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Me & My Money Series (Sunday Times)
Jan 9, 2011
From teen hairdresser to engineering firm boss
No stranger to poverty, Rachel Wong harnesses her thrift and diligence to reap handsome dividends
By Lorna Tan, Senior Correspondent
Growing up poor, Ms Rachel Wong dreamt of becoming a successful businesswoman one day.
This the 47-year-old has done, as managing director of Marunda Utama Engineering, an engineering contractor which works with leading engine brands and the engine-related products of a number of Fortune 500 firms.
The youngest in a family of five, Ms Wong started working straight after her O levels, to help supplement the family income.
She sold encyclopaedias door- to-door before modelling with Carrie Wong Models and picking up professional photography. In 1979, she became a hairdresser at high-end salon Rudy Hadisuwano in Scotts Road, where she stayed until 1985.
That year, at 22, she leapt at the opportunity to run her own business when an Indonesian friend asked her to be a co-founder of Marunda Utama Engineering.
He already had a set-up in Indonesia and wanted a similar operation here. Undaunted by her lack of experience and qualifications, Ms Wong took up the challenge.
Her diligence and perseverance paid off. She even managed to turn the firm around when it got into trouble in the early 1990s, and paid off a $1.5 million debt. In 1996, she assumed full control of the firm as managing director.
Over the years, the firm, which has a staff strength of 20, has expanded into non-technical products, such as providing military- grade insulation and lagging material, specialist military-grade canvas material and bio-degradable chemicals. Its clients include the Singapore Government, the United States Navy, Royal Malaysian Navy, overseas oil-rig operators and private ship owners.
Ms Wong's husband works in the marine sector. They have a son Rainer, 10, and a daughter, Rannel, three.
Q: Are you a spender or saver?
In the earlier years of pursuing my career and building my business, I was very much a saver.
Saving was my top priority as there were a lot of responsibilities to shoulder - from maintaining a car, a flat and supporting my family financially, to running the business.
Now, I save about 35 per cent of my annual income for retirement.
Q: How much do you charge to your credit cards every month?
On average, I charge about $6,000 to $8,000 a month for business-related expenses, entertainment and shopping. I have six credit cards.
I make it a point to settle the bills in full and on time. I make weekly withdrawals of about $1,000 from my savings account for groceries, my domestic helper's wages, tuition fees and incidental expenditure.
Q: What financial planning have you done for yourself?
My portfolio comprises fixed and saving accounts, life insurance policies, children's education endowment plans and properties.
I have a few structured deposits of about $100,000 each. They guarantee the principal amount invested provided I do not prematurely terminate them. These are a combination of deposit and investment products such as currencies, equities, interest rate and market indexes.
To provide my family with adequate protection, I'm covered for my life for about $2 million. I pay annual insurance premiums of about $12,000. Last month, I contributed $11,745 to the Supplementary Retirement Scheme and plan to do so annually from now on.
Q: Moneywise, what were your growing-up years like?
The second of my two older sisters died in a car accident in 1983, when she was 29.
My father was a Chinese teacher whose salary was just enough to sustain himself. My mother worked as a domestic helper and looked after senior staff nurses and their hostel at Tan Tock Seng Hospital. Back in the early 1970s, her monthly wage was about $30. To support the family, mum had to do the laundry for doctors and nurses.
We lived in a rented room above a coffee shop in Moulmein Road. It was infested with rats and other pests. As the strict landlord would turn off the electricity and water supply at 8pm daily, my family would have dinner by candlelight on most nights. I was brought up to be thrifty and appreciate the smallest and simplest things in life.
Q: How did you get interested in investing?
I started investing in properties only after I had a sound financial plan in place to ensure my firm's operational sustainability. With some surplus cash I bought our first commercial property. One acquisition led to another.
Q: What property do you own?
I own two residential and three commercial properties.
I live in a 1,600 sq ft HDB executive flat in Ang Mo Kio. I bought it brand new in 1995 for $276,000 and spent $200,000 renovating it.
Last year, my hubby and I bought a 99-year leasehold 5,300 sq ft landed five-storey terrace house in Sembawang. We plan to move in when the construction is completed by the middle of this year. We bought the house for $1.9 million in October. Since then, the land at an adjacent plot has doubled in value.
