Singapore Property Billionaire Plays The Long Game With Trophy Acquisitions
Senior editor covering Asian deals, billionaires, and entrepreneurs
Singapore Property Billionaire Plays The Long Game With Trophy Acquisitions This article is a part of Forbes’ 2024 Singapore’s Richest coverage.
During a press conference in August, Kwek Leng Beng, the executive chairman of the real estate company City Developments, said, “I grab opportunities when everyone is scared.” The 83-year-old millionaire has courageously doubled in, inking agreements worth about S$1.1 billion ($837 million) so far this year, while central banks continue to tighten their grip on interest rates.
Ahead of the 2016 Olympic Games in the French capital, in May, the famous Hilton Paris Opera hotel was purchased for €240 million ($260 million). Built in 1889, the 268-room facility was purchased from a Blackstone fund and is the third Paris hotel in the group’s holdings. Trophy assets have long been Kwek’s focus. His surprise partnership with Saudi Prince Alwaleed bin Talal bin Abdulaziz al Saud to purchase the Plaza Hotel in New York from an overextended Donald Trump nearly three decades ago made headlines. (In 2013, they sold the venerable hotel.)
In the first half of 2024, City Developments’ net profit climbed by almost a third to S$88 million, in part due to higher contributions from its office and hotel buildings. However, due to a 42% decline in residential sales, revenue fell to S$1.6 billion. Kwek’s family is the recipient of his $11.5 billion inheritance.