Asian Billionaires Kwek Leng Beng and Sukanto Tanoto Eye Real Estate Ventures in the U.K
In an exciting move, Asian billionaires Kwek Leng Beng and Sukanto Tanoto are considering teaming up to explore real estate opportunities in the United Kingdom. This potential collaboration between Kwek, the executive chairman of Singapore’s City Developments, and Tanoto, the founder of Royal Golden Eagle, could lead to significant developments in the global real estate market.
Kwek expressed his enthusiasm for potential joint ventures with Tanoto during City Developments’ annual results briefing, highlighting the possibility of pooling resources and expertise for mutual benefit. With a net worth of approximately $3.1 billion, Tanoto’s company, Royal Golden Eagle, boasts a workforce of over 60,000 employees across various industries including pulp and paper, palm oil, and energy. In recent years, Royal Golden Eagle has expanded into the property sector through its Pacific Eagle Real Estate unit.
Richard Goh, the executive director of Pacific Eagle Real Estate, emphasised their commitment to creating sustainable and vibrant urban spaces. Pacific Eagle Real Estate has already made significant investments, including the acquisition of the Tanglin Shopping Centre in Singapore and the development of luxury properties like the Mondrian Duxton Singapore and the Wanda Reign on the Bund in Shanghai.
In partnership with China Resources Capital, Pacific Eagle is actively involved in various projects in China, such as the Pacific Eagle Center in Beijing and Prospect Park in Rizhao. Moreover, Pacific Eagle has established a presence in international markets with commercial properties in London and Munich.
Kwek, recognising the potential of the U.K. market, expressed his willingness to assist Tanoto in identifying investment opportunities. City Developments has already made substantial investments in the U.K., including the acquisition of St. Katharine Docks in Central London. Sherman Kwek, CEO of City Developments, underscored the importance of the U.K. market in their global portfolio, expressing optimism even after Brexit.
Beyond their real estate ventures, Kwek Leng Beng also holds the position of executive chairman in Singapore’s Hong Leong Group, a conglomerate with diverse interests founded by his father. Meanwhile, his cousin Quek Leng Chan oversees Hong Leong Co. (Malaysia), a separate entity with interests in finance, food, and property.
With a combined net worth of $11 billion, Kwek Leng Beng and his family are prominent figures in Singapore’s business landscape. Kwek’s ranking as the fifth richest individual in Singapore further underscores his influence and success in the business world.
In conclusion, the potential collaboration between Kwek Leng Beng and Sukanto Tanoto represents an exciting development in the real estate sector, promising new opportunities for growth and innovation. As these Asian billionaires join forces, their ventures in the U.K. and beyond are poised to make a significant impact on the global real estate market.