But they proved the key to wealth for Mr Koh Wee Meng, the chief of Fragrance Group, which owns the chain of tourist-class Fragrance hotels as well as boutique property developer Fragrance Land.

Mr Koh debuted on Forbes Magazine's list of Singapore's richest people at No 24, propelled by a string of well-sold boutique condos and revenue from Fragrance's 18 hotels islandwide.

But Fragrance - one of the few property companies that did better this year than last year - was an exception to the real estate riches rule.

Some other property bigwigs found their fortunes halved as the market slowed and stock prices tumbled. Upmarket developers such as SC Global's Simon Cheong and Ho Bee's Chua Thian Poh suffered especially from the downturn in the luxury homes segment.

Mr Cheong, who made his debut on the list last year, fell from 15th place to 22nd as his net worth dropped from US$480 million to US$245 million. Mr Chua slipped from 13th position last year to 20th this year after his fortune fell from US$500 million to US$260 million.

Mr Cheng Wai Keung, the chairman of property and retail group Wing Tai Holding, saw his wealth plunge to US$255 million from US$475 million last year after the company's stock fell 50 per cent.

Read the full story on Friday's edition of The Straits Times.