Peter Lim has done Singapore proud. He is now the owner of Valencia football club. I know that this is probably already stale news but it is a moment to be savoured nonetheless. How many Singaporeans do you know that actually own football clubs?
I think it is rather good publicity for Singapore since many Europeans probably do not even know where Singapore is. And what better way to gain some publicity than to own one of their very own football clubs.
Anyway, Peter Lim had previously made a bid for Liverpool. That deal did not come to pass so I was thinking that this deal might also not come through. Glad that it did come through in the end.
For those who don't know Peter Lim, he used to be a stock remisier who made it big in the Singapore stock market. He married an ex-actress, Cherie Lim. Believe he also has a daughter, Kim Lim, who is 22 years old and is currently studying in Singapore Institute of Management. Recall reading in the news that his family stays in an entire 11 storey condominium tower around the Orchard area.
For those who don't know, Peter Lim is also said to be quite active in charity work. His involvement in the local football scene also saw the SOF-Peter Lim Charity Cup (an exhibition fundraiser match) held in 2013.
Wishing him the very best of success in his ownership of Valencia.
Showing posts with label Singapore's 40 Richest. Show all posts
Showing posts with label Singapore's 40 Richest. Show all posts
Ng Teng Fong Family - Singapore's 40 Richest
Ng Teng Fong, born in 1928 in the small rustic prefecture-level city of Putian, located within the eastern province of Fugian, People’s Republic of China was never a stranger to hard work. As a boy and eldest of eleven siblings he learned early on the value of perseverance. His parents moved the family to Singapore when Ng was at the tender age of six to pursue a family owned soya sauce factory and grocerry shop. He worked arduously to contribute to the success of his family’s business as a factory hand and repairman of bicycles for years and as the eldest son, was expected to carry on the family legacy. Ng Teng Fong however had other aspirations, which to the chagrin of his parents did not involve the soya sauce business.
In 1950, Ng set out to realize his goal of becoming a business mogul in his own right. What he lacked in formal education he made up for in desire, ambition and internal fortitude. After a failed provision shop venture, Ng was able to rebound acquiring enough funds to establish his own property development company in 1960. Under the capable tutelage of billionaire Eliya Thamby, the Far East Organization (FEO) was born and all of Ng’s dreams were finally realized.
A billion dollars is quite an outstanding net worth for any family let alone one person. The astronomical figure has easily made Ng Teng Fong named number one in Forbes Asia while he was alive. And although rich beyond comprehension, his lifestyle was a complete oxymoron to his financial worth. Not one to indulge in the flamboyant and extravagant self-deserving life that most billionaires thrust themselves into; Fong lived a rich but humble life. Although one of the largest real estate developers in Hong Kong, Fong lived in the same house for over thirty years and was known for packing his lunches. The simplicity of his lifestyle was in direct contract contrast to the fortune he had accomplished. Perhaps his simple lifestyle was because of his humble means that he was raised, or being in the position of poverty as a young man may have been the reason for his modest living.
As the first of its achievements FEO developed a housing community comprised of 72 terrace houses at Jalan Pacheli in Serangoon Gardens, in Singapore. These homes, as part of the now exclusive Singapore community, sold for $20,000 each in 1962. Following closely on the heels of this success Ng ambitiously threw his hat into the hotel arena constructing a $5.5 million Singapore Forum Hotel on Orchard Road. The first in a very illustrious portfolio of luxury residences the Forum Hotel boasted an Asian inspired experiential experience that is still coveted today.
With the success of that development, the company ventured off into hotels. From there, his developments continued to flourish, in hotels, residential developments and other endeavors. And although he was on a steady slope of success, he did nearly go bankrupt when a local institution withdrew credit facilities. However, with creative financing strategies, he rebounded and maintained his successful and ever growing business in the long run.
Ng established many companies throughout his career and in addition, he would purchase large land opportunities for retain and commercial developments. He was also aggressive at purchasing land during the property crash in the early 1980s, which later proved to be an intelligent business move. His investments and smart business practices sustained his companies and businesses through downturns. He became known for his prudence in property and acquiring new land.
After several decades of diversification and expansion Ng Teng Fong had launched his company into the forefront and by 1994 his portfolio was estimated at HK$60 billion in property holdings in Hong Kong. His expansion endeavors dubbed him the “King of Orchard Road” as he continued to exercise dominion over Singapore’s prime shopping district with the construction of Lucky Plaza in 1978, Orchard Plaza in 1981, Far East Place in 1983 and Claymore Plaza in 1994.
As his net worth continued to ascend into the higher billions, Ng remained grounded. The Sino Group’s famous developments include the Conrad Hong Kong grand Royal Pacific hotels, Central Plaza in Wanchai and the Centrium in the Central district. He became one of Hong Kong’s largest real estate developers and one of the largest landholders.
Ng Teng Fong’s financial savvy coupled with his aggressive acquisition practices preserved the health of FEO even through several economic downturns. The patriarch Ng Teng Fong, died at the age of 82 on February 2, 2010 of a cerebral hemorrhage and is survived by his wife, Tan Kim Choo, his two sons Richard Ng and Philip Ng and seven other children. At his death, Ng was at an estimate 7.8 billion dollars.
Today the estate is estimated to have about a net worth of $9.2 billion with the number one spot among the 40 richest families in Singapore. His true rags to riches story is one that only dream of accomplishing. As Forbes Asia richest man, his inspirational professional journey led him to develop over 1,000 properties. His sons carry on the family business.
