Kelvin Lim’s journey looks like a time-lapse video of the development of Singapore’s property sector. It begins with timber sheds, transitions to urban resettlement, accelerates to a master-leasing deal, and concludes with co-living studios where you can check in using a mobile app.
Along the way, the executive chairman of Singapore-listed LHN and CEO of Coliwoo and now EY Entrepreneur of the Year finalist, keeps the business strategy pragmatic: Buy or lease space in bulk, curate it, bundle services and sell flexibility at a premium. “We trade in space, we buy in bulk, and then we lease it out in retail,” he says, summing up three decades of iteration with one sentence.
Lim joined the family business in 1997, just as the local industrial landscape was undergoing a transformation. LHN’s roots stretch back to the early 1990s, when the family transitioned from the sunset timber trading and sawmill business to leasing out storage space in family-owned warehouses. Demand was buoyed by urban resettlement, as companies and trades were displaced by redevelopment at the time.
LHN then pivoted into space optimisation. Lim says that, at that time, the spaces leased out were fairly basic. “We just divided the space with zinc sheets that were recycled from zinc roofs … we also used recycled wood panels as partitions,” he adds.
In no time, LHN moved on to “nicer projects”, as it started to obtain the master lease for industrial buildings and factories. Lim says this was an opportune time for the leasing business because the aftermath of the Asian Financial Crisis was marked by many empty factories that were put on sale, the downsizing of companies, and the emergence of new companies requiring small industrial or factory spaces. Fortunately, LHN was able to tailor that space for these companies.
In an era without the internet, winning tenants was a tedious process with banners, door-knocking, faxes and agents. “There wasn’t social media. Everything was very conventional,” says Lim. Today, discovery and pricing are transparent, and the competition has shifted to service and flexibility. To survive, LHN has to evolve. “We are [offering] real estate as a service. We provide space bundled with services. Customers pay us [a premium] because of the convenience and the flexibility,” he says.
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As Lim professionalises the business in the 2000s, LHN extends into shared services spanning facilities, security, cleaning, car parks and energy. The way Lim sees it, the logic is simple — control more of the value chain to deliver a consistent product that delivers a consistent margin. At its peak around 2010–2011, LHN managed some 7 million sq ft to 8 million sq ft, including some 1,200 HDB units for sub-leasing.
The group today is organised around three pillars: space optimisation (industrial, commercial, residential), facilities management (facilities, car parks, energy) and property development.
Lim is adamant that discipline is non-negotiable when running the business, especially when it comes to investments. After 30 years of master leasing, he avoids “crazy bids” for sites, even as competition intensifies. He prefers tenders that prioritise track record and deliverability over headline rent.
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For instance, Lim shares an example that some recent tender wins were awarded even without the group being the top bidder, as the “quality” component of the bid matters as well. “The government understands the market. Price is not everything,” he says.
“We are not out to just grow revenue … We are profitable,” says Lim, adding that he is mindful of growth and that the group is not seeking growth at all costs. Every investment has to be profitable.
Living reimagined
LHN’s newest business venture is Coliwoo, its co-living arm. Lim explains that co-living used to mean a master-leased apartment with a shared kitchen and living room, with little else. LHN’s first large-format project, at 31 Boon Lay Drive, reverses that model by offering private suites with en-suite bathrooms, along with generous shared amenities such as a social kitchen, laundry room, living room, study and fitness areas, and regular community events. The co-living space attracts executive workers from one-north and Jurong, as well as students and lecturers from Nanyang Technological University, despite being priced at a premium compared to typical room rents in Jurong.
Despite the higher rent and smaller space, Lim shares that, as of the end of June, the overall Coliwoo portfolio has a healthy occupancy rate of over 95% for all portfolio properties in operation. Lim says, “People like it because it is like coming home from work to an apartment with a lot of life.”
He adds that the co-living properties are more than just a place to stay. The “life” he refers to is the social aspect that co-living is known for, providing tenants, usually expats and foreign students, with opportunities to meet and mingle in shared spaces and community events.
However, the Covid-19 pandemic prompted the group to slightly pivot away from its strong shared facilities model and develop its “Version 2.0” of co-living spaces. According to Lim, the group began offering larger units equipped with kitchenettes and washer-dryers in each room, allowing residents to self-contain during quarantines. Social facilities were retained but reduced in size, while in-room specifications expanded.
First introduced at 1557 Keppel Road, Lim saw positive results with the new model, paving the way for the group’s expansion to a portfolio of properties spanning hotels, serviced apartments and those with student-hostel licences. Today, master leases account for about 70% of the room count, while 30% comes from owned assets. “We are more asset-light rather than asset-heavy,” shares Lim, adding that the group will look to reduce its asset holdings in the future.
In the group’s expansion strategy, Lim sees tech as an enabler. Marketing hotlines are moving from offshore call centres to chatbots and guided virtual viewings. Most locations operate without 24-hour front desks, thanks to app-based check-in and the collection of keys from lockers. “In Singapore, you need to use technology, software and AI [artificial intelligence]. You cannot hire a bunch of people just to serve one customer,” says Lim.
As Coliwoo expands, Lim plans to spin off the business unit, providing it with its own platform to raise funds and flourish. LHN has a proven track record of listing successful spin-offs, enabling them to grow. It had previously spun off and listed its logistics business, which was eventually divested amid intensifying trade tensions in recent years.
Lim’s rationale for the spin-off listing this time is that the co-living business is capital-intensive and has significant growth potential. “At the moment, all our financial resources go into Coliwoo,” says Lim, which slows growth in the rest of the group. A spin-off lets both entities raise their own capital, grow in tandem and unlock value for shareholders.
Having set in motion its plans for an initial public offering (IPO), Coliwoo aims to add 800–1,000 keys a year to reach around 4,000 rooms by 2026.
Space is always in demand here. Lim observes an increasing number of companies establishing value-added manufacturing, a steady influx of foreign professionals and students, and the expansion of private education providers, all of which drive demand for industrial space and co-living. “Singapore looks good,” he says, noting recent upgrades by the government of GDP growth expectations.
Beyond Coliwoo, LHN’s other businesses are expected to grow following its eventual listing. Its self-storage arm, Work+Store, is experiencing growth after the government lifted its moratorium on the storage industry. The facilities management segment also has M&A targets and could expand into silver-generation and healthcare-adjacent services, while the energy solutions segment continues to expand its renewable energy solutions.
The person behind the portfolio
Despite receiving the EY Entrepreneur of the Year award, Lim is quick to shift the spotlight. “It’s not only a testament to my work, but also a testament to the collective effort and teamwork of my colleagues at LHN,” he says. He adds that the award looks beyond smarts and money to business philosophy, operations and how a company treats its customers and people. He views this as being in line with the group’s vision to build long-term tenancy relationships and recurring service quality.
As for the business outlook, Lim says the group has not become a conglomerate as “it is not big enough”, but perhaps one day, LHN might be, especially if it keeps up with its growth. Lim’s long-term ambition for the group is for it to compound into a larger operator that creates and operates meaningful spaces.
When asked how Lim finds inspiration for new ventures, he says it is simply his hobby to research and observe. Whether on a local staycation or travelling abroad, he’s always noticing how people live, work and play. Those observations then feed into his work, turning ideas into business plans and eventually meaningful profits for the company.
