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Me & My Money Series (Sunday Times)
The Straits Times
Aug 28, 2011
me & my money
Tech firm founder 'inventor at heart'
No engineering background but he has passion for tech
By Magdalen Ng
Founder of technology firm Stratech Systems David Chew deals with the newest and best technologies in his daily work.
The company designs, develops, implements and maintains informational technologies and advanced technology systems, and counts the US Department of Homeland Security and the Singapore Ministry of Defence as some of its clients.
Recently the firm also announced plans to acquire an 80 per cent stake in South Korea-incorporated Global Telecom for US$7.6 million (S$9.2 million).
However, the 53-year-old does not have a background in engineering.
'But I have a passion for technology,' he said, 'and am pretty much an inventor at heart'.
Mr Chew has a background in sales and marketing.
'I see myself as a conductor in an orchestra. I understand music, can probably play a bit of the piano and some of the other instruments, but I have the best pianist, violinist and cellist. Together, we make beautiful music.'
His wife Leong Sook Ching, 45, is Stratech's deputy chairman. They have two children, Phoebe, 14, and David RJ, 11.
Q: Are you a spender or saver?
I am both. I spend about two-thirds of what I make; one-third I give back to the community through tithing and other donations.
Every year, we also spend at least a week in Tokyo in December, but because of the nuclear contamination, we are not sure if we can continue with this tradition.
My family loves to cook and host at home, rather than go out on special occasions. So we do spend quite a bit on groceries. Our weekly grocery bill is about $1,000, and one of our favourite supermarkets is Meidi-ya at Liang Court.
Q: How much do you charge to your credit cards every month?
I have a few credit cards, and I do not charge more than $10,000 a month to each card. I pay off the bills monthly so I do not incur the high interest fees.
This amount does not include the occasional buying of gifts for my wife and children.
Q: What financial planning have you done for yourself?
I am quite thorough. If I take out any loans, I make sure that they are insured. For example, I have two policies that will provide me with insurance beyond $20 million. This is to ensure that if anything does happen to me, the family would not be saddled with any debt whatsoever. That is a very important part of my financial planning.
Other than properties and art, I leave the rest to a private banker to handle.
I have spent at least $3 million on my art collection, which I hope to be able to pass to the next generation.
Q: Moneywise, what were your growing-up years like?
I had very humble beginnings. I was brought up in a family in which my father was a teacher at a time when teachers weren't given the due recognition they have today, with reasonably attractive pay packages. My mother has always been a housewife. We were comfortable but we never really had a lot of money. My younger brother is the head of technology in Stratech.
The lesson that I learnt from my parents is the same one I'm trying to teach my children. You do not need to be extravagant, but there is no harm going for quality.
I may walk into an art gallery and buy something I really like that is worth $350,000 and not blink. But I would be terribly upset if someone short-changes me by $1. It is not about absolute dollars and cents, but the values behind it.
Q: How did you get interested in investing?
I guess it was born out of necessity.
The reality of retirement is stark. No matter how much cash one may have in one's hands, it is finite. It is only going to deplete with time.
Investment is an inevitable thing, irrespective of how you invest. It can be the buying of a piece of property. Over time it appreciates in value, and it would be nice if you can afford to pass it on to your next generation.
Q: What property do you own?
I own a bungalow off Holland Road, which I bought 12 years ago. The land alone was $11 million and the house cost about $4 million to build.
I also own a three-bedroom apartment in the Tanglin area, which my in-laws are living in. It cost about $1 million.
Q: What's the most extravagant thing you have bought?
Twelve years ago, when the new Mercedes SL500 was launched, I gave that to my wife as her present for that year. At about $400,000, it was probably one of the most extravagant single items that I have bought. It was really nice because that year, some magazines listed the car as 'a present to die for'.
Somewhere along the way, we decided that we did not need it, but have regretted selling it since. Now I am anxiously waiting for the new SL500 to be launched in 2013, and my wife is wondering if she will be getting another present.
Q: What's your retirement plan?
My private banker and I have a very simple rule. At the end of the day, even if the time comes for me to retire, the assets that I have and the returns must enable me to at least maintain my current lifestyle. And if possible, for my family to maintain the same after I am no longer around.
My private banker and his team are working towards that. I do not think 20 per cent to 30 per cent per annum returns are realistic and sustainable. I use a more reasonable benchmark of about 10 per cent target returns.
Q: Home is now...
My landed property off Holland Road.
Q: I drive...
A Mercedes S500 and a GL450. I'm a Mercedes Benz person.
songyuan@sph.com.sg
-----------------------------------------------------
WORST AND BEST BETS
Q: My worst investment to date...
There was a time when I was dealing with another private banker, about 10 years ago, and that was probably the first time in my life I was thrown into a financial quandary, because overall, the investments went sour.
I lost several million dollars, and if it had not been properly managed, it could have caused a major upheaval.
The private banker that I am dealing with today, together with his boss at that time, helped me restructure and literally get me out of the rut.
Q: My best investment to date...
In every way, my piece of property in Holland Road is my best investment so far. It is worth at least three times the figures combined, of what I spent for the land and building the house. Almost every day, we have either buyers or property agents asking if we are keen to sell. But as far as I am concerned, we are planning to keep this as a family mansion.
