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CNA
8 hours ago
- CNA
How this entrepreneur from Singapore built a real estate empire in Perth, Australia
When Mabel Lim was growing up, she lived on the second storey of a shophouse in Jalan Kayu. Below her home was one of the workshops belonging to her father, Lim Chor Pian, who had arrived in Singapore at age 12 from Swatow, China. Starting out peddling eggs, CP (as he was affectionately known) later learned to carve fine Chinese wooden furniture from a master carver at the former CK Tang retail mall. 'The workshop was our playground. We spent many hours with our parents while they worked,' said Mabel, reflecting on growing up in the family business with her four siblings. CP co-founded Lims Legacy with his brother, Lim Choon Kuan, in 1959. In 1970, they opened Lims Arts & Crafts in Holland Village Shopping Centre, selling both self-made and imported Chinoiserie-style furniture and accessories. It became a household name – familiar to Singaporeans and popular with expats. THE MOVE TO PERTH Lims Arts & Crafts is now managed by the third generation of the Lim family, along with Mabel's youngest sister, Christine, who is the current general manager. Mabel shared this when she was back in Singapore for a visit. She had migrated to Perth with her husband and two daughters in 2003 to open Asiatree – a branch of the family's home goods business –and has lived there ever since. Before migrating, she had already visited Perth on sourcing trips when the family ventured into F&B businesses like 211 Cafe in Holland Village Shopping Centre and Angelo Cafe in Chijmes during the early 2000s. 'In those days, we had to bring in coffee beans, sun-dried tomatoes, and even fresh produce like rocket,' said Mabel, amused that such products are now commonplace – even in heartland malls. Asiatree closed after three years. 'The market was probably not ready at that time,' Mabel reflected. But she remained in Perth, pivoting into real estate. Her business acumen and creative flair led to a thriving rental property business; a portfolio of three houses eventually grew to 25. Real estate suited Mabel well, as she had always loved architecture and design. 'I had wanted to be an architect but didn't pursue that path,' said the creative entrepreneur, who studied gemology in Los Angeles. She put her passion for styling spaces to good use, furnishing interiors for house showings. FOR THE FAMILY Beyond work, the move to Perth was largely for her daughters, who were in primary school when the family left Singapore. 'My husband and I were working so hard and coming home late, with the girls waiting for me to revise ting xie with them,' Mabel recalled. To keep up with the academically intense system in Singapore, she was also spending heavily on tuition. 'I asked myself: Why am I paying S$2,000 (US$1,550) a month for Chinese tuition, Maths tuition, and so on? At that time, I had to go out and work in the family business, so my girls spent more time with the helper than with me – it didn't make sense,' Mabel said. After the move, her daughters changed dramatically. 'They looked forward to school. Their school had a no-homework policy and activities like show-and-tell,' said Mabel. During the first three years, the couple worked hard to balance business and family life – picking the girls up from school before returning to run the shop with them. But they were spending much more time together. 'We could have dinner at six o'clock, and the girls were with me most of the time. On weekends, we did horse riding, surfing, music courses, et cetera. I didn't pay a single cent on tuition; the money went to these activities,' she smiled. Her older daughter now works in the coffee industry while her younger daughter works for her. Leaving Singapore was not an easy decision, but Mabel was at a turning point in life. 'I was 39 with two kids. What do I do next? I had been involved in the family business for 15 years. No, not just that – I was in the family business since young when we were 'holiday cashiers' downstairs,' she laughed. 'When my father said to tag along on deliveries to help carry furniture or that the warehouse needed help, we'd just go.' Perth's laid-back lifestyle and the opportunity to start anew rekindled her adventurous, independent spirit. 'Luckily, my dad was himself a migrant, so he was very supportive. I think my family also knew I was a bit 'different',' Mabel chuckled. CREATING A LANDMARK Five years ago, her mind began to wander again. 'My properties were spread all over Perth, so managing them was logistically very tough. I thought: How can I keep doing what I have been doing – but differently?' Mabel considered entering the short-stay apartment market, but she didn't want to create another cookie-cutter offering. Those had basic interiors – she wanted something lifestyle-driven, like a boutique hotel. 