Altallo's $1 bil bet on Singapore's 'safe-haven' real estate
The HDB shophouse in Ang Mo Kio was purchased as part of a portfolio of four HDB shophouses for $170.5 million from Lian Beng Group (Photo: Samuel Isaac Chua/EdgeProp Singapore)
In an uncertain world, Seah Jun Hao is building a portfolio buttressed by HDB shophouses, with suburban retail malls and CBD offices as value-add plays
In 2020, at the height of the Covid-19 pandemic, Seah Jun Hao had just completed six years of service as a military officer and aviator with the Republic of Singapore Air Force.
At 29, he secured a place at Harvard Business School but deferred for two years to pursue entrepreneurship.
Seah recalled: “Businesses were upended by the Covid-19 pandemic, which created plenty of new opportunities.” He started a CTO-as-a-Service company focusing on digital technology.
“I got addicted to building businesses,” he says. “Eventually, I went to Harvard in August 2022, but only for one semester, deferring the remaining semesters to pursue more business opportunities.”
The experience at Harvard deepened his conviction that business can be a force for good, he says, and shaped his approach to fund management and capital allocation today.
Over the next few years, he founded and successfully exited multiple ventures across the Mice, hospitality, education and technology sectors. He entered the family office space in 2024.
Seah Jun Hao of Altallo Asset Management: These HDB shophouses are the ballast of our portfolio. They generate stable cash flow and make up about half of our holdings (Photo: Altallo Asset Management)
Macro shifts that shaped the investment thesis
Seah returned to Harvard Business School from January to May 2025 to complete his second semester, which he describes as a “strategic retreat”. Even while in Boston, his focus was on a shifting global order.
Seah and his business partner and mentor, Roger Tan, began reassessing the macroeconomic landscape in early 2025.
“We believed the world would see heightened volatility and uncertainty,” he says.
That view crystallised after sweeping US tariff hikes in April 2025, which disrupted global trade.
This was further reinforced by the recent escalation of geopolitical tensions in the Middle East, including the conflict between Iran and concerns over the Strait of Hormuz — a key global energy chokepoint.
To Seah and Tan, these developments signal a broader shift — from a rules-based global order towards a more fragmented, multipolar world, with implications for financial systems, capital flows and wealth preservation.
Drawing on their experience in family office investing, the pair began positioning for what they see as a sustained shift towards “safe-haven” geographies and assets.
“We don’t expect a strong risk-on environment between 2025 and 2027 — not in public or private markets,” says Seah.
Previously, Seah viewed Singapore as “too niche” in scale, with investments concentrated in private markets across Europe, the US and Australia. Recent events have reshaped that perspective (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Singapore as a ‘safe haven’ for capital
Previously, Seah viewed Singapore as “too niche” in scale, with investments concentrated in private markets across Europe, the US and Australia.
Recent events have reshaped that perspective.
“Singapore could be one of the best places to park capital over the next three to five years,” he says.
In July 2025, Seah and Tan founded Altallo Asset Management to capitalise on that thesis.
The firm operates as a general partnership, allowing it to bring in limited partners, including single family offices and ultra-high-net-worth individuals across Southeast Asia, Hong Kong and Europe.
As chief investment officer, Seah leads investment decisions, identifying Singapore and Switzerland as key safe-haven markets — particularly for commercial real estate.
Altallo Asset Management acquired a portfolio of 10 HDB shophouses, including the one at Holland Drive (pictured above), from JBE Holdings and Lian Beng, with another 11 shop units from NTUC Mercatus Co-operative (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The HDB shophouse at Bukit Merah, which is also part of the portfolio purchased from Lian Beng (Photo: Samuel Isaac Chua/EdgeProp Singapore)
An HDB shophouse anchored by Fairprice supermarket at Aljunied, also acquired from JBE Holdings (Photo: Samuel Isaac Chua/EdgeProp Singapore)
A HDB shophouse at Hougang Village, anchored by Fairprice supermarket, purchased as part of a portfolio of six from JBE Holdings for $69.7 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The HDB shophouse at Teck Whye Lane, which Altallo acquired as part of six shophouses from JBE Holdings (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Betting on neighbourhood retail
Although Seah had prior investments in Switzerland, Singapore’s commercial real estate market was largely uncharted territory.