Aug 28, 2011
me & my money
Tech firm founder 'inventor at heart'
No engineering background but he has passion for tech
By Magdalen Ng
Founder of technology firm Stratech Systems David Chew deals with the newest and best technologies in his daily work.
The company designs, develops, implements and maintains informational technologies and advanced technology systems, and counts the US Department of Homeland Security and the Singapore Ministry of Defence as some of its clients.
Recently the firm also announced plans to acquire an 80 per cent stake in South Korea-incorporated Global Telecom for US$7.6 million (S$9.2 million).
However, the 53-year-old does not have a background in engineering.
'But I have a passion for technology,' he said, 'and am pretty much an inventor at heart'.
Mr Chew has a background in sales and marketing.
'I see myself as a conductor in an orchestra. I understand music, can probably play a bit of the piano and some of the other instruments, but I have the best pianist, violinist and cellist. Together, we make beautiful music.'
His wife Leong Sook Ching, 45, is Stratech's deputy chairman. They have two children, Phoebe, 14, and David RJ, 11.
Q: Are you a spender or saver?
I am both. I spend about two-thirds of what I make; one-third I give back to the community through tithing and other donations.
Every year, we also spend at least a week in Tokyo in December, but because of the nuclear contamination, we are not sure if we can continue with this tradition.
My family loves to cook and host at home, rather than go out on special occasions. So we do spend quite a bit on groceries. Our weekly grocery bill is about $1,000, and one of our favourite supermarkets is Meidi-ya at Liang Court.
Q: How much do you charge to your credit cards every month?
I have a few credit cards, and I do not charge more than $10,000 a month to each card. I pay off the bills monthly so I do not incur the high interest fees.
This amount does not include the occasional buying of gifts for my wife and children.
Q: What financial planning have you done for yourself?
I am quite thorough. If I take out any loans, I make sure that they are insured. For example, I have two policies that will provide me with insurance beyond $20 million. This is to ensure that if anything does happen to me, the family would not be saddled with any debt whatsoever. That is a very important part of my financial planning.
Other than properties and art, I leave the rest to a private banker to handle.
I have spent at least $3 million on my art collection, which I hope to be able to pass to the next generation.
Q: Moneywise, what were your growing-up years like?
I had very humble beginnings. I was brought up in a family in which my father was a teacher at a time when teachers weren't given the due recognition they have today, with reasonably attractive pay packages. My mother has always been a housewife. We were comfortable but we never really had a lot of money. My younger brother is the head of technology in Stratech.
The lesson that I learnt from my parents is the same one I'm trying to teach my children. You do not need to be extravagant, but there is no harm going for quality.
I may walk into an art gallery and buy something I really like that is worth $350,000 and not blink. But I would be terribly upset if someone short-changes me by $1. It is not about absolute dollars and cents, but the values behind it.
Q: How did you get interested in investing?
I guess it was born out of necessity.
The reality of retirement is stark. No matter how much cash one may have in one's hands, it is finite. It is only going to deplete with time.
Investment is an inevitable thing, irrespective of how you invest. It can be the buying of a piece of property. Over time it appreciates in value, and it would be nice if you can afford to pass it on to your next generation.
Q: What property do you own?
I own a bungalow off Holland Road, which I bought 12 years ago. The land alone was $11 million and the house cost about $4 million to build.
I also own a three-bedroom apartment in the Tanglin area, which my in-laws are living in. It cost about $1 million.
Q: What's the most extravagant thing you have bought?
Twelve years ago, when the new Mercedes SL500 was launched, I gave that to my wife as her present for that year. At about $400,000, it was probably one of the most extravagant single items that I have bought. It was really nice because that year, some magazines listed the car as 'a present to die for'.
Somewhere along the way, we decided that we did not need it, but have regretted selling it since. Now I am anxiously waiting for the new SL500 to be launched in 2013, and my wife is wondering if she will be getting another present.
Q: What's your retirement plan?
My private banker and I have a very simple rule. At the end of the day, even if the time comes for me to retire, the assets that I have and the returns must enable me to at least maintain my current lifestyle. And if possible, for my family to maintain the same after I am no longer around.
My private banker and his team are working towards that. I do not think 20 per cent to 30 per cent per annum returns are realistic and sustainable. I use a more reasonable benchmark of about 10 per cent target returns.
Q: Home is now...
My landed property off Holland Road.
Q: I drive...
A Mercedes S500 and a GL450. I'm a Mercedes Benz person.
songyuan@sph.com.sg
-----------------------------------------------------
WORST AND BEST BETS
Q: My worst investment to date...
There was a time when I was dealing with another private banker, about 10 years ago, and that was probably the first time in my life I was thrown into a financial quandary, because overall, the investments went sour.
I lost several million dollars, and if it had not been properly managed, it could have caused a major upheaval.
The private banker that I am dealing with today, together with his boss at that time, helped me restructure and literally get me out of the rut.
Q: My best investment to date...
In every way, my piece of property in Holland Road is my best investment so far. It is worth at least three times the figures combined, of what I spent for the land and building the house. Almost every day, we have either buyers or property agents asking if we are keen to sell. But as far as I am concerned, we are planning to keep this as a family mansion.
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