'It had to be five-star quality. I also wanted guests to come in and feel at home,' she elaborated. The result was a rebranded business: Manaa Properties. ''Manaa' because this project is a gift from God (manna symbolises spiritual food in the Bible), and 'M' because of my name,' Mabel laughed. Its first project, Forbes Residences, opened in mid-2024. The mixed-use development includes ground-level retail, 34 luxury residences, and a 27-unit short-stay component called Manna Living – a modern take on the Lims' hospitality legacy. The AUD$90 million (US$58.22 million; S$74.95 million), 13-storey building in Applecross, a prestigious Perth suburb in the affluent Kintail Quarter Precinct, is a joint venture by Manaa Properties, Australia's Mustera Property Group, and Singapore-based architecture firm WOHA, co-founded by Wong Mun Summ and Richard Hassell. WOHA is renowned for projects like Alila Villas Uluwatu in Bali and ParkRoyal Collection Pickering in Singapore. Mabel's focus on the corporate market contributed to Manna Living's rapid success. 'These guests come to Perth to work on projects, staying for up to a week or even a month,' she said, sharing that bookings can stretch up to 10 apartments at a time. The building's curvaceous form has also earned it accolades as a new architectural landmark in Perth, with design by WOHA in collaboration with Perth-based MJA Studio. PERFECT PARTNERSHIPS The project was particularly meaningful for Richard. 'Mustera Property Group thought that as architect [formerly from Perth], I might be interested in doing a project in my hometown – and they were right!' said the architect, who was introduced to Mabel by the developer. He saw Forbes Residences as a chance to adapt WOHA's design principles to a new context, based on the firm's long-standing research into tropical high-rise living. 'Density doesn't have to mean losing character; it can enhance it. High density can mean creating more space vertically and our question was: What if instead of just housing more people, we could offer more of what we love about Applecross – more Jacaranda trees, more gardens, more community spaces, more lifestyle choices?' Richard mused. That idea shaped everything – from the villa-in-a-garden concept to integrated public amenities and lush, naturally ventilated common corridors draped with greenery. This is Forbes' first green building of its kind. To create Manna Living's homely interiors, Mabel partnered with Andrea Savage, founder of A Life by Design – Living & Branding, the interior division of the A Life By Design Group. 'My relationship with the Lim family dates back to the early 2000s when I first moved to Singapore from Australia. I have Wendy (Mabel's sister) to thank for the introduction. Wendy and I have known each other for over two decades now,' said the designer. They immediately bonded over a love for beautiful fabrics, cushions and more. 'Wendy, a textile entrepreneur with an incredible eye for detail, transformed my first home with bespoke designs and good craftmanship. We've been collaborating ever since,' Savage recalled. Creativity runs in the Lim family. Both Wendy and Mabel's mother have long contributed to Lims Arts & Crafts with soft furnishings. Even at 89, their mother still handmakes lampshades. ROAD TO SUCCESS Savage's vision for the apartments was to create 'spaces that foster rest and rejuvenation, embody understated elegance and connect to the elements while remaining durable and purpose-fit.' Australia's distinct natural landscapes inspired the palette and decorative touches. Richard also drew from local context, referencing Swan River's limestone foundations in the building's custom cladding. I asked Mabel if she was satisfied with the project. She replied that it's 'one of the most talked-about projects in Perth right now' – not just for its singular design but also for its strong sustainability credentials, and flowing greenery. View this post on Instagram A post shared by Forbes Residences (@forbesresidences) The project was a leap of faith. 'My other holiday homes are in this area, so I know this market well. Applecross is like Bukit Timah in Singapore. It's the most exclusive address on the south side of Swan River,' she explained. The location is just a short walk to the river, five minutes from the CBD, and 20 minutes from the airport. Many Manna Living guests who initially booked one or two nights end up extending their stay. 'Occupancy is good. It rates 9.1 on and 4.5 on Airbnb,' Mabel revealed happily. This success is paving the way for future projects in Perth, including a more youthful version of Manna Living with communal areas like a lounge, games zone, and gym. PAST, PRESENT, FUTURE Reflecting on the family furniture business, Mabel shared that the customer base has shifted more towards expats than professionals, requiring a new approach like social media marketing – something the younger generation of the Lim family assist with. 'The main challenge is to maintain our good price points amid rising costs in transport, logistics, warehousing, and rental, which we have maintained through regular orders with the manufacturer,' she said. In March 2025, Lims Legacy expanded into Malaysia with a store in Johor Bahru. CP's willingness to evolve and take risks clearly runs in the family. His children are all very entrepreneurial. Mabel's younger sister Rosalind has been running a boutique called Made in Paradise in Holland Village for seven years, selling imported jewellery. Her brother, Richard, founded Canopy Villa Group during the pandemic, offering glamping accommodations. It now has four properties in Malaysia and one in Vietnam.
