Robert Ng Chee Siong (left), chairman of Hong Kong property development conglomerate Sino Group, attends a press conference in Hong Kong, China, Oct. 23, 2013. Photo by Imaginechina via AFP
Singaporean billionaire Robert Ng is stepping down as chairman of Sino Group’s Hong Kong-listed property firms, passing the torch to Daryl Ng, his eldest son and a third-generation member of the group’s founding family.
Daryl, 47, is set to become chairman of Sino Land, Tsim Sha Tsui Properties and Sino Hotels from Aug. 31, the South China Morning Post reported, citing stock exchange filings last Friday.
His father, 72-year-old Robert, is retiring from his positions at those companies, which together hold a market value of HK$127.7 billion (US$16.3 billion), after spending the last four decades leading the group’s expansion across the Asia Pacific.
“The board would like to express its sincere gratitude to Robert Ng for his contributions to the company over the past 44 years of service and his leadership in building a solid foundation for the company’s sustainable growth and development,” Sino Land said in its filing, as quoted by Forbes.
Sino Group, along with its sister firm Far East Organization, was founded by the late tycoon Ng Teng Fong, who migrated from China to Singapore in 1934 and amassed a fortune in real estate, earning him the title of “The King of Orchard Road.”
Robert became an executive director of Sino in 1981 and took the helm at the firm in 1991. His younger brother, Phillip Ng, leads Far East Organization, now one of Singapore’s largest privately held property developers and landlords, according to Tatler Asia.
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Daryl Ng, deputy chairman at Sino Group. Photo from Daryl Ng’s LinkedIn |
Daryl has been Sino’s deputy chairman since 2017. He is known for championing sustainability and promoting the firm’s green and innovation projects.
Sino Group earned the top five-star rating in the Global Real Estate Sustainability Benchmark Assessment and made Time’s list of the World’s Most Sustainable Companies in 2024.
Phillip and Robert were ranked Singapore’s fourth and fifth richest individuals with net worths of $7.4 billion and $7.3 billion, respectively, according to a Forbes ranking list in April.
