Aurico Global: Local asset manager with formidable portfolio valued at $72 million

In just two years, homegrown property developer Jason Ng has built his property investment and training firm Aurico Global from the ground up to reach $72 million in assets under management (AUM). Aurico, where Ng serves as founder and CEO, is not his first foray into real estate development. His property investment journey began as early as 1993, when he was driven by his sense of responsibility to provide for his family. Growing up, Ng stayed in a rental flat along Dakota Crescent with six family members — his parents, grandmother, and three older sisters. Motivated to support his family, Ng worked hard to land a well-paying job that would give him enough capital for his first property investment in 1993 — a 1,400 sq ft three-bedroom apartment for $435,000. “You can’t even get a similar-sized house for that price nowadays,” he reflects. Ng quickly learned the ropes of property investment and management and expanded his real estate portfolio. He also ventured into student enrichment and parenting training. He is now accredited as a family life educator and has been working with the Ministry of Education and Ministry of Social and Family Development for over 20 years. In January 2023, Ng co-founded Aurico with his wife, Emelyn Ho, to 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 programmes.

Acquiring strategic and quality portfolio

Aurico’s property portfolio covers a wide range of property types, from residential (co-living) to commercial and industrial assets. Aurico has an extensive co-living venture named Communa, which lies under JC Global Developments. The company manages over 400 co-living units in shophouses, condos, and landed properties, valued at over $30 million. Patrick Loke, a shareholder in Aurico, says that Aurico is in the process of acquiring more properties, and aims to almost double their current slate to reach 600 units by the end of the year. Acquiring valuable properties in high traffic areas below valuation is key for Aurico. In September, Aurico bought a two-storey shophouse on 321 Joo Chiat Road — located along the same road as 331 Joo Chiat Road, another Aurico-owned shophouse -- at 15% below market valuation. Altogether in 2024, Aurico invested in three freehold conservation shophouses — 321 Joo Chiat Road, 36 Sam Leong Road, and 38 Foch Road in September, July, and May 2024, respectively — which provide high rental yield in quality investment assets. The two-storey shophouse on 321 Joo Chiat Road is approved for F&B takeaway on its ground floor and has a rental yield of 3.76%. The property is approved for a rear extension of up to five storeys. The 36 Sam Leong Road shophouse comprises four storeys with an attic. It offers a prime location along the city fringe. The asset is fully tenanted to an F&B dine-in business on the ground floor, office use on the second floor, and residential use on the third and fourth floors. Another Aurico asset over at 38 Foch Road is a fully commercial two-storey shophouse, with the both floors approved for F&B dine-in use. Nestled in the Petain Road/Tyrwhitt Road conservation area, the shophouse sits at a highly sought after location in District 8’s entertainment/F&B and hotels area. It is also among the row of nine beautiful shophouses along Foch Road. This strategy is a testament to the firm’s strong property investment team and Ng’s sharp property investment acumen. “Every property that we buy must be bought at below market valuation. That means that before we buy an asset, we’ve already made money on it,” Ng says. Aurico also eyes commercial properties at strategic locations that are undergoing rapid transformation, such as the 99-year leasehold mixed-use development Woods Square in Woodlands. The company bought a commercial strata office unit at Woods Square in July. “We believe that this investment allows us to be at the forefront of changes in Woodlands. This includes the upcoming Johor Bahru-Singapore Rapid Transit System,” Ng explains. Having an office in Woodlands also boosts operational efficiency, as Aurico can easily hire workers from across the border. The firm acquired food factory assets to tap on the rising demand for food production due to the government’s “30 by 30” goal to produce 30% of the country’s nutritional needs by 2030. “Though we do not plan to go directly into the F&B business, we believe that the food factory and central kitchen purchases are a strategic investment that enhances our portfolio,” Ng says. One of the food factory properties is a strata-titled food factory called Food Xchange @ Admiralty, strategically located within the established food cluster on Admiralty Road West. According to Ng, the property stood out as a quality asset due to its proximity to Johor. “This provides added competitive advantage for food manufacturing businesses and a strong source of manpower,” he notes.

Assisted living facility plans

In May, Aurico successfully acquired a 29.8% controlling stake in Autagco Ltd, a company listed on the Singapore Exchange. Ng has appointed Loke as the executive director of Autagco. In July, Autagco's board of directors announced a strategic review to potentially diversify into property investment, co-living property management, education, and other businesses. With the controlling stake in Autagco, Aurico has plans to inject their assets into the company. On Oct 15, Autagco announced that its board of directors has conducted a strategic review to diversify and expand its core business to include residential assisted living. The assisted living projects will be run and managed by Communa Gold, a wholly owned subsidiary of Autagco Ltd, which focuses on assisted living projects. “With an ageing population in Singapore, we believe that assisted living is a viable sector to be in,” Ng says. The company is in the process of securing a suitable property that can be developed into an assisted living facility for seniors, which will also be managed by Communa Gold.

Training the next generation of property developers

Within two years, Aurico has earned a reputation for providing comprehensive and high-quality property investment education to aspiring investors. Ng’s dedication to providing property investment training is based on his belief that investment education is essential but inaccessible to many. “I feel that many Singaporeans lack knowledge and assume that they can only invest in residential properties, starting from public properties, and then moving into the private market. But there are many more ways to invest their money in a profitable manner. That’s why good training is important,” Ng says. He has developed his courses to make residential and commercial property investment accessible to anyone — regardless of their investment experience and background. On top of its intensive courses, Aurico offers participants an opportunity to leverage the firm’s network and strategies to enhance their investment portfolio. This support is invaluable, especially for beginner investors without much experience. Two groups that Ng specifically wants to help more are millennial and Gen Z investors. “I often hear youths from this group lament that they have no chances of investing in property because they don’t come from affluent backgrounds. That’s a mindset that I want to change because I believe that anyone can start their investment journey, as long as they have the proper guidance and training,” he shares. With its comprehensive curriculum and hands-on support, Aurico is poised to empower individuals to make informed decisions and achieve their financial goals through real estate.