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#318 Philip Ng $5.31B

Random fact: Far East Organization has built one in six private homes in Singapore.

Overview

Ng is chief executive of Far East Organization, a closely held property developer. The company is the largest private property developer in Singapore, and is calculated to have made about $3.4 billion in revenue in 2016. He controls Hong Kong-based Sino Group with his brother, Robert, and has a stake in food and beverage company Yeo Hiap Seng.

As of July 24, 2017:
Last change +$1.25M (+0.0%)
YTD change +$836M (+18.7%)
Industry Real Estate
Biggest asset Far East Organization
Citizenship Singapore
Age 53
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Philip Ng's net worth of $5.31B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Ng's wealth is held through Sino Group and Far East Organization, which he controls with his older brother, Robert Ng. Each brother has a 25 percent stake in Far East, with their mother, Tan Kim Choo, controlling the remainder. Both brothers are also credited with the wealth of their late father, Ng Teng Fong, being co-executors of the elder Ng's estate. Far East is the largest private developer in Singapore, according to the company's website in March 2017.

The valuation of the closely held property developer is based on the average enterprise value-to-sales and price-to-earnings of five publicly traded peer companies: Guocoland, UOL Group, City Developments, CapitaLand and Frasers Centrepoint. The company's 2016 revenue is calculated to be S$4.7 billion ($3.4 billion) based on the revenue growth rate of the five publicly traded peers and this figure is used in the analysis.

His most valuable publicly traded asset is his 36 percent interest in Tsim Sha Tsui Properties, the Hong Kong-based holding company of developer Sino Land. Ng owns about 1.4 percent of Sino Land, excluding shares owned by Tsim Sha Tsui Properties. He has a 24 percent equity in Sino Hotels, which owns part of Conrad Hong Kong. The billionaire also owns about 24 percent of Singapore-based developer and beverage maker Yeo Hiap Seng; the stake excludes shares held by publicly traded companies that the family controls. Other publicly traded assets in Singapore include a 25 percent interest in Far East Hospitality Trust, which owns hotels and serviced residences, and 15 percent of hospitality and healthcare firm Far East Orchard.

The value of his cash investments is based on an analysis of dividends, insider transactions, taxes and market performance.

Bertha Cheung, a Far East Organization spokeswoman, declined to comment on his net worth.

Biography

Birthdate:
Family: Married, 6 children
Education: 1983, Graduated, Engineering, University of London Master's Degree, Massachusetts Institute of Technology

Philip Ng is the youngest son of Ng Teng Fong, who founded Far East Organization, the biggest closely held property developer in Singapore, in the 1960s and Sino Group in Hong Kong about a decade later. The late patriarch, who was born in China's southeastern Fujian province before migrating to Singapore when he was six, died in 2010 after suffering a cerebral hemorrhage. He was 82.

Ng obtained a civil engineering degree with first-class honors from King's College, London University, and Master's degrees in geotechnical engineering and city planning from the Massachusetts Institute of Technology. He took over the reins at Far East Organization from his father in the 1990s and reorganized the group's hospitality and healthcare businesses in 2012, when Singapore-listed Orchard Parade Holdings divested three hotels through a listing of a property trust. The trust then acquired several other hotels and serviced residences in Singapore that are owned by Far East Organization.

Orchard Parade bought the parent company's hospitality management business and medical suites. Ng led the makeover of Sentosa when he was chairman of a government-run organization that oversaw the development of the resort island from 2001 to 2007. Sentosa, previously known for its musical fountains and foam parties, is now home to a high-end residential enclave and a casino resort.

Ng and his family donated about $100 million in 2011 to a hospital the government is building in Singapore in memory of their late father. Plans to call it Ng Teng Fong Hospital prompted former member of Parliament Tan Cheng Bock to step down from the board of the hospital as he disagreed with it being named after the late property tycoon. The Ng Teng Fong General Hospital was opened in the middle of 2015.

Milestones
  • 1960 Father, Ng Teng Fong, sets up Far East Organization in Singapore.
  • 1970 Sino Group is established in Hong Kong by his father.
  • 1981 Developer Sino Land starts trading on the Hong Kong stock exchange.
  • 1991 Ming Court Hotel renamed Orchard Parade Hotel.
  • 1995 Majority stake in Yeo Hiap Seng acquired by Far East Organization.
  • 2005 Sets up Novena Medical Center in first health-care venture.
  • 2010 Father dies at age 82 after suffering a cerebral hemorrhage.
  • 2012 Orchard Parade takes over group's hotel, health-care assets.
  • 2012 Far East Organization lists hotel trust in Singapore.
  • 2016 Far East acquires majority stake in Australia's Vue Group