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Hiranandani bros among Singapore's richest property tycoons
Indian origin property magnate Raj Kumar Hiranandan and Asok Kumar Hiranandani( see left) have been named among Singapore's top ten richest property tycoons and the two have a collective net worth of $ 2.6 billion, says a Wealth-X report.
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Hiranandani bros among Singapore's richest property tycoons
Raj Kumar Hiranandani (see left), owner of the Royal Holdings Organisation was placed in the second position with a net worth of $1.4 billion, while Asok Kumar Hiranandani, chairman of the Royal Group was ranked seventh on the list with a fortune of $1.2 billion.
Members of the Kwee and Hiranandani families took six of the ten spots on a wealth-X ranking of Singapore's wealthiest real estate tycoons, ultra high net worth (UHNW) intelligence and prospecting firm Wealth-X said.
"Collectively the six brothers from these two families hold $7.2 billion in assets - nearly half of the $15.57 billion combined net worth of their peers on the list," the report said.
The four Kwee brothers of the Pontiac Land Group – a luxury property development company specialising in commercial, residential, hospitality, and retail properties -collectively have a net worth of $4.6 billion.
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Hiranandani bros among Singapore's richest property tycoons
The list was topped by Philip Ng Chee Tat of Far East Organisation whose personal net worth stood at $ 5.2 billion. He succeeded his father as head of the business in 1991.
Others on the list include Kwee Liong Phing ranked fourth with a net worth of $ 1.2 billion, Zhong Sheng Jian (5th, $ 1.2 billion), Koh Wee Meng (6th, $ 1.2 billion), Kwee Liong Seen (8th, $ 1.1 billion), Kwee Liong Keng (9th, $ 1 billion) and Chua Thian Poh (10th, $ 950 million).
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Hiranandani bros among Singapore's richest property tycoons
Only two individuals on the list are sef-made, while the rest of the individuals on the list inherited some of their wealth, but have also expanded their fortunes through their own business endeavours, Wealth-X said.
There are 1,355 UHNW individuals in Singapore with a combined net worth of $ 160 billion, according to the Wealth-X and UBS World Ultra