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Koh Wee Meng
PROFILE
Koh Wee Meng
$1.5B
Real Time Net Worth
as of 6/1/24
Reflects change since 5 pm ET of prior trading day.
Hotelier and property magnate Koh Wee Meng controls Fragrance Group with interests extending to Australia and the U.K. He took the company private from the Singapore Stock Exchange in October 2021.
Son of a jeweler and schoolteacher, Koh broke away from Aspial, his family's jewelry business, to start his own property venture in the 1990s.
He was once known as the Geylang King for Fragrance's beginnings in Singapore's red light district.
His younger sibling Koh Wee Seng runs Aspial and has his own property interests.
Koh, who had a majority stake in Global Dragon, formerly known as TMC Education, took it private in 2023.
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A consortium led by billionaire Wee family's UOL Group submitted the top bid of $595 million for a prime site in the western Singapore town of Holland Village.
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Billionaire Wee Cho Yaw's UOL Group and its unit Singapore Land submitted the top bid of $320 million for a prime residential plot in the Orchard Road shopping belt.
UOL Group and its unit Singapore Land sold more than half of its residential project during a private preview on Saturday in the upscale Bukit Timah enclave in the western central region of the city-state, adding to signs of resilient housing demand in the country.
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Chinese developer Kingsford Huray Development and a consortium led by billionaire Wee Cho Yaw’s UOL submitted top bids for two prime sites across Singapore, with most developers remaining cautious amid soaring interest rates and government’s recent property cooling measures.
While his Fragrance Group is still expanding into hotels and property overseas, Koh Wee Meng last year decided to put the 23 budget hotels in Singapore that made him his initial fortune up for sale.
With the Singaporean government putting a damper on the real estate market, a well-timed entry into Australia is Koh's best shot at making his next billion.