In the last 8 years, the much-talked-about S Alam Group of Bangladesh has invested about Tk 4 thousand crores in multiple sectors in Singapore. This information has been published in the top media there.
On November 30, the sale of 241 rooms in the building was completed for USD 125.6 million. This information has been given in a report of Mingtiandi, a real state-based media in Asia. A company called Alpha Investment Partners recently sold the 241-room hotel in Singapore’s Novena area for $125.6 billion. According to the report, Mohammad Saiful Alam, the chairman of S Alam Group of Bangladesh, bought the rooms of this hotel.
He bought each room in the heart of an expensive country like Singapore for only 750,000 US dollars. Keppel Capital’s private equity department has already transferred the shares of Ibis Novena Hotel to S Alam Group, according to the report. Alfa is selling its stake in Ibis Novena Hotel just five years after buying it. The hotel shares were sold at a low price to complete the transaction quickly.
A newspaper named “Business Times” of the country first reported about this. S Alam Group owns several banks in Bangladesh. In 2017, S Alam Group bought more than 12% shares of Islami Bank through various companies. In addition, the S Alam family also holds major shares of Fast Security Islami Bank, Union Bank and Commerce Bank.
S Alam Group owns companies in almost all sectors including real estate, steel, cement, food products, energy, garments and transportation business
Subsidiaries of S Alam Group include- S Alam Steels Limited, S Alam Cold Rolled Steels Limited, S Alam Cold Rolled Steels, S Alam Cement Limited, Portman Cements Limited, S Alam Vegetable Oil Limited, S Alam Super Edible Oil Limited, S Alam Refined Sugar Industries Ltd., S. Alam Power Plant Ltd., S. Alam Power Generation Ltd., Karnaphuli Prakritik Gas Co. Ltd. and Evergreen Shipping Ltd. are notable.
Earlier it was reported that S Alam Group had ‘invested’ 2000 crore rupees in Singapore. According to a report in an influential newspaper in Singapore, this industrial group of Bangladesh is recently ‘investing’ about 13.5 million Singapore dollars or 786 million taka in a commercial building called Centrium Square in Little India area.
In addition, two years ago, the company also bought a hotel in the same area for 248 million Singapore dollars or 1 thousand 445 million taka. However, according to the laws of the country, there is no opportunity for any company or individual to transfer capital or capital abroad. The Business Times report also states that the Singapore company of S Alam Group leader Mohammad Saiful Alam’s Canaly Logistics is responsible for buying the space in Centrium Square.

Earlier in 2014, S. Alam bought Hotel Grand Chancellor on Belileos Road in Little India area for 24.8 million Singapore dollars or 1,445 million taka through Canaly Logistics. Later, the name of the hotel was changed to Grand Imperial Hotel Singapore. Saiful Alam Masood, the owner of S Alam Group, was contacted on his mobile phone but did not receive a response.
Meanwhile, S Alam Group alone has taken a loan of 30 thousand crores from Islami Bank. A High Court bench of Nazrul Islam Talukder and Justice Khizir Hayat suggested a writ. On November 29, the English daily New Age reported that “S Alam Group alone has taken a loan of 30 thousand crores from Islami Bank”. The matter is discussed in various ways. Lawyer Mohammad Shishir Monir brought the issue of fraud to the attention of the court last Wednesday. He asked the court for an order at this time. At that time, the High Court gave this order.