Choo Chong Ngen
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Choo Chong Ngen Net Worth USD: $2,802,000,000 - $3,097,500,000
Choo Chong Ngen Biography
Choo Chong Ngen dropped out of school at 14 and started working for a neighbour selling textiles. He had bigger plans however, and after borrowing S$50 from his mother and another S$6 from a friend he started his own textile business. He was just 15 at the time. Six years later he took his first steps into real estate, initially investing in shop units that he rented out.
He built his first apartments in 1992, a project in the Geylang district of Singapore, consisting of twenty units and worth S$1.5 million. From there he built another hundred units, again in Geylang, a place that had traditionally put off other investors because of its reputation as a red-light area. Far from deterring Choo Chong Ngen however, he was attracted to the area precisely because of its low prices.
He moved into the hotel business, initially establishing the budget Hotel 81 brand in 1995, but adding to his portfolio with five other brands aimed at different niches and markets that he subsequently consolidated into The Worldwide Hotels Group in 2018. He has expanded his reach abroad, and currently owns seven hotels throughout South East Asia.