Far East siblings named as Singapore’s richest people

Romesh Navaratnarajah26 Jul 2018

Future development at Holland Rd

A Far East-led consortium acquired a mixed-use site in Holland Road after submitting the highest bid of S$1.2 billion in May. (Photo: URA)

The net worth of Singapore’s top 50 wealthiest people collectively increased by 11 percent to nearly US$116 billion, with two property tycoons claiming the top spot, according to a Forbes ranking.

Brothers Robert and Philip Ng, who control Far East Organization, clinched the number one spot after they amassed a combined net worth of US$11.9 billion.

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The business magazine said their company is the biggest private landlord and property developer in the city-state. Moreover, a Far East-led consortium acquired a commercial and residential site in Holland Road after submitting the highest bid of S$1.2 billion in May.

The brothers edged out Facebook co-founder Eduardo Saverin with a net worth of US$11.8 billion. He jointly started the firm with Harvard classmate Mark Zuckerberg in 2004. Although the Singapore resident is now a venture capitalist, he still obtains most of his wealth from his 2.0 percent stake in the social media giant.

Other real estate moguls who made it to the top 10 richest people here is City Developments Limited’s (CDL) executive chairman Kwek Leng Beng, who grabbed the fourth spot with a net worth of US$7.6 billion. Forbes said CDL is the second largest property developer here.

The four Kwee siblings, who control privately held Pontiac Land, took seventh place with a combined net worth of US$5.4 billion. Father-son pair Raj Kumar and Kishin RK, who are among Singapore’s top landlords with their Royal Holdings/RB Capital property empire, secured the ninth spot (US$2.7 billion). Lastly, Hotel 81 budget chain founder Choo Chong Ngen grabbed the 10th spot with a net worth of US$2.7 billion.

Forbes’ rankings are based on exchange rates and stock prices as of 13 July.

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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg


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