1) We can infer from their cash-only purchases of condominiums during the “Hotel Properties Scandal” that all of the extended Lee family are probably cash millionaires. . .government connections can be very lucrative in state-run Singapore.
2) The government is “the largest landowner in Singapore. . .the Land Acquisition Ordinance of 1955 and its amendment in 1966 were the chief policies that laid the groundwork for [the Singapore government] to acquire land from private holders.
4) Forbes’ list of the 50 richest people in Singapore was dominated by real estate moguls as property emerged as the main source of wealth for 12 tycoons on the list.
PART 1: Nassim Jade + NParks + Gardens By The Bay + Corals At Keppel Bay
1. HOTEL PROPERTIES (HPL) / NASSIM JADE
Lee Suan Yew (one of Lee Kuan Yew’s brothers) was a past director of Singapore’s Hotel Properties Ltd. HPL is headed by Malaysian-born tycoon, Ong Beng Seng.
In 1996, Lee Kuan Yew bought a Nassim Jade unit (a condominium project by Hotel Properties) at a discount during the soft launch without HPL (a publicly listed company) seeking permission of its shareholders.
LKY’s relatives who also purchased units at discounts include:
Kwa Geok Choo (Mrs. LKY);
Lee Hsien Loong + Ho Ching (son and daughter-in-law);
Pamelia Lee (sister-in-law);
Kwa Kim Li (niece);
Lee Wei Ling (daughter);
Lee Kim Mon (sister);
Freddy Lee (brother);
Dennis Lee (brother); and
Gloria Lee (sister-in-law).
All the purchases amounted to more than $10 million and were carried out without mortgages and loans.
Lai Kew Chai was a Malaysia-born Singaporean judge and the longest-serving member of the Supreme Court Bench, having served for almost 25 years as a Judge. He was a former partner of LKY’s law firm of Lee and Lee and a close friend of LKY and family. He bought a discounted unit at Nassim Jade and was the presiding judge on Tang Liang Hong’s case (Tang Liang Hong was a lawyer and opposition Workers’ Party candidate, who was bankrupted after raising questions about the Lee family’s Nassim Jade purchases).
For more details on the Nassim Jade saga, here are some articles:
The above ACS 1962 reunion picture shows that Ong Beng Seng, Managing Director of HPL, was a former classmate or schoolmate of Kwa Chong Seng (nephew of Mrs. LKY).
NOTE: Chew Choon Seng (beside Ong Beng Seng in above ACS reunion pic) has been a member of the board of GIC since January 2004. Chew is Chairman of the Singapore Exchange, Chairman at Singapore Tourism Board, and the former CEO of Singapore Airlines.
2. NPARKS
Christina Ong has been the Managing Director of Club 21 since 2007 (estimated worth of S$150 million). She is a well-known hotelier and fashion retailer and has been Chairman of NParks since 2007.
Her husband is Ong Beng Seng of Hotel Properties Limited (HPL). NParks manages the Gardens By The Bay project.
3. GARDENS BY THE BAY
Chang Hwee Nee, member on board of directors of Gardens by the Bay (2011+).
Heng Swee Keat is married to Chang Hwee Nee. Mr. Heng was Principal Private Secretary to SM Lee Kuan Yew from 1997 to 2000. Ms. Chang, a President Scholar, is the former Deputy Secretary (Policy) of Ministry of Education and a member of the board of directors of Gardens by the Bay.
The development of Gardens By The Bay came under the scrutiny of the Auditor-General in 2015 for lapses in the control of contract variation works.
The Auditor-General’s Office’s test-checks revealed a general lack of documentation, failure to obtain approval and laxity in control over contract variations by NParks in managing the development of the Gardens By The Bay project, which has an estimated total contract value of S$1.06 billion.
There was no assurance that NParks had not spent more funds than necessary.
Checks by the AGO found that managers of the $1 billion Gardens by the Bay project had awarded over $20 million of contracts through a waiver of competition, without compelling reasons.
