Feb 2, 2010 By Joyce Teo and Reico Wong
Worth US$8 billion in total, Ng was Singapore's richest man, according to the 2009 Forbes Asia Singapore Rich list. -- ST PHOTO: STEPHANIE YEOW
SINGAPORE'S richest man, property magnate Ng Teng Fong died early on Tuesday morning after suffering a cerebral haemorrhage 10 days ago.
A statement from Far East Organisation said that Mr Ng was taken to hospital on Jan 23 where he underwent an operation.
The low-profile, self-made billionaire, who founded privately-held Far East Organisation and the Hong Kong-listed Sino Group, was listed as Singapore's richest man in the Forbes Asia Singapore Rich for the last three successive years, with a net worth of US$8 billion (S$11.3 billion).
He developed more than 700 hotels, commercial malls and private condominiums in Singapore and Hong Kong. His company also controls Singapore-listed food and drinks maker Yeo Hiap Seng, and his best known properties in Singapore include The Fullerton and Orchard Parade Hotel.
Despite his fortune, he led a frugal and unostentatious lifestyle. Although he controlled at least a quarter of Singapore's housing market, Mr Ng lived in the same house in Watten Estate, off Bukit Timah Road, for over 30 years in, and was known to even bring his own lunch on airplanes.
Mr Ng is survived by six children. His oldest son, Mr Robert Ng Chee Siong, built up the real estate business in Hong Kong under the direction of his father and was known to be one of the most aggressive bidders at Hong Kong land auctions in the 1990s. Robert is currently the chairman of Sino Land Group, a position he has held since 1981. Mr Ng's second son, Philip, is in charge of the Singapore businesses.
The wake for Mr Ng will be held from Tuesday evening at Ng's Mansion, 2 Watten Estate. A nightly service will be held at 8pm. The funeral will take place on Saturday.
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