Singaporean billionaire Lim Chap Huat sues Brookfield Asset Management for allegedly usurping $418M property deal
Billionaire Lim Chap Huat of Singaporean property firm Soilbuild Group is suing Brookfield Asset Management, accusing it of usurping a S$535.3 million (US$418.6 million) deal it had proposed as a joint venture.
Singaporean billionaire Lim Chap Huat has filed a lawsuit against Brookfield Asset Management, alleging that the asset manager hijacked a $418 million property deal. According to documents filed in Singapore's High Court, the lawsuit accuses Brookfield of breaching contract and confidentiality agreements. The Wall Street Journal reported the lawsuit, citing unnamed sources.
Brookfield, a New York-based company, is accused of partnering with Lim's firm, Soilbuild, on the acquisition of three industrial properties from Mapletree Industrial Trust. However, Brookfield allegedly cancelled the joint venture just days before Mapletree announced the deal. Lim's son, Lim Han Qin, expressed disappointment in Brookfield's actions and stated that their legal action was the only option.
Brookfield has dismissed the claims as "completely without merit." The lawsuit claims that both companies had drafted a memorandum of understanding for a joint venture, which was not signed but resulted in preparatory work for the Mapletree acquisition. Soilbuild alleges it conducted extensive due diligence for Brookfield without being compensated.
The court allows contracts to be formed through conduct even without a signed document. Brookfield Asset Management, a global alternative asset manager, manages over $1 trillion in assets and has a dedicated real estate investment team in Singapore. The company acquired eight more industrial and logistics properties in Singapore for $338.1 million in December 2025.
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