Ng Teng Fong left a legacy of hard work, financial prowess and dedication. His two eldest sons have equipped with their father’s financial savvy and have continued along the same successful current of business. Philip Ng is an MIT graduate and manages Singapore's interest (FEO) while brother, Richard Ng manages the Hong Kong side of business (Sino Group). Together, they are the coexcutors of their father's estate. A hospital to be built in Jurong will be named Ng Teng Fong hospital.
In 1950, Ng set out to realize his goal of becoming a business mogul in his own right. What he lacked in formal education he made up for in desire, ambition and internal fortitude. After a failed provision shop venture, Ng was able to rebound acquiring enough funds to establish his own property development company in 1960. Under the capable tutelage of billionaire Eliya Thamby, the Far East Organization (FEO) was born and all of Ng’s dreams were finally realized.
A billion dollars is quite an outstanding net worth for any family let alone one person. The astronomical figure has easily made Ng Teng Fong named number one in Forbes Asia while he was alive. And although rich beyond comprehension, his lifestyle was a complete oxymoron to his financial worth. Not one to indulge in the flamboyant and extravagant self-deserving life that most billionaires thrust themselves into; Fong lived a rich but humble life. Although one of the largest real estate developers in Hong Kong, Fong lived in the same house for over thirty years and was known for packing his lunches. The simplicity of his lifestyle was in direct contract contrast to the fortune he had accomplished. Perhaps his simple lifestyle was because of his humble means that he was raised, or being in the position of poverty as a young man may have been the reason for his modest living.
As the first of its achievements FEO developed a housing community comprised of 72 terrace houses at Jalan Pacheli in Serangoon Gardens, in Singapore. These homes, as part of the now exclusive Singapore community, sold for $20,000 each in 1962. Following closely on the heels of this success Ng ambitiously threw his hat into the hotel arena constructing a $5.5 million Singapore Forum Hotel on Orchard Road. The first in a very illustrious portfolio of luxury residences the Forum Hotel boasted an Asian inspired experiential experience that is still coveted today.
With the success of that development, the company ventured off into hotels. From there, his developments continued to flourish, in hotels, residential developments and other endeavors. And although he was on a steady slope of success, he did nearly go bankrupt when a local institution withdrew credit facilities. However, with creative financing strategies, he rebounded and maintained his successful and ever growing business in the long run.
Ng established many companies throughout his career and in addition, he would purchase large land opportunities for retain and commercial developments. He was also aggressive at purchasing land during the property crash in the early 1980s, which later proved to be an intelligent business move. His investments and smart business practices sustained his companies and businesses through downturns. He became known for his prudence in property and acquiring new land.
After several decades of diversification and expansion Ng Teng Fong had launched his company into the forefront and by 1994 his portfolio was estimated at HK$60 billion in property holdings in Hong Kong. His expansion endeavors dubbed him the “King of Orchard Road” as he continued to exercise dominion over Singapore’s prime shopping district with the construction of Lucky Plaza in 1978, Orchard Plaza in 1981, Far East Place in 1983 and Claymore Plaza in 1994.
As his net worth continued to ascend into the higher billions, Ng remained grounded. The Sino Group’s famous developments include the Conrad Hong Kong grand Royal Pacific hotels, Central Plaza in Wanchai and the Centrium in the Central district. He became one of Hong Kong’s largest real estate developers and one of the largest landholders.
Ng Teng Fong’s financial savvy coupled with his aggressive acquisition practices preserved the health of FEO even through several economic downturns. The patriarch Ng Teng Fong, died at the age of 82 on February 2, 2010 of a cerebral hemorrhage and is survived by his wife, Tan Kim Choo, his two sons Richard Ng and Philip Ng and seven other children. At his death, Ng was at an estimate 7.8 billion dollars.
Today the estate is estimated to have about a net worth of $9.2 billion with the number one spot among the 40 richest families in Singapore. His true rags to riches story is one that only dream of accomplishing. As Forbes Asia richest man, his inspirational professional journey led him to develop over 1,000 properties. His sons carry on the family business.
Ng Teng Fong left a legacy of hard work, financial prowess and dedication. His two eldest sons have equipped with their father’s financial savvy and have continued along the same successful current of business. Philip Ng is an MIT graduate and manages Singapore's interest (FEO) while brother, Richard Ng manages the Hong Kong side of business (Sino Group). Together, they are the coexcutors of their father's estate. A hospital to be built in Jurong will be named Ng Teng Fong hospital.
Singapore Millionaires - Lots More by 2016
According to Credit Suisse's Global Wealth Report, Singapore is ranked no.5 in the top 10 countries with the highest average wealth per adult in 2011. The figure amounts to USD$284,692 per adult. Australia is in 2nd place with USD$396,745. Switzerland is ranked 1st with average wealth of USD$540,010.
Based on the data, it also seems that by 2016, around 408,000 Singaporeans will be millionaires. That is quite a significant number of millionaires in tiny Singapore.
Most Singaporeans who read this are probably thinking: "How is possible that it is so easy for so many Singaporeans to be millionaires?" Well, the exact same thoughts are actually running through my head. Just doing a basic calculation of my annual pay package (inclusive of bonuses) and I figure that I need a minimum of 14-15 years just to make a million dollars. This is of course based on the assumption that my pay stagnates and does not increase at all. Another assumption made is that I also save all my salary and do not spend a single cent.
With such a simplistic calculation, it will take me till I am almost close to 50 years old to actually earn a grand total of one million dollars. And this is in Singapore dollars not US dollars.
Looks like I won't be making it in the 2016 list. Perhaps 2025?
