From humble beginnings to close ties with Malaysia’s Johor royals: 5 things to know about Singapore billionaire Peter Lim

The tycoon’s Thomson Medical Group on Monday unveiled the Johor Bay project, a 26-acre (10.52-hectare) development within the Johor-Singapore Special Economic Zone. Billed as one of Southeast Asia’s largest undertakings of its kind, it will include a private hospital, luxury homes, a five-star hotel and commercial-lifestyle precincts.

The announcement came just days after RSP, a design firm he owns, was tapped by Tunku Ismail Sultan Ibrahim, the Regent of Johor and son of Malaysia’s King Ibrahim Iskandar, to design a $200 million royal estate in the coastal town of Desaru.

These projects have put the publicity-shy tycoon, who has rarely been seen or heard from in recent years, back into the spotlight.

Here is what to know about Peter Lim, one of Singapore’s richest people with a fortune of $2 billion, as estimated by Forbes.

His rise to Singapore’s "remisier king"

Peter Lim (C) before La Liga match between Valencia CF and Deportivo de la Coruna at Mestalla stadium on March 13, 2015, in Valencia, Spain.. Photo by NurPhoto via AFP

Lim, the son of a fishmonger, grew up with seven siblings in a two-bedroom government flat in one of Singapore’s oldest public housing estates. The home was so cramped that he had to find wherever there was space each night to roll out a mat to sleep, according to the Wall Street Journal.

Determined to get ahead, he supported himself through the University of Western Australia, juggling various odd jobs such as taxi driver, cook and waiter.

After returning to Singapore with a degree in finance and accounting, Lim had a short stint in accounting and tax consultancy before trying his hand at stockbroking.

As a remisier, a commission-based trading agent, he quickly mastered the business and amassed millions from serving wealthy Indonesian clients. His reputation earned him the moniker of the "remisier king" of Singapore.

One of Lim’s best bets came in the early 1990s, when he put $10 million into Wilmar, then a budding palm oil company founded by Kuok Khoon Hong, the nephew of Malaysia’s wealthiest billionaire Robert Kuok. By 2010, that stake had ballooned to roughly $1.5 billion.

Close relationship with Johor royals

In RSP’s Facebook post announcing the Johor royal estate, Ismail said the project came about not only because of the firm’s design excellence, but also thanks to "the close family relationship" he has shared with Lim and his son, 32-year-old Kiat Lim.

Kiat Lim (L), chairman of RSP, and Tunku Ismail Sultan Ibrahim, the Regent of Johor. Photo courtesy of RSP

Kiat, who is currently RSP’s chairman, was also quoted affirming their ties, saying: "This collaboration carries special meaning, shaped by years of mutual respect and understanding between our families."

The planned estate will include the royal family’s villa, guest houses, a children’s club, sports facilities, and even an underground shooting range with an armory designed to support up to 100 soldiers from the Regent’s security detail, per Forbes.

Valencia CF’s controversial owner

In 2014, Lim acquired Valencia CF, becoming the Spanish football club’s first foreign owner. At the time, he was hailed as its savior who stepped in while the team was mired in debt and institutional turmoil.

Yet a decade later, Valencia has slid into decline with few achievements to show. Lim, meanwhile, has not attended any of its games in person since December 2019 as his popularity among the club’s fans wanes. His son Kiat became the team’s president in March.

The billionaire has described owning the team as "something quite nice" in a rare interview with the Financial Times.

"I wake up, I own a football club and I see what happens next. It’s nothing more," he said.

He also noted that the move was "incredibly good for networking," explaining that it opened doors to exclusive circles at the top table of the popular sport. He shared how he had dined alongside royalty, tycoons and other power brokers of the game, all brought together by their shared passion for football.

Twice-married and father of two

Lim has been married twice and has two children from his first marriage to Venus Teo Geok Fong, which ended in the 1990s with a highly publicized divorce, including a custody dispute and a settlement reportedly worth S$50 million.

In 2003, he married Cherie Lim, a famous former soap opera actress who later founded her own modeling agency, according to The Business Times.

His son Kiat was appointed executive vice-chairman of Thomson in 2022 and chairman of RSP in 2023.

His daughter, Kim Lim, 34, is a socialite and beauty entrepreneur often featured in the media for her personal and social life.

Singaporean billionaire Peter Lim (L) and his daughter Kim Lim. Photo from Kim Lim's Instagram

Publicity-shy tycoon

Lim is known to be reclusive and has long retreated from the public view, especially so after the high-profile split with his first wife.

He and his current wife rarely appear in the media, and when they do, it is usually linked to their philanthropy, such as Lim’s $20 million in donations to the Singapore Olympic Foundation, which has supported the training of hundreds of young athletes, including Joseph Schooling, the city-state’s first Olympic gold medalist swimmer in 2016.

"Most people who donate that kind of money go and give a speech, but Peter doesn’t," a Singaporean former employee told the New York Times. "He doesn’t need to do these things."