There are many reasons to like Japan: delicious food, a thriving entertainment scene, beautiful nature, the list goes on.
For us in the GIC community, here’s one more reason: pride at what our alumnus Ken Chan is achieving there.
This 57-year-old real estate investor’s company Patience Capital Group (PCG) is making moves in the Japanese property market.
For example, it plans to spend S$1.9 billion (US$1.4 billion) to transform a stretch of countryside about 240km north-west of Tokyo into a luxury mountain resort. In March 2025, PCG also announced its joint venture acquisition of Tokyu Plaza, one of the largest shopping malls in Ginza, Tokyo.
Ken (foreground) on one of his many trips to view other famous mountain resorts.
Ken is no stranger to Japan, having been born to a Singaporean doctor who lived there. Throughout the years, Ken has spent time living and working in the country, between stints in other places like Singapore and the United States.
During his nearly 20-year tenure at GIC, Ken put his understanding of Japan to good use. He not only helped grow GIC’s property portfolio in Japan, first as part of the GIC Real Estate North Asia team and later as head of GIC’s Japan office, he also led the Integrated Strategies Group efforts in Japan.
In 2019, he struck out on his own to start PCG, which today has grown to 65 staff and advisors across its Tokyo and Singapore offices. Apart from its two real estate funds and a separate account, PCG recently launched a private equity fund, marking an exciting new chapter for the firm.
Ken also holds various Board Director positions in companies such as Keihan Holdings, as well as in two community-based organisations, Christel Vie Ensemble and Hands On Tokyo, which he chairs.
Hands On Tokyo organises volunteer activities that support various vulnerable groups including seniors, children, youth, and individuals with special needs, while Christel Vie Ensemble looks after the protection and welfare of animals in Japan.
“Giving back to the community in meaningful ways and in areas that I am passionate about plays a key role in my ikigai,” Ken said.
On the home front, Ken prioritises spending quality time with his family – his wife Reisa, and his two daughters Kei and Yui – in their Singapore home.
Ken with his family.
We caught up with Ken to hear his memories and reflections of his time at GIC.
I have so many good memories and experiences from my 19 years at GIC. If I had to choose, my fondest would be from my early years at the company.
Back then, it was known as GIC Real Estate, when GIC’s private market departments were newly corporatised as individual companies so that they could operate independently and scale up rapidly within their own asset class.
It was an exciting period as we spent a lot of time defining our identity as a global real estate investor, strategising how to differentiate ourselves from more established players, and identifying key areas for portfolio growth.
The camaraderie that we had was very strong. We were a much smaller team then, and the shared ambition to build something meaningful brought us closer together. I still remember how we even had a plaque of our mission statement made for every country office.
Looking back, this experience was invaluable when I set up PCG – for example, thinking through a company’s mission, vision, and long-term strategy. It definitely helped shape the way I built my own firm.
There are two key lessons that have been instrumental in shaping my growth as a real estate investor – first at GIC and now with PCG.
The first takeaway is the importance of being a long-term investor.
I had the privilege of accompanying Dr Seek Ngee Huat, then President of GIC Real Estate, on many business trips. Each time we met with a counterparty, he would always emphasise GIC’s long-term perspective as an investor and partner, often describing GIC as having “patient capital”.
That deeply influenced me, shaping my approach to leading GIC’s real estate investments in Japan. It also became the inspiration behind the name of my current company, Patience Capital Group.
The second takeaway is the value of building strong relationships, which is critical in Asia and especially in Japan.
I witnessed firsthand how GIC secured key projects despite not always being the highest bidder, thanks to its strong relationship with the sellers. A big part of my role at GIC was dedicated to developing deep networks within corporate Japan, not just in real estate but across various industries.
These strong relationships have continued to support me in my current business – some have given me access to deals, while others have invested in or advised PCG.
In fact, I was able to engage influential industry leaders, including the former Deputy CEOs of Hitachi, ANA Holdings, Mizuho Bank, and SMBC, and the former CEOs of Daiwa House and Isetan Mitsukoshi Group, to serve as Special Advisors to PCG – this is an extremely rare and valuable advantage for a newly established fund like us. Their support highlights the enduring impact of my GIC experiences.
During Ken’s time at GIC, we marked 30 years of involvement in the Japanese market.
During my years at GIC, I had the privilege of working with many incredible mentors and colleagues, many of whom I still keep in touch with today over meals, drinks, or golf. Some have even become close family friends.
It’s difficult to name everyone individually, as there are simply too many to mention, and I wouldn’t want to leave anyone out. However, one of the great advantages of my time at GIC – especially as the head of the Japan office – was the opportunity to build friendships across different divisions beyond real estate, including public markets, private equity, infrastructure, and corporate services.
Many of these relationships have continued to flourish even after GIC. Some alumni have invested in PCG’s funds, either personally or through their organisations, while others have even joined PCG after leaving GIC.
In fact, a significant portion of our senior team in both our Singapore and Japan offices consists of former GIC colleagues. I think this speaks to the strong sense of trust and camaraderie we built during our time at GIC, one that has carried over into new ventures and opportunities.
Absolutely. GIC brings together exceptionally talented individuals, all sharing that same value system that made GIC what it is today. Even after leaving GIC, the alumni carry those values into their respective fields, making a lasting impact. Staying connected with this network not only reinforces the legacy of GIC, but also provides a valuable source of support and inspiration.
A particularly meaningful experience for me was when I was setting up PCG, and I sought the advice and help of those who had done similar ventures when they left GIC. They generously shared their time, insights, and connections with me. I am really grateful for this as it made my own journey so much smoother. I am also happy to do the same for others who need help. It’s like GIC paying it forward many times over.
Ken (second from right) with his past GIC colleagues.