Singapore's 40 Richest
Singapore's 40 richest are now apparently worth a collective total of US$54.4 billion based on a Straits Times report that cites the rich list published by Forbes Asia. It somehow shows that the wealthy have managed to increased their networth despite a turbulent economy and a very weak stock market.
At the top of the list with US$8.9billion is the family of the late Ng Teng Fong. This was up by US$1.1 billion. Their wealth is tied closely to their 2 largest property holdings - Far East Organisation and another Hong Kong listed property firm.
Second on the list is family of the late Khoo Teck Puat at US$6.7 billion. They are invested in Goodwood Park Hotel.
There were also newcomers to the billionaire list.
Peter Lim - Almost Liverpool Owner.
So the news is out. Peter Lim withdrew his offer for Liverpool after its owners did not revert back on his better offer than New England Sports Ventures (NESV). And NESV are now the proud new owners of Liverpool which just lost 2-0 to Everton. Liverpool now stands at the 2nd last in the English Premier League and are in the relegation zone. Of course, it is still way to early in the season to tell.
I guess it is really a pity that our very own Singaporean billionaire did not get the chance to be the owner of Liverpool FC. Imagine the limelight it will throw on Singapore. A Singapore owner for one of the top football clubs in Europe and England! What a pity. I guess most people underestimate how such things can actually bring so much other untold benefits to Singapore.
For one, readership of this blog went skyhigh during the news of Peter Lim making an offer to buy Liverpool. My readership for this blog hit record highs for a few days consecutively. Too bad the news has died down almost as fast as it started. And I am sure many Singaporean Liverpool fans are sorely disappointed.
I guess we can only think about all the "what ifs" now.
Perhaps Manchester United next ? =)
I guess it is really a pity that our very own Singaporean billionaire did not get the chance to be the owner of Liverpool FC. Imagine the limelight it will throw on Singapore. A Singapore owner for one of the top football clubs in Europe and England! What a pity. I guess most people underestimate how such things can actually bring so much other untold benefits to Singapore.
For one, readership of this blog went skyhigh during the news of Peter Lim making an offer to buy Liverpool. My readership for this blog hit record highs for a few days consecutively. Too bad the news has died down almost as fast as it started. And I am sure many Singaporean Liverpool fans are sorely disappointed.
I guess we can only think about all the "what ifs" now.
Perhaps Manchester United next ? =)
Remisier King Peter Lim Offers $750m for Liverpool
Peter Lim had increased his bid for Liverpool to fend off US rivals. Besides offering to clear the debts of Liverpool, he is also willing to give an immediate cash injection of 40 million pounds for the football club to buy new players. His bid is also attractive as it does not require an financing.
This comes amidst a bitter court battle over the sale of Liverpool. The other two bidders are New England Sports Ventures (NESV) and Mill Financial (a US hedge fund).
Mr Lim is the son of a fishmonger and is revered in Singapore financial circles for being an extremely savvy investors. Known as the "remisier king", he amassed a large fortune and had a winning touch in various companies - the biggest being that in Wilmar International which grew from $10 million initial investment to close to $2 billion today.
He however has business relationship with Manchester United and has the sole rights to own, operate and develop a chain of the famous club's restaurants across Asia. Whether he will give up the venture remains unknown.
The fate of offer will however depend on the court battle that is currently being waged between Liverpool's owners and chairman. The Liverpool owners want to stop the sale as they claim the price is too low. If the court rules in favor of the current Liverpool American owners, the club is likely to go into administration and will lose even more points in the Premier League.
Being a savvy investor, Peter Lim certainly must know what he is doing and while English media and fans are wary of the bid, Singaporeans here are cheering that our very own local hero could potentially own one of the biggest sporting clubs in English football history. Others have however questioned whether that money could be invested in the ailing local soccer scene which would benefit in a big way from that amount.
As Andy Ho, president of the local Liverpool supporters' club says: " This will put Singapore on the world football map."
Peter Lim Makes Offer for Liverpool
Former remisier king has made an offer to buy over Liverpool.
Well done! Our very own Singaporean billionaire who can afford to buy over a well-known English football club. I wrote about Peter Lim some time back under this post.
So how will this impact me?
Well, just yesterday, I saw my blog views on this blog jump to over 2000 page views in a single day just on that post alone.
I guess the hype about this new potential owner of Liverpool has got many people Googling his name and landing up on my blog.
Well done! Our very own Singaporean billionaire who can afford to buy over a well-known English football club. I wrote about Peter Lim some time back under this post.
So how will this impact me?
Well, just yesterday, I saw my blog views on this blog jump to over 2000 page views in a single day just on that post alone.
I guess the hype about this new potential owner of Liverpool has got many people Googling his name and landing up on my blog.
Singapore 40 Richest - Tay Liam Wee
“We are more than that; we are in the business of creating time.” - Tay Liam Wee
Mr Tay Liam Wee has an estimated networth of around S$135m.
The son of the group’s founder, Tay Boo Jiang, Tay Liam Wee began his work experience in Sincere Watch Limited in his teenage years during his summer holidays, starting right at the bottom as an across-the-counter watch salesman. He learned the trade fast and worked his way up.
In 1984, upon graduating from the Lakehead University in Canada, Liam Wee joined the group as the executive managing director and created a new chapter in the history of Sincere. In the face of stiff competition in a fast-evolving environment, Liam Wee’s acute business acumen and strong spirit of entrepreneurship transformed a traditional watch company into an international established watch group.
