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CNA
34 minutes 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
7 hours ago
- CNA
Trump-backed World Liberty proposes $1.5 billion crypto holder, Bloomberg News reports
World Liberty Financial, a crypto venture backed by U.S. President Donald Trump's family, is sounding out investors for a $1.5 billion fundraising meant to set up a public company that will hold its WLFI tokens, Bloomberg News reported on Friday. The structure of the deal is yet to be finalised, the report said, citing people familiar with the matter, adding that large investors in the crypto and tech space had been approached for the venture. Reuters could not immediately verify the report. World Liberty declined to comment. World Liberty, a "decentralised platform" which counts Donald Trump and his sons as co-founders according to its website, has earned the family $500 million since its launch, according to Reuters' calculations. World Liberty tokens, known as $WLFI, are not classified as securities by the Securities and Exchange Commission and are hence not subject to the same level of scrutiny as investments like stocks.
CNA
17 hours ago
- CNA
US licenses Nvidia to export chips to China, official says
The commerce department has started issuing licenses to Nvidia to export its H20 chips to China, a US official told Reuters on Friday (Aug 8), removing a significant hurdle to the AI bellwether's access to a key market. The US last month reversed an April ban on the sale of the H20 chip to China. The company had tailored the microprocessor specially to the Chinese market to comply with the Biden-era AI chip export controls. The curbs will slice US$8 billion off sales from its July quarter, the chipmaker has warned. Nvidia CEO Jensen Huang met with Trump on Wednesday, two sources familiar with the matter told Reuters. A spokesperson for Nvidia declined comment. A White House spokesman did not immediately respond to a request for comment. The company said in July it was filing applications with the US government to resume sales to China of the H20 graphics processing unit, and had been assured it would get the licenses soon. It is unclear how many licenses may have been issued, which companies Nvidia is allowed to ship the H20s to, and the value of the shipments allowed. Nvidia disclosed in April that it expected a US$5.5 billion charge related to the restrictions. In May, Nvidia said the actual first-quarter charge due to the H20 restrictions was US$1 billion less than expected because it was able to reuse some materials. The Financial Times first reported Friday's developments. Nvidia said last month that its products have no "backdoors" that would allow remote access or control after China raised concerns over potential security risks in the H20 chip. BIG MARKET Exports of Nvidia's other advanced AI chips, barring the H20, to China are still restricted. Successive US administrations have curbed exports of advanced chips to China, looking to stymie Beijing's AI and defense development. While this has impacted US firms' ability to fully address booming demand from China, one of the world's largest semiconductor markets, it still remains an important revenue driver for American chipmakers. Huang has said the company's leadership position could slip without sales to China, where developers were being courted by Huawei Technologies with chips produced in China.