CNA
2 days ago
- CNA
High-profile Chinese dealmaker Bao Fan released from detention after two years, source says
BEIJING: Bao Fan, the star dealmaker and founder of boutique investment bank China Renaissance Holdings has been released more than two years after being detained by Chinese authorities, a person with knowledge of the matter said on Friday (Aug 8). China Renaissance shook the country's financial sector in 2023 when it announced it was unable to contact Bao, who founded the bank in 2005 with two other partners and still owns nearly 49 per cent of its issued shares. Bao was among several high-profile executives in China, mostly from the finance industry, who went missing in recent years with little explanation during a sweeping anti-corruption campaign spearheaded by President Xi Jinping. His disappearance unsettled professionals in the financial industry of the world's second-largest economy, as Beijing pressed its campaign to rein in what it described as the lavish lifestyle of the financial elite. BOOSTING BUSINESS CONFIDENCE Bao's release comes as Beijing seeks to bolster business confidence, particularly among the country's tech entrepreneurs, whose companies have been hit by a years-long crackdown. China is looking to restore confidence in the private sector, which has been struggling with weak domestic consumption and a prolonged debt crisis in the property sector, set against a backdrop of heightened trade tensions with the United States. "This is certainly a positive signal, as Bao was the most high-profile financier detained in recent years," said Christopher Beddor, deputy China research director at Gavekal Dragonomics. "Still, it will not change the fact that the anti-corruption campaign continues to churn through the financial sector, and the common prosperity campaign has led to sweeping pay caps and even clawbacks," Beddor said. "China's financial sector remains a long way from its heyday only a few years ago." HIGH-PROFILE DEALS Bao, widely regarded as one of China's best-connected bankers, was released from detention earlier this week, the person said, declining to be identified because the information was not public. He had been involved in major deals including the mergers of ride-hailing firms Didi and Kuaidi, food delivery companies Meituan and Dianping, and travel platforms Ctrip and Qunar. Neither China Renaissance nor Bao immediately responded to Reuters' requests for comment. Chinese media outlet Caixin first reported Bao's release, citing unidentified sources. China Renaissance's shares jumped 17 per cent on Friday to close at HK$6.87 (US$0.8752) before the news of his release became public. DETAINED IN 2023 Bao, who previously worked at Credit Suisse and Morgan Stanley, went missing in February 2023. Trade in China Renaissance shares was suspended in April 2023 after the bank delayed publication of its audited annual results due to mainland Chinese authorities detaining Bao as part of an investigation. A Chinese financial publication reported in May 2023 that he was detained by disciplinary and supervision officials. Authorities have not provided any explanation. China Renaissance shares plunged 72 per cent on the day trading resumed last September. Sources previously told Reuters that Bao was taken away to assist in an investigation into a former colleague. Xie Yi Jing, who co-founded China Renaissance, replaced Bao as chairman in February last year.
CNA
2 days ago
- CNA
Asia First - Fri 8 Aug 2025
02:25:50 Min From the opening bell across markets in Southeast Asia and China, to the biggest business interviews and top financial stories, tune in to Asia First to kick-start your business day.
