The Variable Capital Company (VCC) supports real estate strategies in Singapore — from single-asset deals to diversified property portfolios and REIT-style funds. Ring-fenced sub-funds make it easy to isolate individual assets or regions, while the onshore structure offers substance, treaty access, and Section 13O/13U eligibility.
Why real estate managers use the VCC
- Deal-by-deal ring-fencing — each property or portfolio in its own segregated sub-fund.
- Flexible investor terms — tailor economics per sub-fund.
- Onshore and treaty-eligible — useful for cross-border property holdings.
- Umbrella efficiency — shared board and service providers across deals.
The key players
| Role | Function |
|---|---|
| The VCC | The fund entity; ring-fenced sub-funds per asset or portfolio |
| Licensed fund manager | Manages under a MAS CMS licence, direct or via an existing manager |
| Service providers | Administration, valuation, audit, and legal |
If you don’t hold your own licence, launch under an existing one — we partner with MAS-licensed CMS fund managers for qualified clients.
Tax incentives
Qualifying income may be exempt under Section 13O or 13U subject to economic-substance conditions; confirm with MAS and IRAS. See the 13O vs 13U guide.
Get started
Read the VCC structure guide and use the cost calculator, then tell us about your strategy.
Frequently asked questions
Can a VCC hold real estate or property investments?
Yes. A VCC can hold real estate, property-backed assets, and REIT-style strategies through its sub-funds. Each sub-fund's assets and liabilities are legally ring-fenced, which suits asset-by-asset or region-by-region segregation.
Can I separate individual property deals within one VCC?
Yes. An umbrella VCC lets you place each deal or portfolio in its own ring-fenced sub-fund, isolating risk and allowing tailored investor terms per deal.