Singapore’s sovereign wealth fund, GIC, allegedly owns more than 540,000 acres of land in Michigan’s Upper Peninsula, according to a report published on 7 July 2025 by Bridge Michigan, a nonprofit investigative publication in the United States.
The reported ownership represents over 5 percent of all land in the Upper Peninsula and makes GIC the largest known foreign agricultural landowner in the US state.
Much of the land consists of forest tracts actively used for timber harvesting.
Bridge Michigan, citing federal records obtained via the Freedom of Information Act, stated that the Government of Singapore Investment Corporation (GIC) is listed as the ultimate owner through a complex network of holding entities.
According to reporter Simon D. Schuster, the land controlled by GIC includes about one-sixth of Gogebic County, near the Wisconsin border.
This extensive ownership had not been publicly disclosed and only came to light through detailed filings made by The Rohatyn Group (TRG), the investment firm currently managing the land.
Bridge noted that if TRG had filed under standard US “three-tier” disclosure rules, the connection to GIC might have remained hidden.
Intricate corporate structure
The filings and subsequent investigation describe a multi-layered corporate structure involving five Michigan-based LLCs, Delaware-registered companies, two Cayman Islands entities, and Singapore-based firms.
At the top of the chain, GIC (Ventures) Pte. Ltd. appears as the sole shareholder, according to the Bridge’s report:
Further research by The Online Citizen (TOC) found that two key Singapore entities—Lorax Investment Pte. Ltd. and Gaiax Investment Pte. Ltd.—play central roles in the ownership structure.
According to business profiles obtained from Singapore’s Accounting and Corporate Regulatory Authority (ACRA), both Lorax Investment and Gaiax Investment share the same business address at Capital Tower in Singapore.
Importantly, both companies list Tammam Mouakhar and Chan Kwok Wah as directors.
Notably, GIC’s own website lists Tammam Mouakhar as Director of Total Portfolio Solutions, responsible for overseeing medium-term strategies and portfolio rebalancing.
Public records and LinkedIn indicate that Chan Kwok Wah has served as a Business Manager at GIC since 2012, handling risk management, operational oversight, and strategy implementation.
Large-scale purchases and early profits
Bridge Michigan reported that GIC acquired the land parcels in stages, with major acquisitions occurring between 2021 and 2022 at a reported cost of over US$450 million.
Part of the land was purchased from Keweenaw Land Association in late 2021 in an all-cash transaction, though mineral rights were retained by the seller.
In May 2022, Verdant Timber Cub LLC—linked to GIC—sold 39 acres in Keweenaw County to a private trust for US$2.4 million.
According to the report, GIC had acquired those parcels for just US$37,500, suggesting significant early returns.
Lack of response to queries
In addition to Bridge Michigan’s earlier attempts, TOC has reached out to GIC to seek clarification on its relationships with TRG, the rationale behind the investment, its environmental and governance considerations, and whether official government consultations occurred before proceeding with such a large overseas land acquisition.
GIC reportedly did not respond to multiple requests for comment from Bridge Michigan regarding the ownership. TOC will update this report if and when a response is received.
Growing scrutiny over foreign land ownership
The revelations come amid heightened scrutiny of foreign land ownership in the United States.
In Michigan, lawmakers have introduced legislation aimed at restricting purchases by entities linked to “foreign countries of concern,” although Singapore is not on that list.
Nevertheless, the use of complex offshore structures and the scale of GIC’s landholdings have raised questions about transparency and accountability for a sovereign wealth fund managing public reserves on behalf of Singaporean citizens.
GIC is among the world’s largest sovereign wealth funds, with an estimated US$800 billion in assets under management.
While it does not disclose individual asset-level details, its annual report indicates that approximately 39 per cent of its portfolio is invested in the United States, as of 24 March 2024.
On its website, GIC describes itself as a “disciplined, long-term investor” with a mission to safeguard and enhance Singapore’s financial future.
The fund is chaired by former prime minister Lee Hsien Loong, with current prime minister Lawrence Wong serving as deputy chairman.
Editor’s note: The Online Citizen will continue to update this story should GIC provide clarifications to the questions raised.
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