Tag Archives: elite society

Who are the Crazy Rich Asians in properties?

One of PALACE magazine’s esteemed Luxury Expert columnist – Alexander Karolik-Shlaen – who has written for the magazine since 2009, has appeared in various regional and global media, TV, and is frequently sought to attend established business forums, writes about his personal experience with some crazy rich Asians in properties he has met and known in his career.

Luxury Expert columnist – Alexander Karolik-Shlaen

There are plenty of rich Asians in the business of luxury. Some are golf fanatics; some love watches and spend fortunes on their collections; others love big, fancy yachts or exorbitantly priced supercars. But all have one thing in common – the love of property! So, it’s hard not to subscribe to this pan-Asian “religion”. For affluent individuals, this “religion” is also their main source of fortune. For the ones who draw their billions, not from property, they still invest heavily in property, usually the trophy kind, and more likely a lion’s share of their income is going into property investment. Let’s look at the Forbes’ top richest Singaporeans. We will find a major part of them derive their fortune, and or are, engaged in property business. The same can be said about the super-rich folks in Malaysia. Observing the top-tier billionaires on the Singapore list. The richest of them all are Brothers Robert and Philip Ng that control the privately held Far East Organization, Singapore’s, and probably, the region’s largest private landlord and property developer. The group was founded by their father, who moved from China to Singapore in 1934 and came to be known as “The King of Orchard Road”.

Skyline Residences by Far East Organization

According to Forbes, they are worth USD 11.9 billion but we are certain there is some fortune unaccounted for when mentioning of such a gigantic, privately-held organisation. In no.4 slot with USD 7.6 billion is Kwek Leng Beng, the executive chairman of Singapore’s Hong Leong Group, founded by his father in 1941. Kwek is also executive chairman of City Developments, Singapore’s second-largest property developer.

Kwek’s companies are acquiring assets in the UK, China and Australia, and also owns a chain of hotels, as well as some of the fanciest hotels in Singapore such as St. Regis Hotel and Residences, W Hotels and JW Marriott that they also developed. For the Kwek family, it is an example to “dig” a bit deeper into the “branching of wealth” among super-rich Asians. Leng Beng’s cousin, Quek Leng Chan, also a billionaire, runs the Hong Leong Group’s Malaysian operations. The huge conglomerate split up in the 1980s, so Mr. Kwek Leng Beng became executive chairman of the Hong Leong Group in Singapore while Mr. Quek Leng Chan, son of Mr. Kwek Hong Lye, heads their business interests in Malaysia.

His son, Sherman is a group CEO of City Developments. Kwek Leng Joo, who was the younger brother of Leng Beng, passed away on 15 November 2015 from a heart attack. The deputy chairman and executive director of City Developments, himself a billionaire, was an outstanding photographer and philanthropist. A true intellectual and caring person. Conversations with him were always enlightening. Leng Joo always had a keen interest to hear other people’s opinions and he frequently asked my opinions and points of view on property markets of Singapore and the region.

At this juncture, the article reveals that there are a big number of family members of each so-called “official” listed billionaires that are not on the list, yet they are very rich, and their wealth is derived from properties. In fact, more than 15 family members control Hong Leong Group, a conglomerate with interests ranging from finance to property in both Malaysia and Singapore. Forbes estimates the family value at over USD 23 billion.

Goodwood Park Hotel owned by the Khoo family

In no. 5 spot, USD 6.7 billion are the Khoo family, who are the heirs of late banker Khoo Teck Puat, who invested in Standard Chartered Bank. The lion’s share of their fortune comes from the sale of their stake in Standard Chartered Bank for USD 4 billion in 2006. The Khoos also control the Goodwood Group of Hotels. Their property positions include the iconic and historic Goodwood Park Hotel in the famed Orchard Road vicinity. In the 6th spot with USD 6.5 billion is the Wee Family. The father for the current chairman of United Overseas Bank, which is one of three biggest banks in Singapore, co-founded the bank in 1935. While the third generation of Wees is running the bank and the sibling is on its board, the family’s property arm is a privately held Kheng Leong. Headed by one of Wees, Kheng Leong Co. (Pte.) Ltd. operates as a real estate investment and property development company. It builds residential developments and retail projects across the Asia Pacific region in locations such as Shanghai, Hong Kong and Sydney, as well as London and Los Angeles. The company was founded in 1949 and is based in Singapore with an additional office in Shanghai. This company also owns 45 apartments in The Nassim, an ultraluxury condo, acquired for USD 290 million.

