Most of these opportunities will be in the property sector, said two business leaders, while the other two reaffirmed their aggressive expansion plans in other parts of the world.

Businessman of the Year

Mr Ow Chio Kiat, 63, executive chairman of the Stamford Land Group, a hotel and property owner and developer in Australia and New Zealand, who was named Businessman of the Year at the annual awards presentation on Tuesday night, said: 'Given the credit crunch, those with cash will find it easier than those without, but definitely there are lots of opportunities.'

He let on that it was 'precisely during the crisis in the early to mid-1990s' that he was able to take up lots of distressed properties, 'most of them in landmark locations overseas, and all giving positive yields.' His decision to diversify into the hotels and properties business in Australia in 1994 also paid off.

Mr Ow was previously running Hai Sun Hup, a tugboat and barge operator business that he inherited from his father when he was just 16.

He added: 'This time around, perhaps, one need not have to go very far. There'll be bargains galore everywhere. Properties are still selling. My view is that there will be more opportunities in this sector than in the shipping sector.'

Outstanding Chief Executive of the Year

Ms Chong Siak Ching, president and chief executive of Ascendas Pte Ltd, who clinched the Outstanding Chief Executive of the Year award, agreed that the current crisis throws up opportunities for her firm, a leading provider of business space in 10 countries in Asia, in markets where there are distressed assets.

She said: 'With the credit crunch, many companies are looking at capital preservation, meaning rather than developing or owning their own space, they're looking at leasing space. That's where we come in. Also, marginal players who are unable to secure credit to complete the space will start to fall off, and we hope to see more customers then (coming to us).'

Outstanding Chief Executive (Overseas) of the Year

Saving distressed assets aside, expansion is the key strategy for two Singaporean brands flying their flags high on foreign shores.

Mr Michael Kok, 57, group chief executive of Dairy Farm International, was named the Outstanding Chief Executive (Overseas) of the Year.

'For any business, growing the topline is the priority. It's very important to continue to expand. Expansion is a key strategy for Dairy Farm,' he said.

The Dairy Farm group, which is based in Hong Kong, runs 4,650 outlets including Cold Storage supermarkets, Giant hypermarkets, Guardian pharmacies and 7-Eleven convenience stores, in 10 countries across Asia.

Mr Kok said Dairy Farm opens about 500 stores every year and 'will continue to do so, especially in China, Indonesia, Malaysia and Singapore'.

Enterprise of the Year

Mr Charles Wong, whose shoe label Charles & Keith bagged this year's The Enterprise Award, is not slowing his expansion plans for the brand either.

Said the 34-year-old: 'Every year we open a minimum of 50 stores. This will not change.'

Mr Wong, who set up the first Charles & Keith store with his brother Keith Wong in 1996, also said he will open six new stores in Singapore over the next two years, in upcoming malls Ion Orchard, 313@Somerset and the Marina Bay Sands integrated resort.