In 2006, I bought a 7,500 sq ft commercial unit in Kaki Bukit, which I'm using as my head office and workshop. It was bought for $1.05 million and is now worth about $1.5 million.
The other two commercial units were bought in 2006 and together they cost more than $2 million. One is a 12,000 sq ft landed three-storey building in Pioneer Road which is used as a factory- cum-office-cum-workshop.
The other is a 1,500 sq ft office space at Commonwealth Avenue. Both are earning rental yields of about 11 per cent per annum. The value of the two commercial properties has held.
Q: What's the most extravagant thing you have bought?
It is an Audemars Piguet full diamond dress watch which cost nearly $35,000. I bought it in 2005 to reward myself for all my hard work and to make up for the fact that I didn't pamper myself in the earlier days.
Q: What is your retirement plan?
I have lots of passion to continue running my business and I do not intend to rest on my laurels. It keeps my fire burning and adrenaline pumping.
I anticipate that I will need $10,000 or more for monthly expenditure when I do retire.
Q: Home is now...
My Ang Mo Kio flat.
Q: I drive...
I have three cars - a metallic silver Mazda Miata convertible; an eight-seater Toyota Previa of the same colour; and a maroon Mercedes S350L.
lorna@sph.com.sg
--------------------------------------------------------------------------------
WORST AND BEST BETS
Q What has been your worst investment to date?
In 1994, I ordered a 20-foot container of brass and glass display hardware from India. I had intended the goods for retail but I was short-changed with poor quality stuff and wrong items. The payment was by letter of credit, which contained some loose terms that the supplier took advantage of. I had to sell the goods at below cost and incurred a loss of $40,000.
Q And your best investment?
It has to be my company, in which I have invested 25 years of my life, and more than $1million. I have built it from nothing to what it is today.
It is a 'vehicle' in which I rode my journey through ups and downs to today's achievement of being recognised in the power generation and marine industries as a 'small chilli but hot' player.
My second best investment would be my executive HDB flat in Ang Mo Kio, which was bought in April 1995 for $276,000. Today, it could fetch $800,000 or more.
From teen hairdresser to engineering firm boss
No stranger to poverty, Rachel Wong harnesses her thrift and diligence to reap handsome dividends
By Lorna Tan, Senior Correspondent
Growing up poor, Ms Rachel Wong dreamt of becoming a successful businesswoman one day.
This the 47-year-old has done, as managing director of Marunda Utama Engineering, an engineering contractor which works with leading engine brands and the engine-related products of a number of Fortune 500 firms.
The youngest in a family of five, Ms Wong started working straight after her O levels, to help supplement the family income.
She sold encyclopaedias door- to-door before modelling with Carrie Wong Models and picking up professional photography. In 1979, she became a hairdresser at high-end salon Rudy Hadisuwano in Scotts Road, where she stayed until 1985.
That year, at 22, she leapt at the opportunity to run her own business when an Indonesian friend asked her to be a co-founder of Marunda Utama Engineering.
He already had a set-up in Indonesia and wanted a similar operation here. Undaunted by her lack of experience and qualifications, Ms Wong took up the challenge.
Her diligence and perseverance paid off. She even managed to turn the firm around when it got into trouble in the early 1990s, and paid off a $1.5 million debt. In 1996, she assumed full control of the firm as managing director.
Over the years, the firm, which has a staff strength of 20, has expanded into non-technical products, such as providing military- grade insulation and lagging material, specialist military-grade canvas material and bio-degradable chemicals. Its clients include the Singapore Government, the United States Navy, Royal Malaysian Navy, overseas oil-rig operators and private ship owners.
Ms Wong's husband works in the marine sector. They have a son Rainer, 10, and a daughter, Rannel, three.
Q: Are you a spender or saver?
In the earlier years of pursuing my career and building my business, I was very much a saver.
Saving was my top priority as there were a lot of responsibilities to shoulder - from maintaining a car, a flat and supporting my family financially, to running the business.
Now, I save about 35 per cent of my annual income for retirement.
Q: How much do you charge to your credit cards every month?
On average, I charge about $6,000 to $8,000 a month for business-related expenses, entertainment and shopping. I have six credit cards.