In no.7 position with USD 5.4 billion is the Kwee Family. The four Kwee siblings control privately-held Pontiac Land, which owns several luxury hotels and iconic office towers across Singapore such as the Ritz-Carlton Singapore. The company was founded by their Indonesian father Henry Kwee, a textile trader and real estate developer, who migrated to Singapore in late 1950s. The Kwee brothers are building an 82-storey tower beside the Museum of Modern Art in New York, where apartments sell from USD 3 million to over USD 70 million. Last year, the brothers bought the Cappella Hotel group from legendary luxury hotelier Horst Schulze. The Kwees are building a resort complex in the Maldives and are partners in Mont Azure, a huge multipurpose project in one of the prime areas of Phuket. In no. 9 are the father-and-son pair, Raj Kumar and Kishin RK. They run the Royal Holdings/RB Capital which is one of Singapore’s leading landlords and property owners. The duo has been on a deal-making spree after a 2011 family settlement between Raj and his younger sibling Asok Kumar Hiranandani, who is also a billionaire.

Raj and Kishin own a few office buildings in prime locations: the 442-room Holiday Inn Express and the five-star Hotel Intercontinental at Robertson Quay, a riverside popular area. In society circles, the family is known to own the biggest fleet of Lamborghini cars, some 11 cars which cost no less than SGD 1 million each (USD 730K), because Singapore is the most expensive place on earth to own a car.

Raj Kumar and Kishin RK run the Royal Holdings/RB Capital which owns the five-star hotel Intercontinental at Robertson Quay.

The 10th richest Singaporean with USD 2.6 billion is hotel tycoon Choo Chong Ngen, who made his fortune in textiles before launching his Hotel 81 budget chain in Singapore’s red-light district. The chain expanded islandwide and is now fast expanding in the mid-tier market, where he introduced a few more new hotel brands. The number “81” refers to the unit number of his home at the time. His privately-held hotel empire, which daughter Carolyn has been helping him run since 2002, has more than 6,500 rooms across Singapore alone. Since 2017, he has expanded into Thailand, Malaysia and Australia with four hotels managed by Travelodge and Holiday Inn. He is known to be a colourful person who had dropped out of high school to go to work to help his family.

He said he started buying land 30 years ago and kept buying until now. “If I didn’t buy them, I wouldn’t be able to buy now because the price is very high. But 30 years ago, it was very cheap. I was very lucky,” opines Choo. Besides Hotel 81, he now owns Value Hotel, V and Venue brands, a four-star Hotel Mi and a massive Hotel Boss in a good location on Lavender street. Choo recently rebranded his group as Worldwide Hotels.

In no. 11 with USD 2.5 billion is Kuok Khoon Hong, who cofounded Wilmar in 1991 and built it into one of the world’s largest palm oil producers. They delved in agricultural land and commercial property, but Kuok went further into plain property business, but of course. Kuok’s other investments include stakes in billionaire Zhong Sheng Jian’s Yanlord Land, a property company that develops residential real estates in China, as well as Perennial Real Estate Holdings. Kuok owns the Aviva Tower in London together with Indonesian billionaire and Wilmar co-founder Martua Sitars.

Kwek’s companies are acquiring assets in the UK, China and Australia, and also owning a chain of hotels such as
St. Regis Hotel and Residences.

In 12th place with USD 2.5 billion is Peter Lim, who after cashing out of palm oil giant Wilmar (yes, that is agricultural land) eight years ago, focused on property, healthcare and sports. Lim is redeveloping Manchester’s historic Northern Stock Exchange into a boutique hotel and is involved in various property projects as well as plans for development in the Malaysian state of Iskandar, which is cross the border from Singapore.

The 14th richest Singaporean is Sam Goi who owns Tee Yih Jia Food Manufacturing, the world’s largest maker of popiah skins, which are used for spring rolls. He also has real estate interests through his stakes in listed firms GSH and KOP. In 16th place with USD 1.9 billionaire husband-and-wife Ong Beng Seng and Christina Ong, who is one of Singapore’s most influential, property-focused couples. They built many high-end condos in Singapore: a partnership in the massive D’Leedon with 1,715 units, and co-developed the beautifully-designed Interlace. Ong is managing director of Singapore-listed Hotel Properties, which owns the Four Seasons and Hilton hotels in Singapore and is probably the biggest single owner of Four Seasons Hotels in the world. The group owns hotels, resorts and shopping galleries in 13 countries, namely, Singapore, Malaysia, Thailand, Indonesia, Maldives, Seychelles, Vanuatu, the United States of America, Bhutan, Tanzania, South Africa, Vietnam and the United Kingdom. Christina runs Como Hotels & Resorts, retail empire Club 21 and London-listed handbag maker Mulberry.

