Fujian-born Asia property tycoon Ng Teng Fong dies at 82 in Singapore

Updated: 03 Feb 2010
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SINGAPORE—Ng Teng Fong, one of Asia's richest tycoons and the founder and chairman of Singapore's largest unlisted property group, Far East Organization, died Tuesday aged 82, the developer said.

Far East said in a statement that Mr. Ng had suffered a cerebral hemorrhage on Jan. 23.

Forbes Asia magazine in 2009 listed Mr. Ng as the richest person in Singapore, with a net worth of more than US$8 billion.

In 1971, he founded Sino Group, the Hong Kong sister of Far East and the parent of Sino Land Co., which is Hong Kong's fifth largest developer by market capitalization and one of the most aggressive purchasers of land in the land-scarce city.

Sino Land runs the landmark Conrad Hong Kong and Royal Pacific Hotel & Towers hotels in Hong Kong, while Far East runs its flagship Fullerton Hotel in Singapore. Mr. Ng's son Robert is Sino Land's chairman.

Far East's Web site says that it and Sino Group, when combined, have an annual turnover of $ 5.5 billion and total assets of more than $ 40 billion. Together, Far East and Sino Group have a portfolio of 12 hotels in Singapore and Hong Kong, with a total of 4,727 rooms, according to the site.

The property tycoon was born in 1928 in China's Fujian province, which was the birthplace of many emigrants who later became highly successful businesspeople in Southeast Asia. After a smallpox outbreak in his village of Putian when Mr. Ng was six years old, his - which eventually had 11 children — migrated to Singapore.

A profile of Mr. Ng in a 1996 book entitled "Leaders of Singapore," written by Melanie Chew, said his first business in the city-state, a provision shop, failed. But he began to have great success - and got the nickname "Lucky Ng" - from going into property development. He established his first Singapore housing project in 1962 and later developed many properties along and near Orchard Rd., including one named Lucky Plaza.

The book quotes one of Mr. Ng's sons as saying the father, who always did calculations with an abacus, "is the eternal optimist and his belief is that hard work, coupled with good luck, paves the road to success."

Mr. Ng, who lived simply and regularly worked 18-hour days, was publicity-shy.

Far East Organization was established as an umbrella for his stable of companies. The group today comprises more than 180 privately held developments and investment companies as well as two publicly listed companies. The Sino Group in Hong Kong consists of private holding companies held by the Ng family, Sino Land and two other publicly listed companies.

Analysts said Mr. Ng's death will have little or no impact on property developer Sino Group, as Mr. Ng long wasn't involved in its operations. Far East Organization is run by another son, Philip.
 
  
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