Published Aug 27, 2025, 03:30 PM
SINGAPORE – Former remisier-turned-billionaire Peter Lim hit the news this week when his Singapore-listed Thomson Medical Group (TMG) announced an RM18 billion (S$5.5 billion) project in the Johor-Singapore Special Economic Zone (JS-SEZ) featuring a 500-bed hospital, a luxury hotel, serviced residences and more.
Additionally, RSP, an architectural and design firm owned by Mr Lim, tapped his family’s close ties with the Johor royal family to bag a US$200 million (S$257.8 million) job to design and develop their Desaru home.
The self-made tycoon is also known in the sporting world and society columns through his ownership of the Spanish football club Valencia, and his socialite and influencer daughter Kim Lim.
The Business Times takes a look at Mr Lim’s business moves through the years that have placed him on Forbes’ list of Singapore’s richest.
Drive and resilience
Mr Lim was born in 1953 to humble origins. The son of a fishmonger grew up with seven siblings in a two-bedroom Housing Board flat in the Bukit Merah area.
He attended secondary school at Raffles Institution, before graduating with a degree in finance and accounting from the University of Western Australia in Perth.
To put himself through school, Mr Lim juggled multiple odd jobs while studying; he also worked as a cab driver, a cook and a waiter at a fast-food chain.
Remisier king
After graduating from university, Mr Lim worked briefly in accounting and tax consultancy before entering the world of stockbroking as a remisier – a self-employed agent earning commissions on trades.
He soon learnt the ropes and quickly built a reputation for himself. Serving Indonesian clients, he earned millions in commissions and made a name for himself in the 1980s as the “remisier king” of Singapore.
The New York Times reported in March that his clients reportedly included sons of former Indonesian president Suharto and former Malaysian prime minister Mahathir Mohamad.
Fortune building
In the 1990s, he invested US$10 million in the Indonesian palm oil company co-founded by Mr Kuok Khoon Hong, the nephew of Malaysia’s richest man Robert Kuok. The younger Kuok, Wilmar’s current chairman and chief executive, is a former client and friend of Mr Lim.
Mr Lim’s timing was shrewd, as the Indonesian economy and rupiah were weak then.
He made his first billion dollars cashing out on Wilmar International shares in 2010, reaping a US$1.5 billion windfall.
In 2011, Mr Lim acquired a specialist maternity and paediatric hospital known as Thomson Medical for around US$396 million, according to Forbes. He also bought a stake in Kuala Lumpur-based healthcare company TMC Life Sciences that year.
In 2022, he joined British public school Wellington College in a venture to set up high-end international schools across Singapore, Indonesia and Malaysia.
Today, Mr Lim’s fortune spans healthcare, property, education and sports.
Thomson Medical Group
In 2017, Mr Lim injected his healthcare businesses in Singapore and Malaysia into his listed investment holding company, Rowsley, via a reverse takeover.
Rowsley acquired a 100 per cent stake in Thomson Medical, then a private business, and a 70.4 per cent stake in Bursa Malaysia-listed TMC Life Sciences.
Following the acquisition, Rowsley was renamed TMG in 2018.
In 2023, TMG entered the Vietnamese market with a US$381.4 million acquisition of Vietnam’s largest private healthcare group, FV Hospital.
Mr Lim has a 12.2 per cent direct interest in TMG and a deemed interest of 77.5 per cent, according to TMG’s 2024 annual report.
Personal life and family
The twice-married tycoon has two children from his first marriage to Madam Teo Geok Fong.
The pair split in the 1990s in a high-profile divorce involving a publicised custody battle and a $50 million settlement, according to the Vulcan Post.
In 2003, Mr Lim married former actress and model Cherie Lim.
While Mr Lim is said to be media-shy, his socialite and beauty entrepreneur daughter Kim Lim, 33, is frequently featured in the media over events in her personal and social life.
His son, Mr Kiat Lim, 31, is the current executive vice-chairman of TMG, having been appointed to the role in September 2022. The younger Lim was in 2023 named chairman of RSP, which his father bought in 2013 through Rowsley.
Royal connection
Mr Peter Lim’s family is said to have close ties with the Johor royal family, which recently commissioned RSP to design and develop their private residence.
The private residence for the Johor royals will be built on a 27ha site on the Desaru waterfront in the JS-SEZ. Its estimated development cost is US$200 million, and it is expected to take four years to build it.
The residence will comprise a royal villa, guest houses, a children’s club and sports facilities. It will also include a secure underground complex containing a shooting range and armoury, with the capacity to house 100 soldiers.
Passion for football
Beyond ties between the families, Regent of Johor Tunku Ismail Sultan Ibrahim and Mr Kiat Lim share a passion for football, Forbes reported. Tunku Ismail – who owns the Johor Darul Ta’zim football club – is involved in developing the sport through digital engagement and sports ventures.
Mr Peter Lim is said to have friendships with football celebrities Cristiano Ronaldo, David Beckham and Gary Neville.
In 2014, he bought Spanish football club Valencia. The move followed an earlier bid to acquire Liverpool, which fell through even after he raised his offer to £320 million (S$550 million).
In 2010, Mr Peter Lim withdrew his offer for Liverpool and said then that its board intended to sell it to New England Sports Ventures – which later bought the club at £300 million, below Mr Peter Lim’s offer.
Mr Peter Lim’s ownership of Valencia has had some controversy. The New York Times reported that he is said to be unpopular with many of the club’s fans, and his stewardship of it has been criticised.
Talk of Mr Peter Lim selling Valencia surfaced earlier in 2025. Spanish radio broadcaster Cope claimed he was seeking €400 million (S$598 million) for his majority stake in the club, but his private investment company Meriton Holdings denied the rumours.
In March 2025, Mr Kiat Lim became president of Valencia. THE BUSINESS TIMES
