graduate Certificate in Real Estate. Wee Hwee works closely with the Singapore Exchange to promote REIT and Business Trust listings in Singapore and has spoken on fund and real estate tax topics at various conferences in Tokyo, Seoul, Sydney, Melbourne, Hong Kong, Kuala Lumpur, Mumbai and Jakarta.

CURRENT RESPONSIBILITIES

As the head of Marsh’s tax insurance practice in Asia, Eugene principal responsibility is to advise clients on the efficient use of tax insurance policies as a solution to mitigate potential tax risks associated with acquisitions, operations, divestments and restructuring. This enables businesses to achieve their commercial objectives while avoiding tax risks that may result in significant tax exposure.

EXPERIENCE

Prior to joining Marsh, Eugene was a senior tax manager under the real estate and hospitality practice in PwC Singapore. His focus was on tax due diligence, fund structuring, and tax minimisation strategies for real estate and infrastructure investments across Asia Pacific.

Eugene has a wide range of experience in providing tax advisory services to many corporates in the real estate, hospitality and construction sectors. Throughout his career, Eugene has been engaged in various M&A projects involving Singapore, Korea, Japan, Indonesia, Vietnam, China, and Australia real estate and has experience in advising on the tax implications arising from such transactions. Therefore, he is familiar with the tax implications arising from acquisitions and disposal of real estate in these jurisdictions (e.g. TMK structure, MIT regime, REF structure, etc.)

Since joining Marsh, Eugene has placed tax liability insurance covering tax risks in various jurisdictions (including Japan, Singapore and Germany etc.) and was instrumental in assisting one of his clients to place the first tax policy globally that can cover Indonesian tax risks.

QUALIFICATIONS

• Bachelor of Accountancy, Cum Laude, Singapore Management University (2010)

• CPA Australia

Sigrid is the Chief Executive Officer of Asia Pacific Real Assets Association (APREA). Based in Singapore, she is responsible for overseeing the strategic direction, initiatives and operations of the association across Asia Pacific. Under her leadership, APREA repositioned to an industry trade group focusing on real estate and infrastructure.

Sigrid joined APREA’s executive team in January 2019.

Prior to APREA, she served as Managing Director of Asia Pacific Research and Advisory Services of Cushman & Wakefield (C&W) from 2010 through 2018, where she was responsible for research, thought leadership, strategy formulation and client management.  Before relocating to Singapore, she was based in Washington, D.C. and led C&W’s U.S. research group in the Mid-Atlantic region, overseeing all aspects of market research activities in the Washington, DC; Virginia; Suburban Maryland, Baltimore; and Philadelphia areas. Prior to joining C&W, Sigrid served as a Senior Economist for the National Association of Realtors (NAR). In that position, she developed NAR’s office, warehouse, retail, multi-family housing, and international research programs.

A recognized expert in global economic, public policy and real estate issues, Sigrid is a frequent speaker at industry events.  Her commentary on commercial and residential real estate markets is also regularly featured in a wide array of global publications, including the Wall Street Journal, Financial Times, Bloomberg, New York Times and Reuters. Additionally, she has made several television appearances on financial networks and radio such as CNBC, Bloomberg, CNN, National Public Radio and Channel News Asia.

Sigrid holds a Master of Business Administration from Cornell University’s Johnson Graduate School of Management and a Master’s degree in Economics from Pennsylvania State University. She is a member of several civic groups including the Rotary Club of Raffles City in Singapore, where she has served in various leadership positions, and serves in the Executive Committee of the Crohn’s & Colitis Society of Singapore.