Budget hotel boss makes rich list

Aug 22, 2008
Budget hotel boss makes rich list
Chief of Fragrance chain debuts on Forbes' S'pore list at No.24
By Fiona Chan

BUDGET hotels and mid-range condominiums are hardly what one
associates with the rich and famous.

But they proved the key to wealth for Mr Koh Wee Meng, the chief of
Fragrance Group, which owns the chain of tourist-class Fragrance
hotels, as well as boutique property developer Fragrance Land.

Mr Koh debuted on Forbes magazine's list of Singapore's richest
people at No.24, propelled by a string of well-sold boutique condos
and revenue from Fragrance's 18 hotels islandwide. But Fragrance -
one of the few property companies that did better this year than last
year - was an exception to the real estate riches rule.

Some other property bigwigs found their fortunes halved as the market
slowed and stock prices tumbled. Upmarket developers such as SC
Global's Simon Cheong and Ho Bee Group's Chua Thian Poh suffered
especially from the downturn in the luxury homes segment.

Mr Cheong, who made his debut on the list last year, fell from 15th
place to 22nd as his net worth fell from US$480 million (S$680
million) to US$245 million. Mr Chua slipped from 13th position last
year to 20th this year after his fortune fell from US$500 million to
US$260 million.

Mr Cheng Wai Keung, chairman of property and retail group Wing Tai
Holdings, saw his wealth plunge to US$255 million from US$475 million
last year after the company's stock fell 50 per cent.

Generally, the rankings released yesterday remained much the same as
last year, particularly in the top spots.

Property magnate Ng Teng Fong, who heads Far East Organization, was
named Singapore's richest man for the second year in a row. His
fortune rose from US$6.7 billion last year to US$7 billion.

Mr Ng was again followed by the family of the late banker Khoo Teck
Puat, who are worth US$6.1 billion, up from US$5.7billion last year.

United Overseas Bank chairman Wee Cho Yaw also kept his third spot
with a family fortune valued at US$3.6 billion, from US$3.3 billion
last year.

In fifth and seventh places are Singapore's newest billionaires: Mr
Kuok Khoon Hong of Wilmar International and remisier-turned-investor
Peter Lim.

Mr Kuok, who founded Wilmar as a tiny palm oil outfit and turned it
into one of Asia's largest agribusinesses, saw his stock surge nearly
a third in the last year due, in part, to soaring palm oil prices.

Mr Lim, coincidentally, also got rich off Wilmar. He bet on Mr Kuok's
success with an early investment in the palm oil producer and is now
reaping the benefits.

Commodities also launched Mr Sunny Verghese, the chief of cashew and
cocoa trader Olam International, into the rich list for the first
time. He debuted in 39th place with a fortune of US$125 million.

Another new entry was Mr Wong Fong Fui, the chief executive of
Boustead Singapore, whose successful turnaround of one of Singapore's
oldest companies echoes his own classic rags-to-riches story.

Forbes said Mr Wong was born into a poor family and worked as a tree
tapper on a Malaysian rubber plantation when he was seven. He was
accepted into a secondary school after he wrote an essay, with the
following lines: 'I tap rubber trees. I see rubber trees in the
morning. I see rubber trees in the evening. I see rubber trees every
day, day in, day out. Rubber trees, rubber trees. I hate rubber
trees.'

As always, shipping magnates sailed smoothly into the wealth
rankings. In the top 20 alone were Labroy Marine's Tan Boy Tee,
Yantai Raffles' Brian Chang, Pacific International Lines' Chang Yun
Chung, Singapore Shipping Corp's Ow Chio Kiat and Ezra Holdings' Lee
Kian Soo.

Notable dropouts this year include fashion entrepreneur-turned-high-
end hotelier Christina Ong, wife of tycoon Ong Beng Seng. Her fortune
was dragged down by the falling stock price of bag maker Mulberry, in
which she has a stake.

After her removal, only three women remain on the list: Ms Olivia
Lum, founder of water treatment firm Hyflux; Ms Vivian Chandran, the
widow of energy firm Chemoil founder Robert Chandran; and Mrs
Margaret Lien, the widow of banker Lien Ying Chow. The total net
worth of the richest 40 remained at US$32 billion.