Strictly Business: The Kwek Leng Beng Story

by Peh Shing Huei

For the first time, Singapore tycoon Kwek Leng Beng shares the inside story behind the rise of his family business Hong Leong into one of Asia's biggest conglomerates in real estate, hospitality, finance and more. The authorised biography traces his life across 80 years, from pre-war Singapore to the present day, taking readers across the globe as Kwek builds a business empire in five continents. He took on Donald Trump in New York, partnered Prince Alwaleed and even looked to do business with the Japanese Emperor. Strictly Business offers readers rare insights into the elite world of business, glamour and hospitality.

Genres: Business, Nonfiction, Biography

300 pages, Paperback

Published November 30, 2023

Reviews

[Ramu Vairavan · Rating 5 out of 5]

📖 A fascinating and fun read, just as fast-paced as Neither Civil Nor Servant.

Strictly Business offers a captivating look into the life and leadership of Kwek Leng Beng (or LB), the driving force behind Hong Leong Group and City Developments Limited over several decades. Peh Shing Huei masterfully blends biography with business insights, making this a compelling read for anyone interested in entrepreneurship, or simply curious about Singapore's corporate titans.

💡 This book distills Kwek's business philosophy—pragmatism, bold decision-making, and an unrelenting pursuit of excellence. We learn from Kwek's knack for dealmaking, speed, work ethic and punctuality.

One standout lesson from Strictly Business is Kwek's belief in seizing opportunities in times of crisis. His ability to spot undervalued assets and transform them into thriving businesses is a testament to his strategic acumen.

🔍 Equally enigmatic is his father, Kwek Hong Png. LB in his own words on fundamentals he learnt from him: "Land is gold, don't over-borrow, know your subject well, be honest with your partners and be solution-driven."

Now that Peh Shing Huei has biographies of a strategic politician, a maverick civil servant, and a hard-nosed business magnate under his belt, I wonder who's up next. Academic, technocrat, philanthropist... perhaps a lady legend?

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What else is in store:
+ how familiar local projects came to be: Republic Plaza, Marina Bay Sands, The Sail, South Beach
+ how a family business is (and is not) passed down generations
+ how the hotel industry functions
+ brushes with Donald Trump, September 11
+ stories on/from Cecilia Kok, Sherman Kwek, Kwek Leng Joo, Chia Ngiang Hong, Philip Yeo, Philip Ng, and others

[Nicole · Rating 5 out of 5]

I read up Strictly Business (to be honest) because the book was expiring on my libby app's list of loans and I saw a looooong list of people waiting for the book after me, so the kiasu in me knew that I had to read it NOW or join the waiting list again (sigh how singaporean) 😂

But absolutely zero regrets - this was a GREAT book and I can see why there's a waiting list to borrow this book on libby. I started the book not really knowing much about Kwek Leng Beng. Coming from Singapore, I've heard of city dev/ hong leong bank/ copthorne king's hotel, but to be frank, nothing much other than that, so it was really nice being able to understand the story behind brands that you've heard of, but not thought much of (if that makes any sense)

The writing is clear, simple and easy to get through; I finished it in less than 24 hours. It’s impressive seeing how the Kwek family built their business from literally nothing and how disciplined, calculated and principled he is in decision-making.

I'm always a fan of Peh's books, and he does a great job capturing Kwek's personality so you feel like you have a better sense of how he's like by the end. After a run of bad books, this one genuinely pulled me back into reading. Five stars, highly recommend for anyone interested in entrepreneurship or business!

[D.H. Lim · Rating 5 out of 5]

Best book read in 2023, since it resonates with me.
Passion, focus, rationale with little to no emotions when decision making.

Research, determine the “fair price” for any asset in “current” macro and micro conditions. Buy at a discount (margin of safety) or at its fair price that minimise financial pains ( value loss, increased financial costs) during market downturns which you can’t predict.

When doing business, think long term, look at the mid pictures. If superficial praises and giving “face” will earn you a bargain with an upside, why not?

Integrity when doing business. Build and upkeep your reputation which is priceless. No zero-sum game.
Buying, earning at a bargain at the expense of others’ are not worth it in the long run. You never know if you ever need help from your opposition one day.

[Wendy · Rating 5 out of 5]

This book is surprisingly intriguing to read about one of the most influential family in the real estate industry in Singapore. The story is written in a simple and concise manner that made reading a breeze. It’s interesting to dive into Kwek Leng Beng’s experience in business dealings and investments and how it is updated with the latest (failed) investment of Sincere Group.

[Kevin Kim · Rating 3 out of 5]

Quote:

My father said: "I don't care how good your administration and systems are, if you don't have sales, you don't have income and if you don't have income, you're dead."

[Kutanabe Sazaki · Rating 4 out of 5]

Simple prose conveying the inner workings of one of Singapore’s most brilliant business minds-an accessible read.