Straits Times Feb 19, 2008

IndoChine rolls out red carpet for high rollers

Group targets ultra-wealthy with new offerings like social networking portal for the rich and super limousine service

By Nicholas Fang

 

SINGAPORE'S fast-growing millionaire population and burgeoning status as a popular travel destination for rich and powerful businessmen have spurred IndoChine to target the ultra-affluent.

The restaurant and hospitality group has long focused on attracting high-earning diners at its 14 outlets in Singapore and establishments in Germany, India and Malaysia.

But Singapore's business environment coupled with the growing number of high net-worth individuals - that is, those with at least US$1 million (S$1.41 million) in financial assets - has prompted the company to launch a stream of new initiatives focused on the super-rich, said IndoChine founder and chief executive Michael Ma, 40.

He told The Straits Times yesterday that Singapore was ideally positioned to be the 'Monaco of the East'.

'The environment here is very safe and the infrastructure is great for supporting businessmen. But more needs to be done on the fun side,' he said.

IndoChine said Singapore was reported to have one of South-east Asia's fastest-growing millionaire populations, with the numbers having risen by 21.2 per cent to 67,000 in 2006.

'Globally, the number of ultra-high net-worth individuals grew by 11.3 per cent in the same year and we want to play a role in attracting international high rollers to Singapore,' said Mr Ma.

With events such as the Formula One Grand Prix race set to hit Singapore's shores later this year, as well as the integrated resorts being built, the IndoChine boss is lining up a range of services to cater to big spenders.

Earlier this year, he announced the setting up of Lotus Limousines, which features Singapore's largest passenger vehicle in the 8.05m special version of the Chrysler 300 stretch limo.

The car, which costs $500,000, seats up to 10 people and features a mini bar and a plasma television. It can be rented out for $350 an hour to partygoers looking to arrive in style.

And to ensure peace of mind for such guests, IndoChine is also working with certified security agencies such as Singapore-based Star Security, to provide bodyguard services with a twist.

'We work with these security firms to ensure that their personnel know that, even as security professionals, they need to be able to assist our guests with basic queries such as where the toilets are, for example,' he said.

'They are not only providing security, but are also the face of IndoChine at events, and are a part of the whole experience for our guests.'

Mr Ma is also an investor in the Diane Fay website, an invitation-only social networking portal for the rich and powerful that was launched last year.

The website allows members to network with one another and also provides services such as yacht rentals or purchases, and information on buying property, art, antiques and vintage wines.

'Senior executives who are constantly on the go can use Diane Fay to manage their professional schedules as well as their lives after work with true style,' said Mr Ma.

'The average IndoChine clientele is typically an upper-management executive who pulls in US$100,000 a year.

'But we have also had five of the 50 Russian billionaires under the age of 40 visit our establishments and that is the market we are looking to target in the future.'