Macau businessman Loi Keong Kuong, the new owner of the luxury property The 13 Hotel, has, along with his family, divested five shophouses in Singapore for a total of SG$50.7 million ($39.5 million) this year. The sale follows the recent acquisition of the Coloane hotel property, The 13 Hotel, for HK$600 million ($76.4 million).
Industry reports suggest the family may be rebalancing its real estate portfolio in favor of Macau and other markets.
The five shophouses—located on Pagoda Street in Singapore’s Chinatown and each ranging from 1,347 to 1,545 square feet—were sold at a combined price roughly 13.5 percent below their original purchase value of SG$58.6 million ($45.7 million) in 2015–2016, according to The Business Times. The Loi family also owns seven retail units and a parking facility in a nearby shopping complex, acquired in 2016 for SG$78.3 million ($61.0 million).
The sale of The 13 Hotel was first announced in June by real estate consultancy Jones Lang LaSalle (JLL), which confirmed the property had been sold to a local buyer at 75 percent below the previous asking price of HK$2.4 billion ($305.7 million) in a failed 2024 transaction. Public land registry and corporate filings identify the buyer as Chang Fu Investment Limited, a company incorporated in 2020 and owned by Maggie Loi and Jack Loi, who are believed to be related to Loi Keong Kuong.
Loi, a vice president of the Macau General Association of Real Estate, is a prominent figure in the local business scene. He is best known for founding the Rio Hotel in the NAPE district, which once housed a satellite casino under Galaxy Entertainment Group’s concession before ceasing operations in 2022 amid changes to Macau’s gaming legal framework.
JLL stated that the new owner plans to redesign and renovate the building into a new tourist destination. The revamped property is expected to feature internationally renowned restaurants and luxury amenities, with the goal of repositioning the hotel as a high-end destination within Macau’s evolving hospitality landscape.
The 13 Hotel includes 196 suites ranging from 1,800 to 5,000 square feet, along with three villa-style accommodations of over 10,000 square feet each. Originally conceived by Hong Kong businessman Stephen Hung as a hyper-luxury destination targeting Macau’s VIP gaming market—with plans for 66 gaming tables—the hotel opened in 2018 after years of delays.
However, construction setbacks and regulatory shifts in Macau’s gaming sector ultimately derailed those ambitions. The property opened without a casino and suspended operations in 2020 due to financial difficulties. It reopened in 2024 after receiving a renewed five-star deluxe hotel license from the Macao Government Tourism Office (MGTO), which remains valid through the end of 2025.