Liam Wee conceptualised the four business pillars – the Fine Watch Retailing, Travel Watch Retailing, Brand Management and Lifestyle Watch Retailing - which would later form the foundation on which the Sincere Watch business is now built.
As the executive director, Liam Wee first introduced the concept of Fine Watch Retailing where his excellent interpersonal relationships with the watch makers and his keen understanding of the watch industry enabled him to acquire the distributorships of prestigious brands such as Patek Philippe, Jeager-LeCoultre, Audermars Piguet and Girard-Perregaux, thereby elevating the status of Sincere Watch to a brand to be reckoned with.
Recognising the desire of customers for a total shopping experience, Liam Wee pioneered service quality in Sincere Watch by enforcing a strict shirt and tie dress code on the shop level. Sales managers dressed in shirts and ties was a concept that was unheard of in the early eighties, and it helped distinguish Sincere Watch as an upmarket boutique in which to enjoy and purchase a prestigious watch. To further enhance fine watch retailing, Liam Wee enrolled the Sincere Watch’s sales staff in Service Quality (SQ) training courses established by the National Productivity Board and Singapore Airlines.
Liam Wee was named the Ernst & Young Entrepreneur of The Year Singapore 2004. This prestigious award honours entrepreneurs whose ingenuity and perseverance have created and sustained successful, growing business ventures. The Lifestyle & Retail Entrepreneur of The Year Award also went to Liam Wee and these two awards are a reflection of the resilience and determination of the team at Sincere Watch. Receiving these awards during the year of its 50th founding anniversary has made it all the more significant for Sincere Watch.
Amongst the record achievements for 2004, Sincere Watch is one of the six Singapore companies to make it into Forbes’ “Best Under a Billion” list of companies in the Asia-Pacific.
In 2005, Sincere Watch Limited was promoted to Main Board Listing of the SGX. In addition, in line with Sincere’s aim to promote the culture of horology and to develop an appreciation for the art of watchmaking among consumers and the media, there are plans to set up a Watch Academy. Liam Wee believes that this proposed Watch Academy, which is the first-of-its-kind in the world, will reinforce Singapore’s leading position in the global watch industry and provide an engine of growth in the coming years.
Mr Tay Liam Wee has an estimated networth of around S$135m.
The son of the group’s founder, Tay Boo Jiang, Tay Liam Wee began his work experience in Sincere Watch Limited in his teenage years during his summer holidays, starting right at the bottom as an across-the-counter watch salesman. He learned the trade fast and worked his way up.
In 1984, upon graduating from the Lakehead University in Canada, Liam Wee joined the group as the executive managing director and created a new chapter in the history of Sincere. In the face of stiff competition in a fast-evolving environment, Liam Wee’s acute business acumen and strong spirit of entrepreneurship transformed a traditional watch company into an international established watch group.
Liam Wee conceptualised the four business pillars – the Fine Watch Retailing, Travel Watch Retailing, Brand Management and Lifestyle Watch Retailing - which would later form the foundation on which the Sincere Watch business is now built.
As the executive director, Liam Wee first introduced the concept of Fine Watch Retailing where his excellent interpersonal relationships with the watch makers and his keen understanding of the watch industry enabled him to acquire the distributorships of prestigious brands such as Patek Philippe, Jeager-LeCoultre, Audermars Piguet and Girard-Perregaux, thereby elevating the status of Sincere Watch to a brand to be reckoned with.
Recognising the desire of customers for a total shopping experience, Liam Wee pioneered service quality in Sincere Watch by enforcing a strict shirt and tie dress code on the shop level. Sales managers dressed in shirts and ties was a concept that was unheard of in the early eighties, and it helped distinguish Sincere Watch as an upmarket boutique in which to enjoy and purchase a prestigious watch. To further enhance fine watch retailing, Liam Wee enrolled the Sincere Watch’s sales staff in Service Quality (SQ) training courses established by the National Productivity Board and Singapore Airlines.
Liam Wee was named the Ernst & Young Entrepreneur of The Year Singapore 2004. This prestigious award honours entrepreneurs whose ingenuity and perseverance have created and sustained successful, growing business ventures. The Lifestyle & Retail Entrepreneur of The Year Award also went to Liam Wee and these two awards are a reflection of the resilience and determination of the team at Sincere Watch. Receiving these awards during the year of its 50th founding anniversary has made it all the more significant for Sincere Watch.
Amongst the record achievements for 2004, Sincere Watch is one of the six Singapore companies to make it into Forbes’ “Best Under a Billion” list of companies in the Asia-Pacific.
In 2005, Sincere Watch Limited was promoted to Main Board Listing of the SGX. In addition, in line with Sincere’s aim to promote the culture of horology and to develop an appreciation for the art of watchmaking among consumers and the media, there are plans to set up a Watch Academy. Liam Wee believes that this proposed Watch Academy, which is the first-of-its-kind in the world, will reinforce Singapore’s leading position in the global watch industry and provide an engine of growth in the coming years.
He sold 50% stake in family business Sincere Watch in early 2008 to Hong Kong watch retailer and distributor Peace Mark at a market high. In Sep 2008, it was reported that he resigned from Peace Mark as director(see article below. Peace Mark ran into financial problems and now Sincere is being sold. Tay is considering bidding with other investors to buy it back.
Read Related Articles:
2. Peter Lim
Just a sampling of some of the posts of this blog to get the newcomer started.
Real Estate Investment Trusts (REITs)
What are REITs?
Buy Property or Invest in REITs?
Why Invest in REITs?
