INDONESIAN-BORN BILLIONAIRE PICKS UP SINGAPORE SHOPHOUSE HOTEL FOR $75M
2025/04/06 BY
CHRISTOPHER CAILLAVET LEAVE A COMMENT
21 Carpenter in Singapore’s Boat Quay area (Image: 8M Real Estate)
An Indonesian-born, Ivy League-educated billionaire has acquired a 48-room hotel in the Boat Quay area near downtown Singapore, with market sources who spoke to Mingtiandi confirming a transaction price of S$100 million ($74.9 million).
Leo KoGuan — a software magnate and one of the largest individual shareholders
in Elon Musk’s Tesla — bought 21 Carpenter, a hostelry fashioned from four conservation shophouses, from local player 8M Real Estate, according to an announcement this week. Shophouse specialist 8M
picked up the 1936-vintage property seven years ago for a reported S$37 million and converted it from retail and office use to a boutique hotel under the Marriott Design brand.
The S$100 million sum represents the largest-ever shophouse transaction by quantum in Singapore, according to deal advisor JLL. The per-key price of more than S$2 million is likewise one of the biggest for a city-state hospitality property, eclipsing the S$1.8 million that Vietnam’s Viva Land paid three years ago for
So/ Singapore on Robinson Road.
For local resident Leo, a self-styled Sinologist and historian of Taoism icon Xuan Yuan of Chinese antiquity, the 21 Carpenter buy was part of a mission to make a meaningful contribution to society.
“As a new member of the community, I am committed to enhancing the welfare, culture and heritage of Singapore,” he said. “This boutique hotel plays a vital role in enriching Singapore’s cultural landscape, honouring its heritage and celebrating the legacy of Chinese immigrants.”