Alibaba Group agreed to acquire a 50% stake in AXA Tower, a 50-storey landmark Grade ‘A’ office development, from Perennial Real Estate, an integrated real estate and healthcare company, for S$1.68bn. "The divestment of AXA Tower aligns with our capital recycling strategy to deliver a divestment gain, while retaining our involvement to create value via the redevelopment of the prime property which is strategically sited within the Greater Southern Waterfront with breathtaking sea views. Alibaba is already an anchor tenant at AXA Tower, and we are pleased to have their support in creating an iconic landmark in Singapore’s CBD," Pua Seck Guan, Perennial CEO.