Singapore REITs - History and Regulations
Income Investing - REITs
REITs trading below Net Asset Value
Commodities/Gold/Silver
Buy Silver in Singapore
Is Gold and Silver Still a Buy?
Insurance
Cheapest Insurance in Singapore?
Can You Trust Your Financial Planner?
Popular Reads
How Much to Give for Chinese Weddings
How Much to Give for Church Weddings
A Brutally Honest Post
Real Estate Investment Trusts (REITs)
What are REITs?
Buy Property or Invest in REITs?
Why Invest in REITs?
Singapore REITs - History and Regulations
Income Investing - REITs
REITs trading below Net Asset Value
Commodities/Gold/Silver
Buy Silver in Singapore
Is Gold and Silver Still a Buy?
Insurance
Cheapest Insurance in Singapore?
Can You Trust Your Financial Planner?
Popular Reads
How Much to Give for Chinese Weddings
How Much to Give for Church Weddings
A Brutally Honest Post
Peter Lim
Not too sure where this article originated from. It seems like the New Paper. Found it on one of the forums and pasting it here to share with all. Basically, it is about billionaire Peter Lim (one of Singapore's 40 Richest). The article is as attached below: 
WHEN the Singapore stock market took a sharp dive lastweek, it wiped out more than $100million of his stock's value.
But former remisier king Peter Lim did not lose sleep over it.
Why? 'I've been a stock broker for all my life - I've seen all the crashes, financial crisis, where really, it's only a paper loss,' replied the self-made billionaire.
'Just make sure you are not jammed with cash flow.'
Mr Lim was referring to his almost 5 per cent investment in Wilmar International which saw its share price move from a high of $3.78 to a low of $2.89 in the space of a month. The share price last closed at $3.
To him, his wealth is less important than his family and philanthropy. His attitude towards money is almost casual. It reflects his philosophy on investing and wealth.
For those who feel they are badly mauled by the current share doldrums, Mr Lim has this piece of wisdom to share: 'I used to say to my friends, 'When you are holding stocks, if it goes up, don't be too happy; when it goes down, don't be too sad'.
'Otherwise, how? Your life will also be fluctuating and you'll die of a heart attack.
'If you really lose sleep over it, maybe the best way is to keep the money in thebank.'
So what does he lose sleep over?
He replies with a laugh: 'My kids. Like other parents, I worry about what they're doing and whether they'll pass their exams.'
On Thursday, he made his debut in Forbes' latest rankings as Singapore's seventh-richest man, with a reported net worth of US$830m illion.
Mr Lim revealed that he intends to give a large part of his money to society later. How will Singapore benefit?
Through his pet cause: Education.
He made this revelation quite casually, as if he were talking about the weather.
He said: 'I think it's very likely (that) a big part of my wealth will be directed towards education.'
'It will be either a straight donation towards assisting educational institutions or maybe I'll set up a foundation.'
He supports Prime Minister Lee Hsien Loong's call at the recent National Day Rally for more Singaporeans to make charitable contributions.
Mr Lim echoed PM Lee's views that it is happening all over the world, and especially in the US.
'Asia is a bit behind because generally, when you have money, you think of your sons and your daughters when you die.
'But I think it has changed a lot here, principally because now, the wealth isbigger.'
He was reluctant to reveal his charitable contributions over the years, except to say that much of it was anonymous and that in the early '90s, he was one of the earlier donors to the National Kidney Foundation.
HELPS POOR
His friend, Mr Dennis Foo, chief executive of St James Power Station, later told The New Paper that Mr Lim not only donates money, he also takes it upon himself to deliver food, like rice and cooking oil, to needy families in one-room flats and old folks' homes.
Why education?
Mr Lim said: 'Education must be cheap and accessible to anyone.
'For me, I was the son of a fishmonger, but I could still go to the best school. I had the opportunity to make money. There's no discrimination.
'I think this policy of meritocracy actually works. It's very very fair and nobody cancomplain.'
The New Paper managed to get hold of Mr Lim last Wednesday, after his meetings and before he left for a short trip overseas.
The publicity-shy tycoon was extremely reluctant to talk about his wealth. It didn't help that he again made news recently with his involvement in one of Singapore's largest reverse takeover bids, with his investment vehicle Rowsley buying up a chunk of a China solar power company.
But he agreed after some persuasion. He met us at Brewerkz, which he also has a stake in, at Riverside Point two hours before his flight.
Dressed in a polo T-shirt which has seen better days, a pair of cargo pants and trainers, he certainly didn't seem to wear his wealth on his sleeves.
Why so casual? He replied that he plans to sleep on his flight.
DOESN'T MONITOR
Ironically, Mr Lim, who was one of Singapore's leading stockbrokers and is now a private investor, does not monitor the stock market every day.
He goes through the financial reports of companies; he watches financial news to get a summary of what is happening, but he does not track the daily ups and downs of the stock he owns.
He said: 'I only check in intervals, depending on the company.
'If it's a structured company, then (I check) when the results come out. For the bigger ones, quarterly results; for smaller ones, twice a year. But if it's a start-up, I'll check it more regularly.'
Mr Lim made headlines in the late-'80s as a star remisier, in the mid-'90s in his divorce battle and in early 2000 for his involvement in the first instalment of the Raffles Town Club court saga.
Much of his wealth now comes from a single investment: Palm oil.
In the early '90s, he invested about US$10 million in a start-up Indonesian palm-oil company, Wilmar. Today, his almost-5 per cent stake is worth more than US$700 million.
This is a far cry from his humble beginnings. When he was young, he said, he did not even have his own room in the two-bedroom government flat he shared with 11 others.