4. CORALS at KEPPEL BAY
“The development comprises 366 luxurious waterfront homes.” ~$10million for a 4-bedroom unit.
Mrs. Koh-Lim Wen Gin, a former Urban Redevelopment Authority (URA) chief planner, has been an independent director of Keppel Land since January 2010. She has been a board member of NParks since 2010.
Her daughter, Ms. Koh Lin-Net, was one of the buyers of Keppel Land’s units at its Corals at Keppel Bay project. Koh Lin-Net is the chief executive of the Media Development Authority and prior to that was deputy secretary of trade at the Ministry of Trade and Industry. Ms Koh and her husband Lawrence Low bought a unit at Corals for slightly below $10.1 million.
Mrs. Koh-Lim Wen Gin’s husband is Koh Seow Chuan, retired founder of DP Architects. Under Koh’s leadership, DP Architects has been responsible for many iconic buildings in Singapore, including Suntec City, Paragon, Bugis Junction and Esplanade-Theatres on the Bay.
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PART 2: Sim Lian + Far East + MapleTree + GoodWood
5. SIM LIAN GROUP LTD.
Centrale 8 At Tampines, DBSS. By Sim Lian.
Gripes over burst bathroom water pipes in DBSS flats at Centrale 8. Source: ST
Ong Ye Kung (Sembawang GRC candidate; 2015) is married to Diana Kuik Sin Leng. Mr. Ong was a former top civil servant and Principal Private Secretary to PM Lee Hsien Loong.
Ong Chit Chung (1949 – 2008) was a former MP, parliamentary secretary, and a director at Sim Lian. Associate Professor Sim Loo Lee was a former HDB director and an independent director of Sim Lian.
It is interesting to note that the Government did not consider the potential conflict of interests when it invited a Sim Lian board director to also sit on the board of HDB.
Robert Ng (right), chairman of Sino Land and his wife leaving his father’s wake. Photo: ST, Terence Tan
Ng Family Members.
Robert Ng Chee Siong is the son of Singapore property tycoon and Far East Organization founder, Ng Teng Fong. Robert Ng is a board member of Temasek and is married to Yeoh Saw Kheng (楊素瓊), the third daughter of Dr. Yeoh Ghim Seng, the former Speaker of Parliament of Singapore (Source: CapitalProfile PDF).
Minister for Defence Ng Eng Hen is said to be the nephew of Ng Teng Fong (who had 10 siblings).
Reader Tip: A forum poster said the Chinese newspapers mentioned Ng Eng Hen as “the nephew” of Ng Teng Fong. Does anyone have a newspaper clipping?
UPDATE (2019): Thanks to a reader for forwarding this article at Sin Chew Daily, confirming Ng Eng Hen as the nephew of Ng Teng Fong.
Ng Teng Fong’s family has close ties to the governments of Singapore, Hong Kong and China (Source: PDF document). The Ngs have also enjoyed a close relationship with Lee Kuan Yew.
The late Mr. Ng Teng Fong was billed as Singapore’s richest man by Forbes magazine in September 2009.
b) Colleagues
Leong Hong Kee was executive director at Far East Organization from 1993 to 2008 and a member of Singapore’s parliament in Singapore for 32 years until his retirement in 2006.
Heng Chiang Meng served as executive director of Far East Organization from 1996 to 1997, during which time he was also a member of parliament. He resigned from FEO amid allegations of conflict of interest between private and public-sector roles. Heng has been a board director at Keppel Land since 2005.
7. MAPLETREE
Kwa Kim Li is the Managing Partner of Lee and Lee law firm. Ms Kwa is a director in Mapletree Commercial Trust. In addition, she sits on the Boards of Sentosa Development Corporation, Lee Kuan Yew School of Public Policy and Singapore Chinese Girls’ School.
