Singapore’s Billionaire Kwee Brothers Anoint Next Gen To Build Their Property Empire’s Future This story appears in the September 2024 issue of Forbes Asia
Singapore’s Billionaire Kwee Brothers Anoint Next Gen To Build Their Property Empire’s Future One of Singapore’s major family-owned property businesses, Pontiac Land, which started as a textile trade company in 1961, had a significant generational change in May. The four sons of the late founder Henry Kwee of Pontiac, Melissa Kwee (daughter of Kwee Liong Tek, whose son Evan is still vice chairman of their Capella Hotel Group), Philip Kwee (son of Kwee Liong Seen), and Kwee Ker Fong (son of Kwee Liong Phing), made the long-planned decision to step down from the board of the privately held company.
During the transition, Kwee Liong Tek, who is currently chairman emeritus, was replaced as Pontiac’s first independent chairman by retired civil servant Peter Ong, the former chairman of Enterprise Singapore. Additionally, Andrew Ang, a former senior judge, and Moses Lee, a former head of Singapore’s Tote Board, were inducted as independent directors by Pontiac.
Recognized throughout the nation-state for its artistic masterpieces, including as the $400 million resort complex in the Maldives called Fari Islands, and the Ritz-Carlton and Conrad Centennial hotels, Pontiac has also made a significant international presence. The upscale hotel company Capella now runs eight properties, with plans to open eleven more in Bangkok, Shanghai, and Sydney.