He grew up, with three brothers and four sisters, in one of Singapore's oldest public housing estates, Bukit Ho Swee.
His father was a fishmonger and his mother a housewife and the size of the flat was the equivalent of a three-room HDB flat today, hesaid.
He slept in the living room, or wherever he could find space to lay his mattress down for the night.
On his wealth now, he said: 'It's no different from what it was before I had the money. It makes no difference after apoint.
'Like what they say, you can only talk louder. You can only eat so much and fly so many trips.
'Money lets you enjoy a lot of things, but I don't think I'll die without money.
'I don't think I'm eating a lot better than when I was a lot poorer than now. I don't really go for very special kinds of food. I'm still very local. I like my mee siam, mee rebus and lontong.'
When his father died in the late '60s, when Mr Lim was 22 years old.
Mr Lim completed his secondary school education in Raffles Institution and was an officer in National Service.
It was then, at the age of 18, that he bought his first lot of shares.
Did he make a killing?
'In fact, I lost money,' he laughed.
But not much.
'I was only paid $385 a month, so I can't have bought, or lost, very much.'
He then went to Perth to further his studies at the University of Western Australia.
To fund his university education, he said, he worked part-time doing odd jobs as a taxi-driver, cook and waiter.
It was one of these jobs - in the Australian fast-food chain Red Rooster - that opened his eyes to how business was done.
'I watched how they started, how they grew, and how they scaled up.'
It was also in university where he honed his instincts and skills as an investor.
He graduated with a degree in accounting and finance and stepped out into the working world.
'My first job was as an accountant. It lasted three months,' he said with a chuckle.
He did some tax consultancy before he went into stocks, he said.
Mr Lim is in his element when dealing with numbers. 'It's something I'm very comfortable with, something I understand.
'Give me any numbers. I look at (them) and I'm happy. It can be in any industry. You give me the numbers; somehow I can figure it all out.'
--------------------------------------------------------------------------------
His secret to investing is...
WHAT is Peter Lim's secret to successful investing?
Prospect, he replied.
He looks at sectors.
'Like if I think solar is good, I go into solar; if I think palm oil is good, then palm oil.
'Share prices go up because the sector grows. So if I think this sector is going to be good in the next 10 years, then I'll just invest in it.'
Another key reason for his success, he said, is patience.
Mr Lim, who also acts as a consultant to companies and helps them find multi-million-dollar investors, does not subscribe to buying one day and selling the next to cash in.
His advice to young investors: 'You have to invest with a longer-term mindset. You buy a good stock, leave it there for 10 years. Come 10 years, this dollar can be many, many multiples.
'I think the trick is really to think long-term.
' You may not have a lot of money, but you have a lot of time.'
'The minimum length of my investments are five to six years, if not 10 to 12 years.'
He cites the example of his condominium.
He owns an entire 11-storey block at prestigious Ardmore Park, near Orchard Road. He and his wife, with his 85-year-old mother, live in one apartment, while three other maisonettes and the penthouse sits empty.
'I bought it in 1994 for $13m and I just hold there and wait. With the current property market, it is worth more than $100m.'
Same with Wilmar, which he invested in in the early '90s. It was then a US$10m investment. Now, his stake is worth some US$700m.
Read Other Things About Peter Lim:
1. Peter Lim - New Owner of Valencia
2. Peter Lim offers $750mil for Liverpool
Read Related Articles:
1. Singapore's 40 Richest
2. Key Lessons from Rich Dad, Poor Dad
3. Donald Trump Lessons
4. David Bach Automatic Millionaire
WHEN the Singapore stock market took a sharp dive lastweek, it wiped out more than $100million of his stock's value.
But former remisier king Peter Lim did not lose sleep over it.
Why? 'I've been a stock broker for all my life - I've seen all the crashes, financial crisis, where really, it's only a paper loss,' replied the self-made billionaire.
'Just make sure you are not jammed with cash flow.'
Mr Lim was referring to his almost 5 per cent investment in Wilmar International which saw its share price move from a high of $3.78 to a low of $2.89 in the space of a month. The share price last closed at $3.
To him, his wealth is less important than his family and philanthropy. His attitude towards money is almost casual. It reflects his philosophy on investing and wealth.
For those who feel they are badly mauled by the current share doldrums, Mr Lim has this piece of wisdom to share: 'I used to say to my friends, 'When you are holding stocks, if it goes up, don't be too happy; when it goes down, don't be too sad'.
'Otherwise, how? Your life will also be fluctuating and you'll die of a heart attack.
'If you really lose sleep over it, maybe the best way is to keep the money in thebank.'
So what does he lose sleep over?
He replies with a laugh: 'My kids. Like other parents, I worry about what they're doing and whether they'll pass their exams.'
On Thursday, he made his debut in Forbes' latest rankings as Singapore's seventh-richest man, with a reported net worth of US$830m illion.
Mr Lim revealed that he intends to give a large part of his money to society later. How will Singapore benefit?
Through his pet cause: Education.
He made this revelation quite casually, as if he were talking about the weather.
He said: 'I think it's very likely (that) a big part of my wealth will be directed towards education.'
'It will be either a straight donation towards assisting educational institutions or maybe I'll set up a foundation.'
He supports Prime Minister Lee Hsien Loong's call at the recent National Day Rally for more Singaporeans to make charitable contributions.
Mr Lim echoed PM Lee's views that it is happening all over the world, and especially in the US.
'Asia is a bit behind because generally, when you have money, you think of your sons and your daughters when you die.
