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Property tycoons among Singapore's wealthiest
Forbes list of the 50 richest people in Singapore was dominated by real estate moguls as property emerged as the main source of wealth for 12 tycoons on the list, according to a Singapore Business Review report.
Topping the list for the sixth year are brothers Robert and Philip Ng (pictured), whose family controls Far East Organization and Sino Group, with a total net worth of US$8.7 billion.
Kwek Leng Beng, boss of City Developments Limited (CDL), remains in second spot with a net worth of US$7.3 billion, while Pontiac Lands four Kwee brothers were in seventh spot with a net worth of US$5.2 billion.
Father and son team Raj Kumar and Kishin RK clinched tenth spot with a net worth of US$2.5 billion, coming mainly from property firms RB Capital and Royal Holdings.
Raj Kumars brother, Asok Kumar Hiranandani emerged as Singapores 17th richest individual with a net worth of US$1.47 billion.
Koh Wee Meng, the majority shareholder of Fragrance Group, took 23rd spot with a net worth of US$1.16 billion. He was followed by Yanlord Lands Zhong Sheng Jian in 24th position.
Chua Thian Poh of Ho Bee Land is in 26th place with a net worth of US$1.08 billion.
Cheng Wai Keung, whose wealth comes from property firm Wing Tai, is in 35th spot with a net worth of US$675 million, while John Lim took 44th place, on the back of his sizable stakes in Straits Real Estate and ARA Asset Management.
Satinder Garcha took 48th spot in part due to higher values of Garcha Hotels.
Meanwhile, Oxley Holdings Ching Chiat Kwong clinched 50th spot with a net worth of US$420 million.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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