UAE and Singapore surge up global real estate rankings
A report has shown that transaction volumes in the world's most transparent real estate markets have surged by 64 per cent.
Philip Ng and his brother Robert lead Singapore's real estate billionaires, with a combined net worth of $13.9 billion as of Forbes' latest data. Their family enterprise, Far East Organization, controls the largest private landlord and property developer in the nation. Born in China, the Ng family moved to Singapore in 1934, with the patriarch, Ng Teng Fong, establishing the group and earning the nickname "The King of Orchard Road."
Robert and his son, Daryl, oversee Sino Group in Hong Kong, while Philip manages the Singapore operations.
Ji Qi rounds out the top three with a net worth of $3.4 billion. As the founder and executive chairman of H World Group, he oversees more than 13,000 hotels worldwide under budget and mid-scale brands such as Hi Inn and Ji Hotel. H World Group recently strengthened ties with Accor, one of the world's largest hotel groups, and plans to open 2,200-2,300 hotels while closing 600-700 this year.
Choo Chong Ngen, ranked fourth with $3.2 billion in wealth, built his fortune in textiles before launching the Hotel 81 budget chain in Singapore's red-light district. He later expanded into mid-tier hotels, adding five more brands since 2009. Worldwide Hotels, a privately held empire under Choo's leadership, now comprises 41 hotels across Singapore. His daughter Carolyn has been instrumental in running the business since 2002, while Choo has expanded globally to Australia, Japan, Malaysia, South Korea, and Thailand.
Rounding out the top five is Asok Kumar Hiranandani, founder of Royal Group with a net worth of $2.4 billion. After parting ways with his brother in 2011, Hiranandani now runs Royal Group through his son Bobby. The property group owns the 215-room Sofitel Singapore Sentosa Resort and recently opened Singapore's second Raffles hotel in Sentosa, featuring 62 villas.
In 2022, Hiranandani sold a 134-room hotel in the city's central district for a record SGD240 million and made a record SGD172 million purchase of a property near Orchard Road.
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- Who are Singapore’s 5 richest real estate billionaires? e.vnexpress.net
