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Business Times
15-07-2025
- Business
- Business Times
Macau property magnate Loi Keong Kuong and family sell five Pagoda Street shophouses for S$50.7 million
[SINGAPORE] Macau property magnate Loi Keong Kuong and his family have sold five shophouses in Pagoda Street in Chinatown at prices between 5 and 20 per cent lower than what they had paid for these units a decade ago. The shophouses, Nos 58, 60, 62, 68 and 74, are on sites with about 69 years left on their leasehold tenures. All five properties have either three storeys or three storeys with a mezzanine level. They fetched between S$9.2 million and S$10.88 million in separate transactions this year, against the Loi family's purchase prices of S$10.8 million to S$12.38 million in 2015/2016. Based on industry circles' estimates of the floor areas of the properties, this year's sale prices of the five shophouses work out to between S$2,540 per square foot (psf) and S$2,660 psf – down from the S$2,810 to S$3,210 psf based on the Lois' purchase prices. The total sale price of the shophouses is about S$50.7 million, also lower than the S$58.6 million the Lois spent to acquire them. Exacerbating the loss would be stamp duties, and interest expenses on the mortgages on the five shophouses that were in place for four-and-a-half years starting June 2018; the mortgages are understood to have been discharged in December 2022. On the other hand, rental revenue and the slight appreciation of the Singapore dollar against Macau's currency, the pataca, during the holding period would have mitigated or even offset the loss, noted analysts. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up A seasoned property investment sales consultant said: 'The lower sale prices of the Pagoda Street shophouses are a reflection of the vendors adjusting their price expectations to market conditions, as well as the shortening of the balance of the land lease.' Holland Road Shopping Centre assets The Loi family also owns seven retail units leased to a supermarket on the ground floor of the freehold Holland Road Shopping Centre; it paid slightly more than S$61 million, or S$4,976 psf on the total strata area of 12,260 sq ft, in 2016. In addition, the family bought the basement car park in the same development for S$17.3 million in 2020. In April last year, ERA launched an expression of interest (EOI) exercise for the seven retail units and the basement car park in that shopping centre, as well as the three adjoining shophouses at 58, 60 and 62 Pagoda Street. The portfolio's estimated value was stated as 'at least S$160 million'. The EOI closed in late May 2024. Observers suggested that the Loi family could be rebalancing its real estate portfolio, in favour of Macau and other markets. In June, the family scooped up The 13 Hotel in Macau for HK$600 million, as reported by Inside Asian Gaming. The family plans to redesign and renovate the property to create a new tourist landmark. The gaming magazine described Loi Keong Kuong as a well-known real estate businessman in Macau and the founder of Rio Hotel. The publication reported that in 2006, he reached an agreement with Galaxy Entertainment to operate a satellite casino out of Rio. Gaming operations ceased in 2022, before Macau's new gaming law took effect. Loi was also involved in the construction of the luxury residential project One Grantai in Taipa, Macau; he also acquired the Soul Boardwalk shopping centre in Australia's Gold Coast for around US$12 million in 2018. In Singapore, his family sold 60, 62, 68 and 74 Pagoda Street in separate deals to Singapore-incorporated companies fully-owned by Randa Limited, which is incorporated in the British Virgin Islands. The sole director of the Singapore-incorporated vehicles is Lin Yen Fun, a Malaysian citizen and Singapore permanent resident. No 58 Pagoda Street was sold to a Singapore-incorporated company Mixcity; the company's sole shareholder, Singaporean Xue Dan, is engaged in various retail and F&B businesses. The Loi family sold 68 Pagoda Street (centre) at S$9.8 million this year, at less than the S$12.2 million at which they bought it a decade ago. PHOTO: BT FILE Of the five shophouses, Nos 68 and 74 are closest to the Pagoda Street entrance of the Chinatown MRT station, and have Chinese restaurants as tenants. Ice-cream, bubble tea and beverage chain Mixue is a tenant at No 62, and souvenir shops are among the tenants at Nos 58 and 60. All five shophouses are on sites with 99-year leasehold tenures that began in October 1995; site areas range from 1,347 to 1,545 sq ft. Of the five units, No 58 is furthest from the MRT station entrance, and has the biggest site area of 1,545 sq ft. It was transacted in February at S$10.88 million, which was S$1.5 million or 12.1 per cent below its 2016 purchase price of S$12.38 million. The next-door property, No 60, was sold at S$10.6 million, or nearly 5.4 per cent lower than the Lois' purchase price of S$11.2 million. The family sold No. 62 for S$10.2 million – S$1.8 million or 15 per cent below their $12 million purchase price. A few doors away, No 68 fetched S$9.8 million, which was S$2.4 million or 19.7 per cent lower than the family's purchase price. The family sold No 74 at S$9.2 million, 14.8 per cent less than what they had paid for it.
