This story appears in the August/September 2024 issue of Forbes Magazine. Subscribe

This story is part of Forbes' coverage of Singapore's Richest 2024. See the full list here.

"I seize opportunities when everybody is frightened," declared Kwek Leng Beng, executive chairman of property firm City Developments at a media briefing in August. As central banks hang tough on interest rates, the 83-year-old billionaire has bravely doubled down, signing some S$1.1 billion ($837 million) worth of deals so far this year.

These include the €240 million ($260 million) purchase of the iconic Hilton Paris Opera hotel in May, ahead of the summer Olympic Games in the French capital. The 268-room property, acquired from a Blackstone fund, was built in 1889 and is the third Paris hotel in the group's portfolio. Kwek has long eyed trophy assets. Nearly three decades ago he made headlines by unexpectedly partnering with Saudi Prince Alwaleed bin Talal bin Abdulaziz al Saud to buy the Plaza Hotel in New York from a then-overextended Donald Trump. (They sold the storied hotel in 2013.)

City Developments' net profit rose by nearly a third to S$88 million in the first six months of 2024, partly on increased contributions from its hotels and office buildings. But lower residential sales saw revenue slump 42% to S$1.6 billion. Kwek shares his $11.5 billion fortune with his family.