'But I think it has changed a lot here, principally because now, the wealth isbigger.'
He was reluctant to reveal his charitable contributions over the years, except to say that much of it was anonymous and that in the early '90s, he was one of the earlier donors to the National Kidney Foundation.
HELPS POOR
His friend, Mr Dennis Foo, chief executive of St James Power Station, later told The New Paper that Mr Lim not only donates money, he also takes it upon himself to deliver food, like rice and cooking oil, to needy families in one-room flats and old folks' homes.
Why education?
Mr Lim said: 'Education must be cheap and accessible to anyone.
'For me, I was the son of a fishmonger, but I could still go to the best school. I had the opportunity to make money. There's no discrimination.
'I think this policy of meritocracy actually works. It's very very fair and nobody cancomplain.'
The New Paper managed to get hold of Mr Lim last Wednesday, after his meetings and before he left for a short trip overseas.
The publicity-shy tycoon was extremely reluctant to talk about his wealth. It didn't help that he again made news recently with his involvement in one of Singapore's largest reverse takeover bids, with his investment vehicle Rowsley buying up a chunk of a China solar power company.
But he agreed after some persuasion. He met us at Brewerkz, which he also has a stake in, at Riverside Point two hours before his flight.
Dressed in a polo T-shirt which has seen better days, a pair of cargo pants and trainers, he certainly didn't seem to wear his wealth on his sleeves.
Why so casual? He replied that he plans to sleep on his flight.
DOESN'T MONITOR
Ironically, Mr Lim, who was one of Singapore's leading stockbrokers and is now a private investor, does not monitor the stock market every day.
He goes through the financial reports of companies; he watches financial news to get a summary of what is happening, but he does not track the daily ups and downs of the stock he owns.
He said: 'I only check in intervals, depending on the company.
'If it's a structured company, then (I check) when the results come out. For the bigger ones, quarterly results; for smaller ones, twice a year. But if it's a start-up, I'll check it more regularly.'
Mr Lim made headlines in the late-'80s as a star remisier, in the mid-'90s in his divorce battle and in early 2000 for his involvement in the first instalment of the Raffles Town Club court saga.
Much of his wealth now comes from a single investment: Palm oil.
In the early '90s, he invested about US$10 million in a start-up Indonesian palm-oil company, Wilmar. Today, his almost-5 per cent stake is worth more than US$700 million.
This is a far cry from his humble beginnings. When he was young, he said, he did not even have his own room in the two-bedroom government flat he shared with 11 others.
He grew up, with three brothers and four sisters, in one of Singapore's oldest public housing estates, Bukit Ho Swee.
His father was a fishmonger and his mother a housewife and the size of the flat was the equivalent of a three-room HDB flat today, hesaid.
He slept in the living room, or wherever he could find space to lay his mattress down for the night.
On his wealth now, he said: 'It's no different from what it was before I had the money. It makes no difference after apoint.
'Like what they say, you can only talk louder. You can only eat so much and fly so many trips.
'Money lets you enjoy a lot of things, but I don't think I'll die without money.
'I don't think I'm eating a lot better than when I was a lot poorer than now. I don't really go for very special kinds of food. I'm still very local. I like my mee siam, mee rebus and lontong.'
When his father died in the late '60s, when Mr Lim was 22 years old.
Mr Lim completed his secondary school education in Raffles Institution and was an officer in National Service.
It was then, at the age of 18, that he bought his first lot of shares.
Did he make a killing?
'In fact, I lost money,' he laughed.
But not much.
'I was only paid $385 a month, so I can't have bought, or lost, very much.'
He then went to Perth to further his studies at the University of Western Australia.
To fund his university education, he said, he worked part-time doing odd jobs as a taxi-driver, cook and waiter.
It was one of these jobs - in the Australian fast-food chain Red Rooster - that opened his eyes to how business was done.
'I watched how they started, how they grew, and how they scaled up.'
It was also in university where he honed his instincts and skills as an investor.
He graduated with a degree in accounting and finance and stepped out into the working world.
'My first job was as an accountant. It lasted three months,' he said with a chuckle.
He did some tax consultancy before he went into stocks, he said.
Mr Lim is in his element when dealing with numbers. 'It's something I'm very comfortable with, something I understand.
'Give me any numbers. I look at (them) and I'm happy. It can be in any industry. You give me the numbers; somehow I can figure it all out.'
--------------------------------------------------------------------------------
His secret to investing is...
WHAT is Peter Lim's secret to successful investing?
Prospect, he replied.
He looks at sectors.
'Like if I think solar is good, I go into solar; if I think palm oil is good, then palm oil.
'Share prices go up because the sector grows. So if I think this sector is going to be good in the next 10 years, then I'll just invest in it.'
Another key reason for his success, he said, is patience.
Mr Lim, who also acts as a consultant to companies and helps them find multi-million-dollar investors, does not subscribe to buying one day and selling the next to cash in.
His advice to young investors: 'You have to invest with a longer-term mindset. You buy a good stock, leave it there for 10 years. Come 10 years, this dollar can be many, many multiples.
'I think the trick is really to think long-term.
' You may not have a lot of money, but you have a lot of time.'
'The minimum length of my investments are five to six years, if not 10 to 12 years.'
He cites the example of his condominium.
He owns an entire 11-storey block at prestigious Ardmore Park, near Orchard Road. He and his wife, with his 85-year-old mother, live in one apartment, while three other maisonettes and the penthouse sits empty.
'I bought it in 1994 for $13m and I just hold there and wait. With the current property market, it is worth more than $100m.'