Singapore’s Mapletree Raises US$1.4 bil for China Real Estate Fund. Source: Mingtiandi, 2013
Mapletree Commercial Trust is a unit of Singapore sovereign wealth fund Temasek Holdings’ property arm, Mapletree Investments. Mapletree is a government-linked company (GLC).
Kwa Kim Li is the niece of Kwa Geok Choo (Mrs. LKY).
8. GOODWOOD GROUP of HOTELS
Mavis Khoo-Oei is part of the Khoo clan consisting of 14 heirs of late banker Khoo Teck Puat, founder of Maybank, Malaysia’s most valuable bank (market cap:$23 billion). She is the Chairman of Goodwood Park Hotel. Her husband was Humphrey Oei, who is a grandchild of Oei Tiong Ham. Incidentally, Oei Tiong Ham is a forefather of Teo Chee Hean.
In 1986, the Brunei authorities issued a warrant for Khoo Teck Puat’s arrest on charges of defrauding the bank.
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PART 3: Suntec REIT + CityDev + Pontiac Land + JTC
9. SUNTEC REIT
Chew Gek Khim is a grandchild of Tan Chin Tuan. She is a relative of Kwa Geok Choo through Tan Chin Tuan (her mother is Dr. Tan Kheng Lian, daughter of Tan Chin Tuan and cousin of Kwa Geok Choo).
Chew Gek Khim joined the Board of Directors of Suntec Real Estate Investment Trust (REIT) on 21 January 2014 and was appointed Chairman on 17 April 2014.
Edwin Tong is an Allen & Gledhill Partner, who has made headlines as the defense lawyer acting for Pastor Kong Hee in the high-profile City Harvest case. He is a PAP candidate in the Marine Parade GRC in GE2015.
Pastor Kong Hee, City Harvest Church founder and co-owner, paid $9.33m for a luxury duplex unit at Sentosa Cove in 2007. Kong and five others are alleged to have misused $50 million of church funds and then falsified church accounts to cover up the misuse. They are accused of funnelling millions from the church’s building fund to pay for the Crossover Project, to boost the music career of Kong’s wife Ho Yeow Sun.
In 2012, City Harvest Church increased its stake in Suntec Singapore International Convention and Exhibition Centre to 39.2 per cent, from its original 20 per cent in 2010. The church’s executive pastor, Aries Zulkarnain, said “we are co-owners of this property together with Suntec REIT.”
10. CITY DEVELOPMENTS LIMITED
Philip Yeo was formerly the Special Adviser for Economic Development in the Prime Minister’s Office (2007-2011), and former Permanent Secretary in the Ministry of Defence for Defence Research, Logistics and Industry (1979-1985). He is a director of CDL and a member of the advisory board at NTU Business School.
Kwek Leng Joo, brother of Kwek Leng Beng, was appointed as a Director of CDL in 1980. He served as the President of Singapore Chinese Chamber of Commerce & Industry (SCCCI) and is currently an Honorary President of SCCCI.
11. PONTIAC LAND
Kwee Liong Seen is one of the four Kwee brothers who share ownership of Pontiac Land, a major real estate company in Singapore. Kwee Liong Seen is executive director of Pontiac Land and a member of the advisory board at NTU Business School.
The other brothers are Kwee Liong Keng, Singapore’s Non-Resident Ambassador to Poland, Kwee Liong Tek, and Kwee Liong Phing.
There is a Kwee Liong Phing in ICIJ’s Offshore Banking database.
Augustin Lee, is Deputy Secretary, Ministry of Manpower (2010+), Deputy Chairman of the CPF Board, and a JTC Board Member (2011+).
Ng Chee Meng, brother of Ng Chee Khern and Ng Chee Peng, was a JTC Board Member (2013-2015).
AGO’s audit of the contracts (total contract value of $510.18 million) for the International Cruise Terminal development project undertaken by Jurong Town Corporation (JTC) revealed lapses in controls and management of contract variations.
