28 Aug '13, 10pm

Record Haul Of 21 Billionaires Among Singapore's Richest

Real estate fortunes in land-scarce Singapore have been enjoying a golden run. Property magnates Robert and Philip Ng added $1.4 billion to their wealth to hold on to the No. 1 spot as the country’s richest. But the biggest rise this year is that of Kwek Leng Beng, chairman of City Developments City Developments , Singapore’s second-largest property developer, who jumped to the second spot from No. 6. Despite these highs there are signs that things are cooling. In August, when City, which is celebrating its 50th anniversary this year, posted a 48% rise in net profits, its stock crested; Kwek’s big gain was mostly due to new information on assets. Recent rounds of curbs by the government to prevent a property bubble, such as a hike in the stamp duty and stricter limits on borrowing, have dampened sentiments though not as yet real estate prices. Singapore continues to attrac...

Full article: http://www.forbes.com/sites/naazneenkarmali/2013/08/28/gl...

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