Introduction

Chew Gek Khim, a remarkable figure in the Singaporean business landscape, has cemented her place as one of the wealthiest individuals in the nation, ranking 35th on Forbes' Singapore 50 Richest list for 2024. As the Executive Chairwoman of Straits Trading, one of Singapore’s oldest and most revered companies, she oversees a firm with deep historical roots dating back to 1887. Originally founded by a Scotsman and a German to exploit the booming tin market, Straits Trading rose to prominence as one of the globe’s key tin smelters, navigating the challenges of two World Wars and the Great Depression.

Family Legacy

A significant figure in her family's legacy, Chew is not only a leader but also a major stakeholder in Tecity Group, which commands a significant 67.2% share in Straits Trading. Her late grandfather, Tan Chin Tuan, was instrumental in shaping the company’s early path, having integrated it with OCBC Bank during his tenure. Tan’s guidance left an indelible mark on Chew, who fondly remembers her sheltered upbringing in his grand two-story mansion near Orchard Road.

Education and Career Beginnings

With a law degree from the National University of Singapore, Chew started her career at a leading law firm but eventually pivoted to join her grandfather’s investment firm, Tecity. Initially hesitant to take on the family business, she came to appreciate the opportunity when the situation changed. Under her leadership, she followed her grandfather’s advice to “try everything,” a mantra that has driven her success in business.

Transformative Journey and Growth

Chew's transformative journey truly began when she acquired an 89% stake in Straits Trading in a competitive bidding war against OCBC's Lee family. Since that pivotal moment, she has successfully diversified the company, propelling it into new industries including real estate and hospitality. Straits Trading now boasts an impressive portfolio with S$2.1 billion (US$1.54 billion) in assets, underpinning its reputation as a key player in different sectors.

Partnerships and Strategic Decisions

One standout achievement has been her partnership with the Ng brothers to establish Far East Hospitality Holdings, which manages over 100 properties across 10 countries. Chew’s foresight and strategic decisions, such as the lucrative acquisition of a 20% stake in ARA Asset Management in 2013, have brought Straits Trading substantial returns, including a staggering S$1.1 billion profit when the shares were sold.

Innovation in Tradition

A key focus has also been on modernizing traditional tin mining operations through strategic investing in companies like Malaysia Smelting. This blend of innovation and tradition earned Chew the title of Businesswoman of the Year at the Singapore Business Awards in 2015, a recognition only awarded to a handful of women in the event’s history.

Guiding Principles and Values

Despite the pressures of leading a legacy firm, Chew remains grounded in her values, echoing her grandfather’s sentiments about resourcefulness and resilience in business. She believes in adapting to change while maintaining a firm grip on one’s core principles, stating, “The wisdom is knowing when to cut loss... sometimes you need to say, enough is enough.”

Personal Reflections and Authenticity

In personal reflections, Chew reminisces about her “loud and colorful” family life, where her grandfather’s hearing impairment created an environment of open and lively communication. Juggling the demands of her successful career and family, Chew emphasizes the importance of authenticity, asserting that one’s background should never hinder their aspirations.

Style and Identity

Styled often in her signature cheongsam attire, Chew finds practicality in the elegant garment, which she believes simplifies her daily choices. Through her journey, she serves as a powerful reminder that while heritage shapes us, it is ultimately our choices that define our futures.

Conclusion

As Chew Gek Khim continues to pave the way for future generations of business leaders, her story remains a testament to resilience, adaptability, and the relentless pursuit of success in an ever-evolving global market.