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PART 4: Sentosa DC + GSH + Marina Bay + CapitaLand
13. SENTOSA DEVELOPMENT CORPORATION
Kwa Kim Li (niece of Mrs. LKY), Ngiam Shih Chun (relative of Ngiam Tong Dow), and Lt-Gen Bey Soo Khiang are board members of Sentosa Development Corporation.
14. GSH CORPORATION
Former cabinet minister Mah Bow Tan was the fifth biggest shareholder in GSH Corporation in 2014. As of 18 Mar 2014, Mah owned 365,575,000 shares with a current market value of about S$28 million. According to John Harding, Mah Bow Tan’s son, Warren Mah, studied at the prestigious University of Pennsylvania — fully paid for on a scholarship from Monetary Authority of Singapore (a statutory board).
15. MARINA BAY
Keppel Corp director Alvin Yeo, who is also the senior partner at law firm Wong Partnership, is paying $6.54 million for a unit on the 32nd floor of the luxury project. Keppel Land director and permanent secretary Niam Chiang Meng is paying $4.577 million for his unit, also on the 32nd floor.
16. CAPITALAND
Jennie Chua, icon of Singapore’s hospitality industry, is the former spouse of Goh Kian Chee, the only son of former Deputy PM Goh Keng Swee.
Goh Kian Chee took 5 years to clear $280,000,000 of debt. He is now retired and enjoys leisurely tennis and golf.
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PART 5: Keppel Land + Sentosa Cove + White Group
17. KEPPEL LAND
Tan Yam Pin, director at Keppel Land, has been a member of the Singapore Public Service Commission since 1990. Mr. Tan was appointed as a Member of the Public Service Commission in 1990.
The Public Service Commission (PSC)’s constitutional role is to appoint, confirm, promote, transfer, dismiss and exercise disciplinary control over public officers in Singapore.
It considers the suitability of candidates for appointment as Chief Executive Officers of Statutory Boards; it is also responsible for the planning and administration of scholarships provided by the Government of Singapore.
18. SENTOSA COVE
Chua Thian Poh was #26 on Forbes’ Singapore’s 50 Richest list (2015).
Three major Chinese community organisations in Singapore — the Singapore Federation of Chinese Clan Associations (SFCCA), Singapore Chinese Chamber of Commerce and Industry (SCCCI) and Business China — organised a celebratory dinner for Mr Lee Kuan Yew’s 90th Birthday at Shangri-La Hotel. Photo: Ooi Boon Keong
Mr. Chua is also the President of the Singapore Federation of Chinese Clan Associations (SFCCA) and a long-time grassroots leader, serving as Chairman of Bishan East Citizens’ Consultative Committee.
He started the Ho Bee group of companies and ventured into property development. Ho Bee was the sole bidder for the en bloc sale of Coral Island on Sentosa Cove.
As revealed by AGO, 33 days after he “retired” from SCPL, Mr Chua was allowed to tender for sales of Sentosa Cove land through Ho Bee.
19. WHITE GROUP
Peh Chin Hua is the executive chairman of White Group, a holding company with properties and business interests in China and Singapore. He was also a Singapore Member of Parliament from 1988 to 2001. He holds numerous positions in various clans, including the Peh Clan Association.
In 2013, White Group signed a $12 billion deal to develop a vast township site in China.
Peh Chin Hua and brother Peh Chin Chye. Source: NUS
A “Peh Chin Chye” in ICIJ’s offshore banking database.
Peh Shing Huei, former Straits Times news editor.
Peh Chin Hua’s younger brother is Desmond Peh Chin Chye, Managing Director of Just Education Holdings. There is a “Peh Chin Chye” in ICIJ’s offshore banking database.
Peh Shing Huei is the son of Peh Chin Hua. Peh Shing Huei was formerly The Straits Times’ China bureau chief, based in Beijing.
Singapore Politics: Blog 
interesting.. thanks for the info!
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