30 KONG CHONG SOON @ CHI SUIM AND KONG PAK LIM

Flagship: UOA Development Bhd and United Australia Overseas Net worth: RM2.124bil CHONG Soon and Pak Lim are selfmade property billionaires who co-founded United Overseas Australia Ltd (UOA) and UOA Development Bhd.

With a net worth totalling RM2.34bil last year, Chong Soon and Pak Lim were the 30th richest Malaysians in 2017. In 2016, they were ranked 26th, but with a lower net worth of RM2.124bil.

Chong Soon, 76, has more than 33 years of experience in the construction and property development industries, both in Malaysia and Singapore. He is currently the managing director of UOA Development.

Pak Lim, 64, has more than 38 years of experience in the construction, mining and property development industries in both Malaysia and Australia. He is currently the executive director of UOA Development.

Chong Soon and Pak Lim co-founded UOA in 1987, and listed the company, which focuses on property development, construction, property investment, and property management, on the Australian Stock Exchange in the same year.

Over the years, Chong Soon and Pak Lim steered the UOA group into a reputable property developer developing residential and commercial properties as well as hotels, restaurants and recreational outlets.

In 1989, the UOA group decided to base its headquaters and business operations in Kuala Lumpur. The group later went on to list UOA Development on the Main Market of Bursa Malaysia in 2011.

To date, UOA Development is one of the largest listed property and construction companies in Malaysia. The UOA group is also seen strategically investing in good investment-grade commercial and residential assets in prime, high-return growth areas under UOA Real Estate Investment Trust (REIT), which is listed on Bursa Malaysia.

Chong Soon and Pak Lim own about an 84.6% stake in UOA through their private companies. UOA, in turn, owns 69.5% in UOA Development and a 76.6% stake in UOA REIT.