BILLIONAIRE property magnate Ng Teng Fong, 82, died early yesterday morning, after suffering a cerebral haemorrhage on Jan 23.
He apparently had a fall and was in a coma. He was taken to hospital and underwent an operation.
Property giant Far East Organization said Mr Ng, the firm’s chairman, passed away peacefully.
Busloads of employees arrived at the wake held last night at his long-time family home, called Ng’s Mansion.
There was a valet service for guests and there were so many cars at the scene that Cisco police had to be called in to direct traffic and prevent indiscriminate parking.
Among the sea of faces that came to pay their respects last night were many familiar names in the corporate world, such Ms Jannie Tay, executive vice-chairman of watch retailer The Hour Glass, United Overseas Bank chairman Wee Cho Yaw and former top civil servant Ngiam Tong Dow.
Mr Ngiam called Mr Ng one of Singapore’s greatest business leaders while Mr Wee, who had known him for 45 years, labelled him ‘a genius’.
Indeed, the tycoon – a low-profile, self-made man – enjoyed an unparalleled career. His empire here includes shopping malls, offices, industrial properties, hotels, service apartments and residential projects for lease and sale.
In tributes that poured in yesterday, business associates said they remember him as a private person but a frugal, hardworking man who was not afraid of taking a risk.
CapitaLand president and chief executive Liew Mun Leong said last night: ‘We speak with high regard of how he has successfully steered his business through several major crises over the decades and built an impressive business empire.
‘He has been equally successful in his foray into Hong Kong, a very mature and competitive market, decades ahead of others in Singapore.’
Developer Daniel Teo, a former head of the Real Estate Developers’ Association of Singapore, knew Mr Ng for 30 years, calling him an ‘astute businessman… far-sighted and a price leader. He said, ‘I buy high but I can sell even higher”.
The man never believed in retirement, added Mr Teo. ‘Enjoyment (for him) was going to see his projects.’
Developing was certainly Mr Ng’s main calling. ‘He very seldom engaged in small talk. He didn’t waste time on unnecessary things,’ said CB Richard Ellis chairman (Asia) Willy Shee.
Mr Ng ensured Far East had a succession plan in place and his death did not rattle share markets yesterday or have an effect on listed firms linked to the family.
Eldest son Robert, 57, chairs the Hong Kong-listed Sino Group, whose portfolio includes The Fullerton Hotel here and properties in Hong Kong and China.
Second son Philip, 51, and the youngest of Mr Ng’s eight children, is chief executive of Far East Organization, the largest privately-held developer here, and chairman of hotel group Orchard Parade Holdings and beverage firm Yeo Hiap Seng.
Mr Ng is survived by his wife Tan Kim Choo and eight children.
A nightly service will be held at 8pm, and the funeral is on Saturday.
Source: Straits Times, 3 Feb 2010
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