21 Carpenter in Singapore Boat Quay (Image: 8M real estate)
A billionaire Indonesian born and educated in the Ivy League has purchased a 48-room Hotel in the Boat Quay Area near downtown Singapore. Market sources confirmed a price of S$100m ($74.9m).
Leo KoGuan, a software magnate who is one of the largest shareholders According to a recent announcement, Elon Musk’s Tesla purchased 21 Carpenter, a hotel fashioned from four conservation-style shophouses from local player 8M Real Estate. Shophouse specialist 8M Seven years ago, Marriott Design purchased the 1936-vintage building for an estimated S$37,000,000 and converted it to a boutique property under the Marriott Design name. According to JLL, the S$100m sum
represents the largest shophouse transaction in Singapore by quantum. The price per key of more than S$2million is also one of the largest for a city state hospitality property. It surpasses the S$1.8million that Vietnam’s Viva Land spent three years ago on So/ Singapore at Robinson Road.
The 21 Carpenter purchase was part of a mission for Leo, a local resident and self-styled Sinologist, to make a meaningful impact on society.
As a new resident of Singapore, he is committed to enhancing its welfare, culture, and heritage. This boutique hotel is a key part of enriching Singapore’s culture, celebrating its heritage, and honouring the legacy of Chinese migrants.
American Made.
Leo has attributed his success to successful investments he made while attending Columbia University and New York Law School.
SHI International Corp cofounder and chairman Leo KoGuan. (Getty Images).
He used these property gains to take over New Jersey-based SHI International Corp., an enterprise software company he bought out from bankruptcy and still controls with his ex-wife Thai Lee. She is a Bangkok born Korean American businesswoman. Forbes estimates that Leo’s networth has risen to $7.7 billion as a result of his stake in the $15 billion tech company (by sales). In 2020, his S$62m purchase of Singapore’s highest residence- a three-level condominium in the 64-storey Guoco Tower – from the Dyson Family behind the British gadget company made headlines. JLL reported that the tycoon acquired the 21 Carpenter leasehold interest through his Timemerchant Capital investment vehicle by purchasing 100 percent of shares in both the holding and operating company.
Ercan stated that Singapore’s booming hotel industry will continue to attract investors from around the world. “The country continues its diversification as a global gateway market, as an international travel destination,” Ercan said. Strength in Conservation
Ashish Manchharam founded 8M in 2014, a hotel seller that was built on the thesis of revitalizing Singapore’s historic shops. He sold the company to Crane Capital 2023. Knight Frank says that conservation shophouses can be a relatively safe asset for preserving family wealth in a world of political tensions and economic protectionism. Mary Sai is executive director of capital markets for Knight Frank Singapore. She said that the shophouse market was quieter in 2024 compared to previous years. This was due to caution among buyers and sellers, which led to a decrease in sales.
While the shophouse market was quieter last year, compared to the S$1 billion sales between 2021 and 2023, the asset class’s inherent rarity, and heritage, provides a long-term guarantee for capital preservation, the consultancy said.