The Sun
09-07-2025
- Business
- The Sun
Man loses RM300k to online investment scam in Kedah
ALOR SETAR: A company director lost more than RM300,000 after falling victim to an online investment scam promoted through a Facebook advertisement in mid-May. The 44-year-old man lodged a police report after realising he had been deceived. Kedah police contingent headquarters Commercial Crime Investigation Department chief, Supt Loi Yew Lik, said the victim transferred RM302,100 in 18 transactions to three different accounts between May 14 and June 17. The suspects had promised daily returns of 10 per cent. The victim became suspicious when the scammers demanded additional funds before allowing him to withdraw his supposed profits and capital. Loi urged the public to verify investment opportunities through official channels such as the Semak Mule app, the JSJK PDRM Facebook page, or the National Scam Response Centre (NSRC) at 997. - Bernama
New Straits Times
08-07-2025
- Business
- New Straits Times
Man loses over RM300,000 to online investment scam
ALOR STAR: A company director lost more than RM300,000 after falling victim to an investment scam promoted through an online advertisement in mid-May. Kedah Commercial Crime Investigation Department chief, Superintendent Loi Yew Lik said the 44-year-old man lodged a police report at 1.04pm Monday after realising he was a victim of an investment scam. "On May 11, the complainant had come across a Facebook advertisement offering an investment opportunity and later contacted several individuals via WhatsApp. "The suspects promised daily returns of 10 per cent, and from May 14 to June 17, the victim transferred a total of RM302,100," he said in a statement today. According to Loi, the complainant made 18 transactions to three different accounts but became suspicious and realised he had been scammed when the suspects requested additional funds for him to withdraw both the promised returns and his capital. "The public is advised to verify with the police before making any suspicious transactions. Checks can also be done via the Semak Mule application, the JSJK PDRM Facebook page, or by contacting the National Scam Response Centre (NSRC) at 997," he said. - BERNAMA
The Sun
30-06-2025
- Business
- The Sun
Retired teacher loses RM838k to P166 HIFA investment scam in Kedah
ALOR SETAR: A retired teacher in Kedah fell victim to an investment scam, losing RM838,000 after being lured into the fraudulent 'P166 HIFA' scheme promoted via WhatsApp. The 72-year-old victim was promised high returns but instead lost his savings in the elaborate con. Kedah Commercial Crime Investigation Department (JSJK) chief, Superintendent Loi Yew Lik, confirmed the case, stating that the victim was added to a WhatsApp group named 'P166 HIFA' after initial contact with a person identified as Helen. The scammer provided a link to download the 'PHC VIEW' app from Pinnacle Horizon Capital, falsely displaying inflated profits. 'The victim was promised returns five times his investment within days. Believing the scheme, he transferred RM838,000 in eight transactions to four different company accounts,' Loi said. The companies involved were Hanifi Smart Home Sdn Bhd, Seeking Alpha International Sdn Bhd, Kiam Hong Electri Sdn Bhd, and Master Gold Properties Sdn Bhd. The victim later saw a fabricated profit of RM4.09 million on the app but was unable to withdraw the funds. Scammers demanded additional payments, prompting the victim to file a police report. Loi warned the public against similar scams using names like 'Pinnacle Horizon Capital' and 'Moomoo'. Kedah police have opened seven investigation papers related to these fraudulent schemes. 'Verify investments via the Mule Check app, JSJK's Facebook, or contact the National Scam Response Centre (NSRC) at 997 before transferring money,' he advised.
The Star
30-06-2025
- Business
- The Star
Engineer loses RM275,000 to online Moomoo scam
ALOR SETAR: A 57-year-old engineer lost RM275,000 after falling for an online investment scam known as Moomoo, say police. Kedah Commercial Crime Investigation Department (CCID) chief Supt Loi Yew Lik said the victim responded to an investment offer involving Chinese currency on April 20 by clicking a WhatsApp link. He later communicated with several individuals using the numbers 019-200 7253 and 019-234 5678. 'The scammers promised a 10% return within days, prompting the victim to transfer RM275,000 in eight transactions between May 27 and June 13 to two company accounts under the names Cisi Infra Solution and Cisi CPT Infra Trading,' he said yesterday, Bernama reported. When the victim did not receive the profits, he grew suspicious as the scammers continued requesting more money, claiming it was needed to release his returns and initial capital. He lodged a police report after realising he had been cheated. Supt Loi advised the public to verify any investment offers with the police or to use tools such as the Mule Check app, the CCID Facebook page, or to contact the National Scam Response Centre at 997.