After setting up Altallo, the team began analysing consumer spending patterns. Its initial focus was on Orchard Road and prime central areas.
“We observed that consumer discretionary spending was peaking,” says Seah. “A natural consequence is a shift towards consumer staples and suburban retail.”
That conviction led them to HDB shophouses.
Altallo acquired four HDB shophouses from Lian Beng Group for $170.5 million, with the deal brokered by CBRE and Knight Frank Singapore. They are located in Bukit Merah, Toa Payoh, Ang Mo Kio and Clementi. It was followed by six more HDB shophouses from JBE Holdings for $69.7 million, with the deal brokered by CBRE.
It has also emerged as the top bidder for a portfolio of 11 retail assets from NTUC Mercatus Co-operative, valued at about $281 million. The assets comprise nine HDB shops, as well as a shop unit at Bukit Timah Plaza and another at Coronation Shopping Plaza. CBRE and Cushman & Wakefield (C&W) brokered the deal.
In total, Altallo’s HDB shophouse acquisitions — including the Mercatus portfolio in the pipeline — amount to about $521 million.
The Fairprice Finest supermarket at Ang Mo Kio, which Altallo acquired from Lian Beng (Photo: Samuel Isaac Chua/EdgeProp Singapore)
HDB shophouse in Clementi, anchored by both Courts and Fairprice supermarket, was one of the four acquired from Lian Beng Group (Photo: Samuel Isaac Chua/EdgeProp Singapore)
An HDB shophouse anchored by Fairprice in Toa Payoh, which is also part of Lian Beng’s portfolio, was acquired by Altallo (Photo: Samuel Isaac Chua/EdgeProp Singapore)
‘HDB shophouses - ballast of the portfolio’
“These HDB shophouses are the ballast of our portfolio,” says Seah. “They generate stable cash flow and make up about half of our holdings.”
The HDB shophouses are typically anchored by essential-service tenants such as NTUC FairPrice supermarkets, Cheers convenience stores and Courts household appliances stores.
“On average, the HDB shophouses are about 20,000 sq ft each, and around 90% are anchored by FairPrice supermarkets,” says Seah.
FairPrice supermarkets typically sign long leases — a key consideration for Altallo, which operates as an open-ended, evergreen fund. “We are long-term holders,” says Seah. “We don’t need to recycle capital every five to seven years, unlike closed-end funds.”
Focusing on large-format HDB shophouses also provides flexibility and potential upside. “If a large tenant downsizes or exits, the space can be subdivided and leased to multiple tenants — from F&B to services,” says Seah. “Over time, that could significantly enhance value.”
Altallo acquired the office building at 158 Cecil Street for $175 million, 37% below the seller’s purchase price of $240 million in 2015 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Hunting for value in CBD offices
Another asset class that Altallo is targeting is Grade B offices in the old CBD, namely Shenton Way, Robinson Road and Cecil Street.
Once again, Seah had first looked at prime Grade A office buildings. “There is a shortage of new Grade A office supply because, in Singapore, a lot of construction capacity is being channelled towards major projects such as Changi Airport Terminal 5,” he observes. “So we don’t see much new Grade A office supply coming onstream.”
While Grade A office supply remains tight, Seah believes the current macroeconomic uncertainty may prompt companies to consider downsizing or moving to Grade B offices for cost reasons.
He therefore sees an opportunity in buying older Grade B office buildings in the CBD, some of which have remaining leases of just 40 to 50 years.
“We are keen to play a part in rejuvenating Singapore’s CBD,” he says.
While Grade A office buildings in the CBD and Marina Bay can command billions — for instance, CapitaLand Integrated Commercial Trust’s recent sale of Asia Square Tower 2 to Malaysian group IOI Properties Group for $2.5 billion — Grade-B office buildings in areas such as Shenton Way, Robinson Road and Cecil Street are generally in the $200 million to $300 million range.