 

Ong Beng Seng and Christina Ong, own the Four Seasons and Hilton hotels.

 

Malaysian Property Kingpins

 

The richest of them all is Robert Kuok with USD 14.8 billion originating in his palm oil, shipping and property business. You probably know of his awesome Shangri-la Hotels. Next, no. 2 is Quek Leng Chan with banking and property, worth USD 7.2 billion. He is the cousin of Leng Beng who is no. 4 on the Singapore list. In no. 5 position, USD 5.6 billion is Lee Shin Cheng, who chairs IOI Corp., the world leader in oleochemicals and one of the largest palm oil plantation companies in Malaysia. His younger son leads property group IOI Properties.

At no. 6 with USD 4.7 billion is Lim Kok Thay the Genting chairman. Lim has fast expanded the group’s global footprints in the gaming sector. Forbes states he plans to open Resorts World Las Vegas in 2020 and launch the world’s first 20th Century Fox movie-inspired theme park at Resorts World Genting in 2018. Earlier this year, Lim’s Empire Resorts Inc. opened USD 1.2 billion Resorts World Catskills, a casino, hotel and entertainment complex. His New York complex will be the largest integrated commercial casino resort in the state, fitted with more than 150 table games and 2,150 slot machines. In no. 7 with USD 3.3 billion is another casino and hotel developer Chen Lip Keong.

In 9th place is Lau Cho Kun with USD 2.6 billion with interests in farmland for palm oil and property business. In 11th place is Francis Yeoh with USD 2.4 billion. Yeoh helms diversified YTL Corp., founded by his late father Yeoh Tiong Lay. The family’s global empire boasts businesses in sectors such as utilities, cement manufacturing, hotels and property development. In Singapore, they hold the most trophy-prized possessions through their Reits, owning the Wisma Atria and Takashimaya shopping mall.

They built a few luxury condos as well as a luxury villa project in the upscale Sentosa island. And the list goes on and on. The article’s message is clear. If you are wondering what is moving Asia, now you know. Indubitably, these rich Asians’ unstoppable love for real estate is just beginning to show up on the radar screens on an international level.

 

About: Alexander Karolik-Shlaen

 

Shlaen founded Panache Management (PM) in 1995 in Japan, crafting his “East Meets West” style of business management. He was later based in Hong Kong for four years, before relocating to Singapore in 2003 where he has since been based. Shlaen has also served on the board of directors for Brinks Japan, a joint venture between Nissho Iwai Corporation (the sixth largest company in the world at the time) and Brinks Inc (a Fortune 500 US corporation). As one of the few market analysts to predict a property boom at a time when global markets were in decline, Shlaen’s expertise is in high demand from prestigious companies to UHNWI investors.

Shlaen’s PM represents companies that have superb and exquisite products that are outstanding in their niche markets. PM is representing Aston Martin Interiors, Tonino Lamborghini Casa, Formitalia design lines in Asia. PM is also involved in real estate and tech investment projects as well as providing luxury interiors and designs for exclusive homes, villas, hotels, offices, private jets and super yachts. He has been writing the Luxury Expert column in Property Report Asia and Palace magazine since 2009 and has appeared in various regional and global media, TV and is frequently sought to attend established business forums. Shlaen is an Independent Director on the board of SinoCloud Group Limited, which is publicly traded on the Singapore Stock Exchange. Shlaen holds an Executive MBA from the Kellogg School of Management and the Hong Kong University of Science and Technology.

 

By Joe Lim

Serial Entrepreneur Datin Sri Joanna Lim: “One Business at a Time”

Serial entrepreneur, Datin Seri Joanna Lim, is now on her third ad-venture. Photo by Karen Sim.

One definition of serial entrepreneur is, the person often comes up with an idea and gets things started but gives responsibility to someone else, and then moves on to a new idea and new venture. It’s essentially one business at a time.

In her serial entrepreneurial pursuits, Penang-born Datin Sri Joanna Lim has launched businesses in industries of which she knew nothing and she learns along the way.

