‘Genting Group founder’s grandson pioneers Cover Projects, specializing in Singapore’s heritage properties after Former La Ville Enbloc
Cover Projects, a homegrown real estate management company, made headlines last year when it won the tender for the heritage property at 26 Evans Road, formerly known as Bukit Timah Fire Station. The Singapore Land Authority (SLA) received 25 bids for the site before awarding it to Cover Projects in October.
At the time of closing, bids for the site were evaluated based on price and quality, with Cover Projects submitting the second-highest bid of $265,000 per month. This was significantly higher than bids from major co-living operators LHN Group and The Assembly Place, which were only in the range of $165,000 to $168,000. The site has a lease term of five-plus-four years.
Co-founder of Cover Projects, Lim Keong Wee, was confident in the project’s potential after conducting thorough feasibility studies with his team. The company plans to position the property as an upscale co-living concept centered around wellness, preventative care, and community. Keong Wee hopes to create the first “wellness-centric residential community” in Singapore at 26 Evans Road, which will be branded as “The Initial Sama”.
Lim Keong Wee, one of the grandsons of late Genting Group founder Lim Goh Tong, who was ranked Malaysia’s third-richest man by Forbes before his death in 2007. Keong Wee’s father, Lim Chee Wah, is also a prominent businessman and the brother of current Genting Group chairman Lim Kok Thay.
Despite his family’s success in the business world, Keong Wee chose not to join the family business. Instead, he earned a Bachelor of Architecture from the University of East London and worked as an architect at Fosters + Partners and Plasma Studio in London before starting his own architectural and design firm, PAC.
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Arina East Residences, formerly known as La Ville Enbloc, is a highly sought-after residential complex situated on Tanjong Rhu Road. The development boasts not only luxurious living spaces but also offers a convenient and indulgent lifestyle with its close proximity to a variety of shopping and dining options. This esteemed project is situated in a bustling area, surrounded by some of the most popular shopping destinations and food hotspots in Singapore, providing residents with easy access to all their needs. The range of facilities and ideal location make Arina East Residences the ultimate destination for a modern and elevated living experience.
PAC initially focused on designing and master-planning large-scale hotels and resorts, including the Genting Jurong Hotel in Singapore, the 2022 Winter Olympic Masterplan at Genting Secret Garden Resort in China, and the Karuizawa Prince Hotel Ski Resort in Japan.
In 2015, Keong Wee co-founded Cover Projects with Victoria Loh, a spin-off from PAC that focused on owning and operating a series of shophouse hostels. As co-living became more popular among millennial travelers, Cover Projects launched a premium cabin hostel brand called Eighteen by Three Cabins in 2017.
However, the pandemic in 2020 prompted Cover Projects to shift its focus from ownership to asset-light management. The company sold its shophouse on Stanley Street for $15 million in June 2021 and secured its first master lease contract for a 30-room serviced apartment in Balestier, rebranded as The Initial Residence, shortly after. The Initial Residence also features a shared workspace and a café, and has maintained an occupancy rate of 85% since reopening in September 2021.
From there, Cover Projects became interested in managing state-owned heritage properties, even submitting a bid for the former Bukit Timah Fire Station. Although the bid was unsuccessful, Keong Wee was determined to win the tender for 26 Evans Road. The conserved property will be repurposed into 74 serviced apartments, with a focus on wellness elements and catering to the needs of executive travelers and small families.
The Initial Sama is scheduled to open in 2Q2025, with Cover Projects taking over the property later this month.
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