My wife and I paid our last respect to Ng Teng Fong this evening. He was one of Singapore's most successful real estate developers. I met him twice over a meal to talk about the Singapore economy when I was in MTI, he speaking mostly in Hokkien and I in Teochew. He was penniless when he came with his father from Xinghua in Fujian Province at the age of nine and became one of Singapore's richest men. His ability to read trends in the property market reflected his understanding of politics and economics. He saw before most people did that Singapore was going to grow and prosper. He started buying land along Orchard Road. When he developed Lucky Plaza, few thought it would succeed. It made him a lot of money. So too those who bought his properties.
He concentrated his energies and investments on Singapore and Hongkong.
When his eldest son, Robert, was only 22, Ng Teng Fong sent him to Hongkong where he learnt quickly to hold his own against the big Hongkong players and built up Sino Land. I asked Robert whether it was difficult for his father to convince him to go. Robert looked at me a little surprised and replied that it never crossed his mind that he had a choice. I remember Ng Teng Fong telling me that while land in Singapore and Hongkong was always limited and would go up in value, in bigger countries, including China, that was not always the case. When a project succeeded, more land would be supplied limiting the upside. When I visited Hongkong in early 1990, the people there were still despondent from June 4th. Robert however was bullish. I knew that also reflected Ng Teng Fong's reading of the situation. True enough, within a year, the Pearl River Delta saw explosive economic growth.
Despite his wealth, Ng Teng Fong led a frugal life himself. He lived and breathed real estate. He was also a philanthropist and 'allowed' his children to do all kinds of national service.
I know both his sons, Robert and Philip, well. Robert flies the Singapore flag high in Hongkong and helped us establish the Singapore School and the Singapore Chamber. Philip was the Chairman of Sentosa when I was in MTI and led a quiet revolution on the resort island, the results of which we see today. Later he became our Non Resident Ambassador to Chile and Argentina.
Ng Teng Fong was the product of an era and played a big role in the remarkable transformation of Singapore. He is a great Singapore pioneer.
George Yeo
The late Mr Ng Teng Fong
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