Co-founder of a Chinese VC firm will pay S$23 million for the Bali Lane shophouse

The South Korean entity that purchased the conserved shophouse property in late 2019 paid S$18.8 million for it. Separately, level 8 of Samsung Hub is being sold for about S$53.1 million, or S$4,050 per square foot.

Aug 18, 2022

According to reports, a co-founder of the Chinese venture capital firm Shunwei Capital is in the early stages of purchasing the Bali Lane shophouse property, which is home to the well-known bar and live entertainment venue Blu Jaz Cafe.

An option to purchase 11 Bali Lane for S$23 million has been given to Koh Tuck Lye, commonly known as Xu Dalai. The 3-story, 999-year leasehold building is situated on a 1,664 square foot corner plot in the Kampong Glam Conservation Area. It is owned by a South Korean entity that acquired it in late 2019 for S$18.8 million. The overall built-up area at the time was estimated to be about 4,680 square feet.

Koh, who is about 50 years old, was born in Singapore. In 2011, he established Shunwei Capital with Xiaomi founder Lei Jun. Shunwei Capital, situated in Beijing, is headed by Koh, who also serves as CEO.

Former Xiaomi Corporation board member Koh left his position in October 2019 to concentrate on Shunwei Capital. Xiaomi Corporation is a Hong Kong-listed company.

He graduated from the National University of Singapore with a bachelor's degree in mechanical engineering, and according to the Shunwei Capital website, he has worked at CV Starr, GIC, American International Group (AIG), and Deutsche Bank in the past.

A shophouse located at 21 New Bridge Road in District 1 has been listed for sale in the interim. On a 1,443 square foot site, the 4-story building has a roof terrace. In December of last year, the land tenure was extended to a new 99-year lease.

The property is now undergoing renovations, which will be finished in Q1 2023. The scope of construction involves, among other things, adding a lift and a rear addition to the current building. The property's gross floor area (GFA), excluding the roof terrace, will be 5,034 sq ft following the renovations.

Due to the shophouse's location in a secondary conservation area, the back addition can be improved by an additional 2 levels to reach 6 stories, increasing the GFA to 6,063 square feet without including the roof terrace. According to Steven Ming, co-founder of Sakal Real Estate Partners, which is promoting the property for sale by private treaty, this is subject to permission from the appropriate authorities.

Strata office deal



The 8th floor of the 999-year leasehold Samsung Hub is being offered in the CBD strata office market for about S$53.1 million, or S$4,050 per square foot, on the strata area of roughly 13,111 sq ft.

It is anticipated that the prospective buyer, a Singapore-incorporated business that counts head and regional office duties among its business activities, will utilize at least some of the area.

Although Sammi Lim, the founder of Brilliance Capital, is thought to have arranged the deal, she chose not to respond when we approached her.

The floor is being sold by a Singapore company wholly controlled by Mark Chan Man Kit of Wincome Group, which was founded in 1988 by his father, Paul Chan Chark Yee. The floor is now vacant.

The Chans are a Hong Kong-born family. Wincome is a hotel and office property investment, development, and management company with headquarters in Anaheim, California. In 2015, the family purchased Level 8 of Samsung Hub for S$42.6 million, or S$3,250 per square foot.

The floor is currently being auctioned for S$4,050 per square foot, the same sum as was paid for Level 9, which was sold by real estate investment group Sun Venture to Lee Kim Tah last year. At Samsung Hub, the cost of whole-floor transactions is the highest.

The highest psf cost for an office unit in the building, according to URA Realis caveats data, was S$4,155 psf in January for a 3,875 sq ft unit taking up some of the 12th level. The entire amount came to $16.1 million Singapore dollars.

One of the few 999-year leasehold/freehold structures in Singapore's central business district that allows investors to participate in strata is Samsung Hub. Offices are located from level 8 to the top floor of the 30-story Church Street building, which was granted a Temporary Occupation Permit in November 2005.