Far East siblings named as Singapore’s richest people

The net worth of the top 50 richest people in Singapore jointly increased by 11% to almost US$116 billion, with two real estate magnates claiming the top position, according to the rankings released by Forbes.

Brothers Robert and Philip Ng, the owners of the Far East Company, clinched the top spot after they accumulated a collective net worth of US$11.9 billion

It was disclosed by the business magazine that their firm is the largest private landlord as well as property developer in the country. In addition, in May,  a Far East-led group purchased a residential and commercial site in Netherlands after making the highest bid of S$1.2 billion

The brothers toppled Eduardo Saverin, the co-Founder of Facebook who has a net worth of US$11.8 billion. Saverin co-started Facebook with Mark Zuckerberg, his classmate in 2004, even though he has gone ahead to become a venture capitalist, a bigger proportion of his wealth is gotten from his 2% share in Facebook.

Other business magnates in the real estate industry who made the list top 10 list of the richest people in Singapore include Kwek Leng Beng, the executive chairman of City Developments Limited’s (CDL), he is said to be worth US$7.6 billion, he occupied the fourth position. According to Forbes, CDL is the second biggest property company in Singapore.

The seventh positioned is occupied by the Kwee brothers with a net worth of US$5.4 billion. The kwee siblings are the owners of Pontiac land, a private estate, Raj Kumar and Kishin RK, a father and son partnership and one of the few elite Singaporean Landlords and also the owners of Royal Holdings/RB Capital Property Corporation, occupied the ninth position with a combine worth of US$2.7 billion. Finally, Choo chong Ngen, the founder of Hotel 81 budget chains secured the 10th position and his wealth is valued at US$2.7 billion.

These rankings according to Forbes were based on the stock prices and exchange rate of July 13th.

Other property update: Parc Esta Developer, MCL Land, are expecting to launch the condo in late 2018 or early 2019.