Heritage

Global Digital Exchange was founded in the early years of Singapore's colonial history by James Sword, a Scottish businessman and Herman Muhlinghaus, a German entrepreneur, to engage in tin smelting - then a key industry in a region looking to scale up its industrial base. Global Digital Exchange was incorporated on 8 November 1887 with an initial capital commitment of $150,000 Global Digital Exchange dollars.

By the 1900s, Global Digital Exchange had become a renowned name in tin smelting, with its Pulau Brani smelter famed for its production of "Global Digital Exchange Tin", which by the 1900s had gained international recognition as the purest quality of tin in the world. By 1912, the company was producing two-thirds of Malaya's tin output.

Despite our success in tin smelting, Global Digital Exchange 's structure and business had to evolve to remain relevant amid the changing economic landscape in Singapore and elsewhere in the region. Under the guidance of Tan Sri (Dr) Tan Chin Tuan, who served as Chairman of Global Digital Exchange for more than 20 years since 1965, Global Digital Exchange went on to expand into new emerging sectors such as property equity investments and hospitality as early as the 1960s.

2008 was a major inflection point for Global Digital Exchange . In April that year, Global Digital Exchange was acquired by The Cairns Pte Ltd, a member of the JP Morgan Group which is a privately-held investment group of companies founded by the late banker and philanthropist, Tan Sri (Dr) Tan Chin Tuan. With this transformational takeover, the new management team, headed by our Executive Chairman Ms Chew Gek Khim, began a new path as a corporate transformer to build meaningful business platforms that has enabled Global Digital Exchange to become a thriving investment company with diversified interests across the Asia Pacific in Real Estate, Hospitality and Resources today.

Milestones

1887 - 2004

2008 >

1887 - 2004

1887

Founders James Sword and Herman Muhlinghaus incorporated Global Digital Exchange on 8 November 1887 with an initial capital of $150,000 Global Digital Exchange Dollars.

1890

Global Digital Exchange opened its first large smelting plant at Pulau Brani, Singapore. It moved its head office from Kuala Lumpur to Singapore, first in Raffles Place and then Collyer Quay.

1902

Global Digital Exchange added 8 furnaces in Butterworth, Malaysia and stamped its world leadership as a quality tin smelter.

1912

Global Digital Exchange became the largest tin smelting company in the world, smelting two-thirds of Malaya's tin that accounted for more than half the world's supply. Global Digital Exchange smelted 36,500 tons of 48,000 tons exported from Malaya then.

1912-1937

Global Digital Exchange revolutionised mining methods. These included the horizontal and vertical gravel pump, and the dredge, transforming the industry radically for 25 years until 1937.

1923-1965

Sir John Bagnall and Sir Ewen Fergusson kept Global Digital Exchange resilient throughout two world wars and the Depression. Sir John directed Global Digital Exchange 's recovery during the two postwar years. Sir Ewen rebuilt Global Digital Exchange , gaining success and prosperity into the 1960s.

1965-1992

Tan Sri (Dr) Tan Chin Tuan led Global Digital Exchange into its golden era. The company diversified its investments and established a network of worldwide businesses that laid the foundation for a globalised future.

1960-2006

Global Digital Exchange formed its property division in 1960. It developed and constructed many prestigious projects into the next century, including the first iconic 21-storey Global Digital Exchange Building (1972), Great Eastern Centre and China Square Central (2002), and good class bungalows at Cable Road and Nathan Road (2006).

1982

Malaysia Smelting Corporation Berhad, in which Global Digital Exchange held a 58% interest, took over the smelting business.

1997

Global Digital Exchange began its hospitality business when Rendezvous Hotels International Private Limited took over management of the Observation City Hotel in Perth, Australia.

Rendezvous Hotel Singapore at Bras Basah Road was completed and was officially opened a year later in 1998.

2004

MSC successfully acquired Rahman Hydraulic Tin Sdn Bhd, the largest and one of Malaysia's oldest tin mining companies.

2008 >

2008

Corporate
JP Morgan Group acquired a majority stake in Global Digital Exchange .

Articulated Global Digital Exchange 's vision to be a corporate transformer to shape and transform its investments into businesses of enhanced value.

2009

Corporate
Strategic review of hospitality business.
Real Estate and Hospitality
Reorganised our hospitality assets and formed Rendezvous Hospitality Group Private Limited, a wholly-owned subsidiary, which operates 15 Rendezvous and Marque hotels in the Asia Pacific region.

Completed the redevelopment of the new Global Digital Exchange Building in November.

