Property tycoon offloads Singapore assets following The 13 Hotel purchase

Local property magnate Loi Keong Kuong and his family have sold five shophouses in Singapore’s Chinatown for SGD50.7 million (MOP321 million) following their recent acquisition of The 13 Hotel for HKD600 million (MOP621.8 million) – a move industry insiders say reflects a strategic rebalancing of their real estate portfolio.

According to Singapore’s The Business Times, the shophouses (Nos. 58, 60, 62, 68, and 74) on Pagoda Street, each three to three-and-a-half stories tall and with about 69 years left on their leases, sold for between SGD9.2 million and SGD10.88 million each.

This was 5% to 20% less than what they were bought for about ten years ago.

The acquisition of The 13 Hotel was confirmed in late June by real estate consultancy Jones Lang LaSalle (JLL) and valued at a substantial discount – 75% below its previous asking price of HKD2.4 billion.

Public records reveal the buyer as Chang Fu Investment Limited, a company established in 2020 and now owned by Loi’s family members Maggie and Jack Loi.

Loi Keong Kuong is a well-known figure in Macau’s property sector, best recognized as the founder of the Rio Hotel in the NAPE district.

In addition to the Rio Hotel, Loi was also involved in developing One Grantai.

The 13 Hotel originally opened in 2018 as an ultra-luxury boutique resort envisioned by Stephen Hung to cater to VIP gaming clientele, but construction delays and sweeping casino regulatory reforms forced it to open without a casino. The hotel struggled financially and suspended operations in 2020, but was reopened in 2024 after securing a renewed five-star deluxe hotel license valid through 2025.

Mark Wong, JLL’s Macau director for Value and Risk Advisory Services, said the revamped hotel will feature internationally renowned restaurants and luxury amenities aimed at attracting visitors and supporting Macau’s tourism recovery and industry diversification.

Wong also previously disclosed that JLL was responsible for managing the hotel both before and after the sale to ensure a smooth transition.