Early Life
Asok Kumar Hiranandani was born in Singapore in 1954. His father, a refugee from India, started a textile business in Singapore in 1947. Due to a family health crisis, Asok and his brother Raj took over the family business at a young age. They eventually realized the potential of real estate and became landlords instead. They both dropped out of high school, and having no experience, began working 18 hours a day just to survive.
Rise to Success
Asok Kumar Hiranandani made his first fortune in 1995 with the sale of the Promenade Mall. In 2011, he and his brother split their family empire. Asok's Royal Group owns prime Singapore assets, including the Sofitel Singapore Sentosa Resort and the Royal One Phillip office building. The Hiranandani family is known for developing properties across the Asia-Pacific region, which includes hotels, shopping malls, and residential buildings. They also specialized in the classic flip, identifying a property that can be sold within a short period at a tidy markup.
Key Business Strategies
The Royal Group's strategy involves strategic investments and asset monetization plans. They have been expanding their hotel footprint and developing properties in key locations. In 2022, the Royal Group bought the Ming Arcade for a record price. Asok's son, Bobby Hiranandani, is now leading many of the group's projects and is set to take over the business, continuing the family's legacy of real estate development.
Philanthropy
While specific philanthropic amounts are not readily available, the Hiranandani family has been involved in various charitable initiatives, focusing on creating better communities. Dimple Hiranandani Aswani, Asok's daughter, is focused on philanthropy.