She manages to capture those “aha” moments when they happen.

When opportunity knocks, she opens the door, takes significant leaps of faith to believe that she can succeed, is not afraid to take chances, and thinks one’s never too cool to learn something new.

Datin Sri Joanna Lim’s first enterprise in Penang in 2006, in the bead and jewellery industry, was only the start of a promising and successful future as a serial entrepreneur.

The thrill of her serial entrepreneurial journey has not diminished one iota over time, evident in her third “ad-venture” embarked on, just recently.

Life may not be boring with multiple businesses as you’re building knowledge, marketing experience, networks and other resources but there are challenges and stress as well.

There can’t be a rainbow without a little rain, she says, revealing that sometimes it does rain pretty hard on her side.

According to the experienced, the first time you do anything, you’re barely hanging on. The second time you do it, you get a little bit better. The third time, you’re starting to develop confidence. By the fourth and fifth time, you feel like you’re getting the hang of it.

How does that sound to her?

In an email interview with Luxuo, she shares what it’s like to be a serial entrepreneur, the lessons learnt, the key takeaways and her latest project.

Your courage to change course from dealing with beads, crystals and costume jewellery to setting up an automobile business engaged in selling cars and car accessories, which is an entirely different industry, is inspiring. Tell us more.

Joanna Lim: In all honesty, everything came by as a chance and I just took a leap of faith. If you don’t take chances, you’ll never know how far you can go. I’ve been in the bead and jewellery industry since 2006. This year is my 12th year since it all started. It has been a bit of a roller-coaster ride on that journey as I started from not knowing how to string a bead to flying around the world picking up ideas and lessons to make jewellery. Now 12 years on, I’ve trained some really good help in store who does most of the designing and jewellery making.

As a mother of three now, I can’t really be in store all the time to create pieces of my own, so I’m truly glad having creative people around me. As for the automobile industry, I’ve my husband to be thankful for. Without him, I probably would not have said yes when the chance was offered to us.

What are the lessons learnt?

JL: To quote Richard Branson, “if somebody offers you an amazing opportunity but you are not sure you can do it, say yes – then learn how to do it later”.

You’ll never truly know how far you can go unless you take a leap of faith and push yourself towards that direction. There is never failure in learning to do things right; only lost opportunity if you don’t try.

In business, there are ups and downs, and some thrills. How do you control the ride?

JL: I’m all about going with the flow and learning from mistakes. Nobody is perfect. Why judge a mistake made? Learn from it and move on. Why dwell on the downs when there’s limited time on earth to do things right?

How do you motivate yourself to reach beyond yourself and live life that’s successful and meaningful?

JL: Live today like there’s no tomorrow. If today was your last day on earth, at least you know you’ve done something right today. Don’t wait for the moment to make it right because every moment is the moment, it’s just how you take it. Or your so-called right moment might not even come if you think it isn’t the moment.

Success is subjective to a person’s belief. Never settle for anything less but always appreciate the present moment. I might now see what there is coming tomorrow, for I think tomorrow when I wake up it might not be as what I thought it would be.

So seize the moment to do things right. If it isn’t, learn from it and do it right again.

What are your expectations?

JL: I live by the moment. I just want to see people around me happy.

There’s no point in making millions of dollars and have three business ventures while the family is falling apart. To me, having a balanced life is important. Time for myself, time for family and time for business. If one is able to feel “enough” with these things, life would be less stressful. I’m still trying to achieve that.

There won’t be rainbows without a little bit of rain. Sometimes it rains pretty hard on my side but such is life. I’m just hoping to cut the rainy moments by living more positively.

What’s your third business endeavour?

JL: I’ve just ventured into a retail business of a Swiss-made product with 80 years of history, selling essential oil-based spa and wellness products including herbal creams, hair care, beauty care, oral care and body care.

What inspires you to venture into that?

JL: This is a joint — I’d call it “ad-venture” — which my sister and I got into when we chanced upon this amazing product brought in by a mutual friend. We were “guinea pigs” who ended up loving the product so much that we decided to start selling it.

It appears that there’s no stopping at three enterprises for you. What is it like to be a serial entrepreneur?

JL: You wish for 48 hours in a day, three bodies and six hands.

Do share with us tips and principles you live by in order to succeed.

JL: Trust. Having people around you who you can trust is important. You can’t do everything alone. Letting go and don’t be too harsh on yourself. Learn from mistakes and move on.