Record Haul Of 21 Billionaires Among Singapore's Richest
This story appears in the September 2, 2013 issue of Forbes Asia.
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Kwek Leng Beng
Real estate fortunes in land-scarce Singapore have been enjoying a golden run. Property magnatesRobert and Philip Ng added $1.4 billion to their wealth to hold on to the No. 1 spot as the country’s richest. But the biggest rise this year is that of Kwek Leng Beng, chairman of City Developments , Singapore’s second-largest property developer, who jumped to the second spot from No. 6.
Despite these highs there are signs that things are cooling. In August, when City, which is celebrating its 50th anniversary this year, posted a 48% rise in net profits, its stock crested; Kwek’s big gain was mostly due to new information on assets. Recent rounds of curbs by the government to prevent a property bubble, such as a hike in the stamp duty and stricter limits on borrowing, have dampened sentiments though not as yet real estate prices. Singapore continues to attract record bids for land, as reported by the Urban Redevelopment Authority.
Terming these recent bids as “suicidal,” the Kwek patriarch, not resting on his riches, warned of looming headwinds and outlined plans to step up investments in China and London. Among other outward-looking tycoons are the Kwee brothers, richer by $1.2 billion this year, who are negotiating to invest $300 million in a Manhattan luxury condo, and billionaire investorPeter Lim, who’s seeking a niche in Malaysia’s Iskandar region (see p. 122).
Singapore’s status as a safe haven for Asian capital remains solid, drawing the likes of Serge Pun, a Singapore permanent resident whose listed Yoma Strategic Holdings is enjoying a good run off Myanmar investing (see p. 110). He’s one of ten newcomers, a group that includes Nippon Paint’s partner Goh Cheng Liang, the richest newcomer this year, and Cheo Tong Choon, a medical doctor who controls edible oils refiner Mewah International. Burmese prospects also boosted shares of coffee king David Teo’s Super Group and Chew Thiam Keng’s marine services firm, Ezion Holdings, earning them debut spots in the ranks.
Singapore’s stock market gained 8% since July 2012, when we last measured fortunes, but its economy grew only 1.3% in 2012. The island state now boasts21 billion-dollar fortunes, up from 16 a year ago, including Ron Sim of OSIM, who enters the billionaire ranks for the first time. The combined net worth of the top 50 stands at $80 billion. But seven on the list were poorer, while water-treatment pioneer Olivia Lum was the only drop-off as revenues of Hyflux fell 25% last quarter due to lower sales in China.