The gift will be matched dollar-for-dollar by the Government to a total of $10 million.

The sum will fund overseas development programmes for NTU master's students in technopreneurship and innovation, bring successful entrepreneurs to the university for lectures, support a fellowship for enterprising faculty members, and help develop a university-wide entrepreneurship education programme for all interested students.

Mr Chua, who is chairman and chief executive of property developer Ho Bee Group.

Dr Su Guaning, president of NTU, said the gift served to 'light a fire' for entrepreneurship development.

'We will need to raise more, but as the lead gift, Mr Chua's is the most important,' said Dr Su.