New Reporter
23-06-23, 16:35
Family business of Razer founding investor Lim Kaling sells shophouses for S$80 million to China buyer
The sale of 2 to 7 Circular Road behind Boat Quay was completed recently
Jun 23, 2023
SIX adjoining conservation shophouses along Circular Road in District 1 have been sold to a buyer from China for S$80 million. The sale contract was entered into in March and the transaction was completed recently.
The 999-year leasehold properties, at 2, 3, 4, 5, 6 and 7 Circular Road, were sold by Lim Teck Lee, a family business more than 100 years old. It is controlled by Lim Kaling, a founding investor of American-Singaporean gaming company Razer.
The words “Lim Teck Lee Pte Ltd” in English and Chinese as well as “Circular House” are inscribed on the facades of four of the shophouses (2 to 5 Circular Road), making them eye-catching properties. They are located behind Boat Quay, near the South Bridge Road junction.
Most of the six shophouses are three-and-a-half storeys high; they are within the Boat Quay Conservation Area.
Hidden restaurant and bar The Dragon Chamber occupies the ground floor of 2 to 6 Circular Road, with Capsule Hotel on the upper levels. Jangsu Korean Restaurant is on the ground floor of No 7.
The floor area estimates of the six shophouses from market players vary, from 16,000 square feet (sq ft) to 18,000 sq ft.
About the China buyer
The six shophouses are being bought by a Singapore-incorporated company wholly owned by Chinese national Su Fuxiang, who is understood to have been investing in businesses here for at least the last two years.
Su’s latest ventures include First Limousine Service, incorporated here in May 2022. Its primary business is listed as the “rental and leasing of cars with drivers (excluding street-hail and ride-hail service providers)”.
Market observers note that a number of investors from China bearing the surname Su have been active in the Singapore property market in the past few years.
They are among multiple groups of property buyers from China (including Fujian) that began arriving in Singapore around 2017. Initially, they snapped up freehold luxury condominium units in prime districts from developers.
They later ventured into Sentosa Cove, acquiring 99-year leasehold villas completed some years ago with a view to redeveloping them into their dream waterfront homes.
More recently, some ultra-high-net-worth buyers from China have taken to paying top dollar to rent bungalows in Good Class Bungalow (GCB) Areas, likely because they do not qualify to buy such properties as they are not Singapore citizens.
Around 2020, China buyers began diversifying into other segments of the property market on the island – including conservation shophouses, which have no restrictions on foreign buyers.
Hailing from various parts of China, some of them have set up family offices in Singapore and are sourcing for freehold or 999-year shophouses, specifically in Districts 1 and 2, which cover the Central Business District and Chinatown areas.
11 New Bridge Road sale
Last week, The Business Times reported on the S$23.8 million sale of 11 New Bridge Road, a four-storey corner conservation shophouse with a star attraction occupying the entire ground floor: the popular Song Fa Bak Kut Teh outlet. The buyer was also a China national.
Lim Teck Lee – the seller of 2 to 7 Circular Road – was founded in 1918 and incorporated as a private limited company in 1953.
It was a wholesaler, importer and exporter of basic industrial raw materials, chemicals, food colourings and dyes, bentwood furniture, paint brushes and various sundry products to industries in Singapore and the neighbouring countries.
The group’s website states that it has discontinued the sale of products. It has been expanding over the years with a diversified portfolio of strategic investments in manufacturing, real estate and joint ventures across the Asia-Pacific region.
Observers said that in the past few weeks, shophouse viewings have slowed, perhaps due to the school vacation season and buyers taking a pause after recent high-priced deals.
https://www.businesstimes.com.sg/property/family-business-razer-founding-investor-lim-kaling-sells-shophouses-s80-million-china
The sale of 2 to 7 Circular Road behind Boat Quay was completed recently
Jun 23, 2023
SIX adjoining conservation shophouses along Circular Road in District 1 have been sold to a buyer from China for S$80 million. The sale contract was entered into in March and the transaction was completed recently.
The 999-year leasehold properties, at 2, 3, 4, 5, 6 and 7 Circular Road, were sold by Lim Teck Lee, a family business more than 100 years old. It is controlled by Lim Kaling, a founding investor of American-Singaporean gaming company Razer.
The words “Lim Teck Lee Pte Ltd” in English and Chinese as well as “Circular House” are inscribed on the facades of four of the shophouses (2 to 5 Circular Road), making them eye-catching properties. They are located behind Boat Quay, near the South Bridge Road junction.
Most of the six shophouses are three-and-a-half storeys high; they are within the Boat Quay Conservation Area.
Hidden restaurant and bar The Dragon Chamber occupies the ground floor of 2 to 6 Circular Road, with Capsule Hotel on the upper levels. Jangsu Korean Restaurant is on the ground floor of No 7.
The floor area estimates of the six shophouses from market players vary, from 16,000 square feet (sq ft) to 18,000 sq ft.
About the China buyer
The six shophouses are being bought by a Singapore-incorporated company wholly owned by Chinese national Su Fuxiang, who is understood to have been investing in businesses here for at least the last two years.
Su’s latest ventures include First Limousine Service, incorporated here in May 2022. Its primary business is listed as the “rental and leasing of cars with drivers (excluding street-hail and ride-hail service providers)”.
Market observers note that a number of investors from China bearing the surname Su have been active in the Singapore property market in the past few years.
They are among multiple groups of property buyers from China (including Fujian) that began arriving in Singapore around 2017. Initially, they snapped up freehold luxury condominium units in prime districts from developers.
They later ventured into Sentosa Cove, acquiring 99-year leasehold villas completed some years ago with a view to redeveloping them into their dream waterfront homes.
More recently, some ultra-high-net-worth buyers from China have taken to paying top dollar to rent bungalows in Good Class Bungalow (GCB) Areas, likely because they do not qualify to buy such properties as they are not Singapore citizens.
Around 2020, China buyers began diversifying into other segments of the property market on the island – including conservation shophouses, which have no restrictions on foreign buyers.
Hailing from various parts of China, some of them have set up family offices in Singapore and are sourcing for freehold or 999-year shophouses, specifically in Districts 1 and 2, which cover the Central Business District and Chinatown areas.
11 New Bridge Road sale
Last week, The Business Times reported on the S$23.8 million sale of 11 New Bridge Road, a four-storey corner conservation shophouse with a star attraction occupying the entire ground floor: the popular Song Fa Bak Kut Teh outlet. The buyer was also a China national.
Lim Teck Lee – the seller of 2 to 7 Circular Road – was founded in 1918 and incorporated as a private limited company in 1953.
It was a wholesaler, importer and exporter of basic industrial raw materials, chemicals, food colourings and dyes, bentwood furniture, paint brushes and various sundry products to industries in Singapore and the neighbouring countries.
The group’s website states that it has discontinued the sale of products. It has been expanding over the years with a diversified portfolio of strategic investments in manufacturing, real estate and joint ventures across the Asia-Pacific region.
Observers said that in the past few weeks, shophouse viewings have slowed, perhaps due to the school vacation season and buyers taking a pause after recent high-priced deals.
https://www.businesstimes.com.sg/property/family-business-razer-founding-investor-lim-kaling-sells-shophouses-s80-million-china