Asset enhancement, upside potential
In February, Altallo emerged as the buyer of the office building at 158 Cecil Street for $175 million in a deal brokered by C&W. The previous owner had purchased the property in 2015 for $240 million. Hence, Altallo’s purchase price is 37% below the price paid 11 years ago.
According to Seah, the passing rent at 158 Cecil Street is about $7 psf per month, and he sees potential for it to rise to $8 psf to $9 psf.
Seah expects to spend about $20 million on asset enhancement and the reconfiguration of some office space, and another $20 million on a lease top-up to secure a fresh 99-year lease. That could lift the building’s value to $280 million to $300 million, he estimates.
He is now on the hunt for similar deals in the CBD. “Given the whole market situation, I believe we’re at an inflection point,” he says.
He is even considering moving Altallo’s office to 158 Cecil Street and potentially renaming it Altallo Building. The building was formerly known as The Spazio and, before that, Dapenso Building.
Altallo acquired the six-storey shopping mall i12 Katong from Keppel for $372.8 million recently (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Repositioning suburban retail: i12 Katong
Another asset class Seah is zooming in on is shopping malls. However, his focus is not on malls along prime Orchard Road. Instead, he is targeting suburban malls with a strong mix of “consumer staple” offerings — supermarkets, pharmacies, F&B and education or lifestyle services that appeal to Singaporean families.
That brought his attention to i12 Katong, a six-storey shopping mall at the corner of East Coast Road and Joo Chiat Road. The mall sits on a 99-year leasehold site dating from 1979, with about 52 years of lease remaining, and has a net lettable area of about 211,950 sq ft.
In March, Altallo purchased i12 Katong from Keppel for $372.03 million. The price translates to about $1,755 psf based on net lettable area. C&W and Savills Singapore brokered the deal.
Based on the existing rents and the purchase price of i12 Katong, Seah says the net yield is in the mid-4% range.
Current tenants include CS Fresh, the premium supermarket concept by Cold Storage, the Canadian coffeehouse chain Tim Hortons, Ippudo Ramen, Golden Village cinema, and the athletic apparel brand Lululemon.
Originally opened in 2011, i12 Katong was redeveloped from the former Katong Mall. The asset had changed hands several times and was later consolidated under Keppel’s ownership. It underwent a major asset enhancement initiative between 2020 and 2021 before reopening in phases.
Mixed-use upside with a residential component
However, he sees i12 Katong as more than just a mall. “The airspace above allows us to develop a new condo block of up to 24 storeys,” he says. “We see its long-term potential as a new mixed-use development.”
He points to the launch of the 846-unit, 99-year leasehold Emerald of Katong in November 2024. It was 99% sold at an average price of $2,621 psf over its first weekend. Based on URA Realis caveat data, prices hit a high of $2,983 psf for a 484 sq ft one-bedroom unit on the 21st storey, the highest floor.
Seah expects prices in the Katong area to reach $3,200 psf to $3,500 psf over the next three to five years.
“And the residents in the area have strong purchasing power,” he adds.
He has a long-term bet on the rising affluence of Singapore’s middle class and population growth. As of June 2025, Singapore’s population stood at 6.11 million, based on figures from the Department of Statistics. The government projects that the population could reach 6.9 million by 2030.
Based on these projections, Seah believes Singapore’s residential prices will continue to rise. However, he does not intend to redevelop the property in the short term, given the current tightness in the construction sector and rising fuel costs.
“We believe that the longer we hold, the more we can enjoy the upside from land banking,” he says.
Three-pronged investment strategy
The acquisition of i12 Katong, 158 Cecil Street and a portfolio of HDB shophouses — including the NTUC Mercatus assets — brings Altallo’s assets under management to about $1.07 billion in under a year.
Seah’s strategy is anchored by HDB shophouses as a stable income base, complemented by value-add CBD office assets and suburban retail with redevelopment potential.
He is now preparing to bring in institutional investors from 3Q2026 to fund the next phase of acquisitions.
“We’re still actively looking to scale with assets of similar texture,” he adds.
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