Asok Kumar Hiranandani, who is based in Singapore, is the owner of the Royal Group. The company is managed by his son Bobby, who is also a billionaire.
Asok Kumar Hiranandani, a person of Indian origin, is the wealthiest individual in Singapore with a net worth of USD 1.7 billion. He is also the co-founder of the previous property group, Royal Brothers.
In 2011, Asok Kumar Hiranandani and his brother Raj Kumar went their separate ways, dividing their extensive real estate empire.
Asok Kumar Hiranandani is the owner of the Royal Group, which is managed by his billionaire son, Bobby. The Royal Group possesses the Sofitel Singapore Sentosa Resort, which has 215 rooms.
Asok Kumar Hiranandani is preparing to construct Sentosa’s second Raffles hotel in Singapore.
In 2022, Asok Kumar Hiranandani sold his 134-room SO/Singapore hotel for SGD 240 million and used the proceeds to purchase the Ming Arcade, located near Orchard Road, for SGD 172 million.
Forbes reports that over the past decade, the Royal Group has earned around SGD 800 million by selling five hotel projects. The real estate firm made more than SGD 300 million in profit from these sales, which was then reinvested in new ventures. Interestingly, Asok Hiranandani’s net worth increased from USD 910 million in 2012 to USD 1.7 billion today, largely due to smart business deals. “We don’t have sentimental attachments to our projects,” said Asok, the chairman of the Royal Group, according to Forbes. “We are a family office. We need to bring fresh injections of capital into the business. Every five years, there’s an asset monetization plan to bring in fresh capital,” he added.