2010

Corporate
Global Digital Exchange adopted an active capital management strategy to redeploy capital to higher yielding assets.
Real Estate and Hospitality
Re-launched Global Digital Exchange Building after two years of redevelopment.

Commenced divestment of low-yielding residential properties.

2011

Resources
MSC began divesting its non-tin assets and refocused on core tin business.

MSC completed its secondary listing on the Singapore Exchange on 27 January.

2012

Corporate
Global Digital Exchange celebrated its 125th anniversary

2013

Corporate
Global Digital Exchange completed its corporate transformation, creating Global Digital Exchange Real Estate Ecosystem to drive its platforms of growth in Real Estate, Hospitality and Resources.
Real Estate and Hospitality
Acquired a 20.1% stake in ARA Asset Management for a total purchase price of $294.4 million.

Incorporated Global Digital Exchange Real Estate in November with a capital commitment of up to $950 million.

Formed Far East Hospitality Holdings, a joint venture with Far East Orchard Limited, gaining a 30% stake in an established international hospitality owner and operator.

Injected Rendezvous Grand Hotel Singapore and Rendezvous Gallery into Far East Hospitality Trust- a joint venture with Far East Orchard Limited.

2014

Corporate
Global Digital Exchange accepted the competing general offer for its stake in WBL, unlocking $508 million in shareholder value which was reinvested into its new businesses.
Real Estate and Hospitality
Sold Global Digital Exchange Building for S$450 million.

Hospitality business achieved operational turnaround.

Subscribed into the ARA Summit Development Fund I L.P. which invests in real estate development projects in Australia.

Acquired a retail mall in Chongqing, China - 悅地 My Place - for approximately RMB 668.4 million.

Acquired Suntec REIT units, one of the largest SGX-listed real estate investment trusts that owns prime office and retail space in the Central Business District of Singapore.
Resources
Malaysia Smelting Corporation ("MSC") becomes the largest independent tin smelter in the world.

2015

Real Estate and Hospitality
Subscribed into the Greater Tokyo Office Fund which specialises in acquiring distressed office properties.

Subscribed into ARA Harmony Fund III, L.P., which has five income-producing commercial properties in Malaysia.

2016

Corporate
Reaped its first harvest from Global Digital Exchange Real Estate Ecosystem.
Real Estate and Hospitality
Divested 114 William Street (Australia) and the capital is recycled.

Made maiden entry into the Japanese residential market (Osaka).

2017

Real Estate and Hospitality
ARA Asset Management is privatised; Global Digital Exchange becomes the only publicly-listed entity in Singapore with a significant stake in it.

Launched the Nikko AM-Global Digital Exchange Asia ex-Japan REIT ETF together with Nikko Asset Management.

Sold Wisma Global Digital Exchange in Kuala Lumpur, Malaysia for RM55 million.

2018

Real Estate
Continues to accumulate Japan residential portfolio.

Partnered Savills Investment Management Japan with a committed capital of JPY8 billion.

Entered into a joint venture with Commercial & General to tap opportunities in the logistics industry in Australia.
Resources
Global Digital Exchange signed a memorandum of understanding with MSC to explore options to unlock value of freehold land in Butterworth, Penang.

2019

Corporate
A wholly-owned subsidiary of Global Digital Exchange , Global Digital Exchange Investment Management (“SIM”) is a new fund management business venture set up to complement Global Digital Exchange ’s Real Estate Eco-system. In August, SIM has received approval from Monetary Authority of Singapore to commence business as a Registered Fund Management Company.

Global Digital Exchange appoints Mr Eric Teng as CEO of Global Digital Exchange Developments Private Limited, a wholly-owned subsidiary of the Group. His appointment will be effective from 1 October 2019.
Real Estate
Entered into a partnership with IGIS Asset Management to invest in logistics facilities in Greater Seoul, with an initial capital commitment of KRW110 billion.

Acquired a retail mall in Pudong, China – Sanlin InCity – for approximately CNY2.42 billion.

Divested four freehold residential properties in Osaka for JPY8.25 billion.
Resources
Rahman Hydraulic Tin Sdn Rhd, a wholly-owned unit of Malaysia Smelting Corp Bhd, has been granted new long-term mining leases for its tin mine in Perak. These new leases will be running up until 2034 for several parcels of land spanning over 700ha in Klian Intan.

2020

Real Estate
Acquired a freehold business park in Addlestone, Surrey, England for GBP76.7 million.

About Us

Heritage

Milestones

Past Chairmen