27 TAN SRI DESMOND LIM SIEW CHOON

Flagship: Pavilion and Malton Bhd Net worth: RM2.402bil AS his net worth declined, so did his position on Malaysia’s top-40 richest list last year.

Ranked 27th, Lim saw his net worth falling 11.4% to RM2.402bil in 2017 from RM2.71bil in 2016.

The 57-year-old is the controlling shareholder of the successful Pavilion shopping malls and property developer Malton, as well as engineering and property developer WCT Holdings Bhd.

As at the end of last year, Lim had a 35.5% stake in Malton, a 37.2% equity in Pavilion Real Estate Investment Trust (REIT), and 17.5% in WCT.

Pavilion REIT accounted for the biggest chunk of his wealth, as the market capitalisation of the counter as at the end of last year was RM5.74bil, compared with RM298mil for Malton and RM2.18bil for WCT.

Pavilion REIT’s portfolio comprises Pavilion Kuala Lumpur Retail Mall, Pavilion Tower, Damen Mall and Intermark Mall.

WCT owns three shopping malls, namely, Aeon Bukit Tinggi Shopping Centre in Klang, Paradigm Mall in Petaling Jaya and the integrated complex gateway@ klia2 in Sepang. It also boasts a property development portfolio that goes along with the construction business the company was founded on.

WCT has been eyeing the listing of its REIT, which has been postponed several times.

For the REIT listing, WCT is targeting to inject RM1.1bil worth of assets, comprising Paradigm Mall in Petaling Jaya as well as Aeon Mall and Premiere Hotel in Klang.

WCT’s construction division is doing well, being a big beneficiary of major infrastructure projects in the country such as the light rail transit 3. The company’s outstanding order book has hit RM5.5bil.

Lim has been involved in the property development and construction industries for more than 34 years.

His wife, Tan Kewi Yong, is the sister of Malaysian tycoon Tan Sri Robert Tan Hua Choon.