How Singaporean billionaire businesswoman Chew Gek Khim built fortune with 137-year-old firm

Chew, who ranked 35th on Forbes' Singapore 50 Richest list for 2024, is the executive chairwoman of Straits Trading, one of Singapore’s oldest companies, and its major shareholder Tecity Group, which has a deemed interest of 67.2% in the former firm.

Chew Gek Khim, executive chairwoman of The Straits Trading Company. Photo from NUS Facebook

The 137-year-old company traces its origin back to November 1887, when it was set up by a Scotsman and a German who recognized the opportunities presented by tin in the region at the time.

Straits Trading quickly rose to prominence as one of the world’s largest tin smelters, enduring two world wars and the Great Depression.

Chew’s late grandfather Tan Chin Tuan, one of Singapore's pioneer bankers, later brought the firm under OCBC’s portfolio during his time as the lender’s managing director. He went on to lead Straits Trading as chairman for 27 years before stepping down in 1992, according to Forbes.

Chew described her childhood as "sheltered," growing up in her grandfather's two-story mansion near Singapore's upscale Orchard Road.

"The only job I had was working for my grandfather when he got cross with me for lounging around the home," she recalled.

She earned a law degree from the National University of Singapore in 1984 and spent three years working at Drew & Napier, a leading law firm in the city-state, before transitioning to her family’s investment firm, Tecity.

She had initially rejected the arrangement when it was first suggested by her grandfather, who founded Tecity, but eventually took up on the offer when circumstances changed she said in an interview for Channel 8’s Be My Guest series cited by The Independent Singapore.

She worked closely with her grandfather, who provided her with guidance and insights through advice during day-to-day operations. One of the key lessons she had learned from him was to try everything.

"He used to say things like: don’t be afraid to fail; as long as it doesn’t kill you, it’s okay," she told The Edge Singapore in an interview late last year.

Tan asked her to acquire at least one of the companies he had bought for OCBC during his time at the bank. She fulfilled this request after becoming Tecity’s chairman by securing an 89% stake in Straits Trading and assuming its chairmanship following a bidding war with OCBC’s billionaire Lee family in 2008.

Since then, she has implemented changes that have transformed the firm into a diversified, modern enterprise with investments spanning commodities, hospitality, and real estate, according to Tatler Asia.

Straits Trading now wholly owns Straits Real Estate, an investment company with over S$2.1 billion (US$1.54 billion) in assets under management across Singapore and several other countries as of Dec. 31, 2023, according to a result briefing.

She partnered with Singaporean billionaire brothers Robert and Philip Ng to set up Far East Hospitality Holdings, a hospitality joint venture in which Straits Trading holds a 30% stake.

Far East currently manages a portfolio of more than 100 properties, offering over 17,000 rooms across 10 countries and 14 distinct brands, the company’s website said.

Another key move was Chew’s acquisition of a 20% stake in Singapore-based property fund manager ARA Asset Management for S$294 in 2013.

The shares were later purchased by Hong Kong-listed real estate investment manager ESR, resulting in a S$1.1 billion gain for Straits Trading, comprising $142.5 million in cash and 214.7 million ESR shares.

Chew has also worked to modernize the company’s traditional tin mining and smelting operations, which are held through a strategic stake in Malaysia Smelting.

Her role in transforming Straits Trading from a company with low-yielding assets to one with strategic investments across multiple sectors earned her the title of Businesswoman of the Year at the Singapore Business Awards 2015, making her the second woman to receive the honor in the award's history, The Business Times reported.

When it comes to running a business, Chew has held onto the traditional values of her grandfather.

"When you want to get something done, you must be able to harness all your resources and understand that you will use all you can to achieve your goals," she said, adding that flexibility and adaptability are also crucial in today’s rapidly changing environment.

"The wisdom is knowing when to cut loss because sometimes in life, you require a degree of persistence, but sometimes you need to say, enough is enough."

In a more personal interview with The Straits Times in 2018, she fondly recalled her childhood living with her family and grandparents.

She described her family life back then as "loud and colorful" as her grandfather’s hearing impairment meant everyone could freely shout.

She mentioned that taking charge of the family business was "highly accidental" but she went along with it and did what was necessary.

Nonetheless, she thrives on the excitement of business, eagerly discussing the topic during the interview while revealing little of her private life, only mentioning that her husband works in education and they have a son and daughter.

Chew’s signature attire is the cheongsam, which she described in the Be My Guest interview as "practical and convenient" because it takes the worry out of matching or coordinating outfits.

When discussing her’s family background and whether she felt the need to step out of her predecessors’ shadow, as some children of prominent figures do, she replied that people should not apologize for their background.

"You are what you are," she said while emphasizing that one’s background does not define their future. "It influences you, it moulds you, but the final decision is your own."