I make it a point to settle the bills in full and on time. I make weekly withdrawals of about $1,000 from my savings account for groceries, my domestic helper's wages, tuition fees and incidental expenditure.
Q: What financial planning have you done for yourself?
My portfolio comprises fixed and saving accounts, life insurance policies, children's education endowment plans and properties.
I have a few structured deposits of about $100,000 each. They guarantee the principal amount invested provided I do not prematurely terminate them. These are a combination of deposit and investment products such as currencies, equities, interest rate and market indexes.
To provide my family with adequate protection, I'm covered for my life for about $2 million. I pay annual insurance premiums of about $12,000. Last month, I contributed $11,745 to the Supplementary Retirement Scheme and plan to do so annually from now on.
Q: Moneywise, what were your growing-up years like?
The second of my two older sisters died in a car accident in 1983, when she was 29.
My father was a Chinese teacher whose salary was just enough to sustain himself. My mother worked as a domestic helper and looked after senior staff nurses and their hostel at Tan Tock Seng Hospital. Back in the early 1970s, her monthly wage was about $30. To support the family, mum had to do the laundry for doctors and nurses.
We lived in a rented room above a coffee shop in Moulmein Road. It was infested with rats and other pests. As the strict landlord would turn off the electricity and water supply at 8pm daily, my family would have dinner by candlelight on most nights. I was brought up to be thrifty and appreciate the smallest and simplest things in life.
Q: How did you get interested in investing?
I started investing in properties only after I had a sound financial plan in place to ensure my firm's operational sustainability. With some surplus cash I bought our first commercial property. One acquisition led to another.
Q: What property do you own?
I own two residential and three commercial properties.
I live in a 1,600 sq ft HDB executive flat in Ang Mo Kio. I bought it brand new in 1995 for $276,000 and spent $200,000 renovating it.
Last year, my hubby and I bought a 99-year leasehold 5,300 sq ft landed five-storey terrace house in Sembawang. We plan to move in when the construction is completed by the middle of this year. We bought the house for $1.9 million in October. Since then, the land at an adjacent plot has doubled in value.
In 2006, I bought a 7,500 sq ft commercial unit in Kaki Bukit, which I'm using as my head office and workshop. It was bought for $1.05 million and is now worth about $1.5 million.
The other two commercial units were bought in 2006 and together they cost more than $2 million. One is a 12,000 sq ft landed three-storey building in Pioneer Road which is used as a factory- cum-office-cum-workshop.
The other is a 1,500 sq ft office space at Commonwealth Avenue. Both are earning rental yields of about 11 per cent per annum. The value of the two commercial properties has held.
Q: What's the most extravagant thing you have bought?
It is an Audemars Piguet full diamond dress watch which cost nearly $35,000. I bought it in 2005 to reward myself for all my hard work and to make up for the fact that I didn't pamper myself in the earlier days.
Q: What is your retirement plan?
I have lots of passion to continue running my business and I do not intend to rest on my laurels. It keeps my fire burning and adrenaline pumping.
I anticipate that I will need $10,000 or more for monthly expenditure when I do retire.
Q: Home is now...
My Ang Mo Kio flat.
Q: I drive...
I have three cars - a metallic silver Mazda Miata convertible; an eight-seater Toyota Previa of the same colour; and a maroon Mercedes S350L.
lorna@sph.com.sg
--------------------------------------------------------------------------------
WORST AND BEST BETS
Q What has been your worst investment to date?
In 1994, I ordered a 20-foot container of brass and glass display hardware from India. I had intended the goods for retail but I was short-changed with poor quality stuff and wrong items. The payment was by letter of credit, which contained some loose terms that the supplier took advantage of. I had to sell the goods at below cost and incurred a loss of $40,000.
Q And your best investment?
It has to be my company, in which I have invested 25 years of my life, and more than $1million. I have built it from nothing to what it is today.
It is a 'vehicle' in which I rode my journey through ups and downs to today's achievement of being recognised in the power generation and marine industries as a 'small chilli but hot' player.
My second best investment would be my executive HDB flat in Ang Mo Kio, which was bought in April 1995 for $276,000. Today, it could fetch $800,000 or more.
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