Same with Wilmar, which he invested in in the early '90s. It was then a US$10m investment. Now, his stake is worth some US$700m.
Read Other Things About Peter Lim:
1. Peter Lim - New Owner of Valencia
2. Peter Lim offers $750mil for Liverpool
Read Related Articles:
1. Singapore's 40 Richest
2. Key Lessons from Rich Dad, Poor Dad
3. Donald Trump Lessons
4. David Bach Automatic Millionaire
5. Peter Lim's ex son-in-law
And for those supporters of Valencia football club, maybe a scarf will be nice?
Singapore's 40 Richest (2009)
Apparently Singapore is set to become one of the countries in the world with the highest density of millionaires. Read it in the news that the number of households with a supposedly high networth of over $1 million in USD investible assets is up. I figure that out of every 10 households in Singapore, 1 household will likely fall in the "High Networth" category with over USD $1 million in investible assets.
However, the big names in town were recently published in Singapore's 40 Richest. In fact, the total wealth of Singapore's 40 richest has jumped by 20% !! Apparently, the economic crisis has not affected them at all.
I decided to try and see what did the rich invest in and how did they get so rich to have their total wealth increase by over 20% even in this economic climate.
The list of the 40 richest Singaporeans are as follows:
1. Ng Teng Fong (Real Estate)
2. Khoo Family (Hotels? - Goodwood Park)
3. Kuok Khoon Hong (Commodities - Wilmar)
4. Kwee Brothers (Real Estate)
5. Wee Cho Yaw (Banking)
6. Zhong Sheng Jian (Real Estate - Yanlord)
7. Peter Lim (Stocks - Wilmar)
8. Kwek Leng Beng (Real Estate - City Dev)
9. Lee Seng Wee (Banking - OCBC)
10. Ong Beng Seng & Christina Ong (Real Estate, businesses)
11. Lien Family (inheritance - banking)
12. Tan Boy Tee (Business - Labroy Marine)
13. Chang Yun Chung (Shipping)
14. Peter Fu Chong Cheng
15. Ho Sim Guan
16. Chua Thian Poh
17. Kwek Leng Kee
18. Henry Ng
19. Vivian Chandran
20. Koh Wee Meng
21. Olivia Lum
22. Chew Hua Seng
23. Simon Cheong
24. Ow Chio Kiat
25. Cheng Wai Keung
26. Ho Kwon Ping
27. Tan Pong Tyea
28. Lee Kian Soo
29. Yao Hsiao Tung
30. Ng Chwee Cheng
31. Loo Choon Yong
32. Kwek Leng Peck
33. Oei Hong Leong
34. John Chuang
35. Goh Lik Tuan
36. Sunny George Verghese
37. Brian Chang
38. Victor Sassoon
39. Wong Ngit Liong
40. Tay Liam Wee
I got tired after reaching no.13
Basically you get the main idea already. The 40 richest in Singapore basically got rich through the following means:
Real Estate
Banking
Businesses
Inheritance
Makes me wonder... should i start concentrating my efforts on Real Estate and Businesses?
Read Related Articles:
1. Key Lessons from Rich Dad, Poor Dad
2. Donald Trump Lessons
3. David Bach Automatic Millionaire
However, the big names in town were recently published in Singapore's 40 Richest. In fact, the total wealth of Singapore's 40 richest has jumped by 20% !! Apparently, the economic crisis has not affected them at all.
I decided to try and see what did the rich invest in and how did they get so rich to have their total wealth increase by over 20% even in this economic climate.
The list of the 40 richest Singaporeans are as follows:
1. Ng Teng Fong (Real Estate)
2. Khoo Family (Hotels? - Goodwood Park)
3. Kuok Khoon Hong (Commodities - Wilmar)
4. Kwee Brothers (Real Estate)
5. Wee Cho Yaw (Banking)
6. Zhong Sheng Jian (Real Estate - Yanlord)
7. Peter Lim (Stocks - Wilmar)
8. Kwek Leng Beng (Real Estate - City Dev)
9. Lee Seng Wee (Banking - OCBC)
10. Ong Beng Seng & Christina Ong (Real Estate, businesses)
11. Lien Family (inheritance - banking)
12. Tan Boy Tee (Business - Labroy Marine)
13. Chang Yun Chung (Shipping)
14. Peter Fu Chong Cheng
15. Ho Sim Guan
16. Chua Thian Poh
17. Kwek Leng Kee
18. Henry Ng
19. Vivian Chandran
20. Koh Wee Meng
21. Olivia Lum
22. Chew Hua Seng
23. Simon Cheong
24. Ow Chio Kiat
25. Cheng Wai Keung
26. Ho Kwon Ping
27. Tan Pong Tyea
28. Lee Kian Soo
29. Yao Hsiao Tung
30. Ng Chwee Cheng
31. Loo Choon Yong
32. Kwek Leng Peck
33. Oei Hong Leong
34. John Chuang
35. Goh Lik Tuan
36. Sunny George Verghese
37. Brian Chang
38. Victor Sassoon
39. Wong Ngit Liong
40. Tay Liam Wee
I got tired after reaching no.13
Basically you get the main idea already. The 40 richest in Singapore basically got rich through the following means:
Real Estate
Banking
Businesses
Inheritance
Makes me wonder... should i start concentrating my efforts on Real Estate and Businesses?
Read Related Articles:
1. Key Lessons from Rich Dad, Poor Dad
2. Donald Trump Lessons
3. David Bach Automatic Millionaire
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