For more than two decades, he was a tailor. Then in 1999, he took a bold step, diversifying into high-end watch retailing after he secured the rights to distribute Swiss watch brand Parmigiani Fleurier in Singapore.
'I wanted to invest in something that I could pass down to the next generation,' said Mr Iwan Hew, 59.
'As I already had a very good base of clients from my tailoring business, I wanted to offer them something that would add value to them - something that was personal, intimate, valuable and beautiful.'
That step has paid off handsomely. Moving into fine timepieces opened up a whole new world for Mr Hew - one where collectors are prepared to invest huge sums in high-end creations.
Today, he owns Yafriro, which holds exclusive distribution rights to nine luxury watch brands in Singapore, Bangkok, Jakarta and Kuala Lumpur. These Swiss brands include Greubel Forsey and Jacob & Co, whose timepieces carry price tags of up to $1 million apiece.
In addition to his 2,000 sq ft flagship boutique at Paragon, Mr Hew has watch boutiques in Kuala Lumpur, Jakarta and Bangkok. In upcoming months, Yafriro will be launching three new boutiques at Marina Bay Sands. Leviev, which will sell exquisite diamonds, is set to open next month, while another Yafriro watch boutique and a Scavia outlet offering fine Italian jewellery will open in June.
A Malaysian who is now a Singapore permanent resident, Mr Hew stopped schooling after Secondary 2. He moved to Singapore in 1971 when he was 21. Although his father owned rubber plantations in Kluang, Johor, where he grew up, he decided to come here to carve out a niche for himself because he wanted to do something truly his own.
Once here, he serviced air-conditioners for about a year before becoming a trainee tailor in Katong in 1972. He then worked in Justmen's, a tailor shop at Tanglin Shopping Centre, for five years before opening his own tailor shop, Iwan's Creation at Lucky Plaza, in 1977 with $57,000. He still owns the shop.
Mr Hew is married to housewife Chen Seow Mooi, 53, and they have three children - Yijun, 30, Woong Yong, 28, and Lijun, 32.
Q: Are you a spender or saver?
I am not a spendthrift by nature. But whenever I see a good investment opportunity, I will consider whether to take it up. And when it comes to my family or my business, I will spare no expense to ensure they get nothing but the best.
In the past, I seldom saved money. One reason was that I had 'sidelines' - selling imported fabrics, jewellery and watches - even when I was an employee, so I knew I would always have money. But I could save when I had an objective in mind, like setting up my own firm. I would save more than 50 per cent of my pay till I reached the amount I needed.
Q: How much do you charge to your credit cards every month?
I have several cards but I do not use all of them. I use them for the larger transactions, at restaurants, and so on. My average monthly bill is about $30,000. I pay off my bills at the end of every month.
I do not own an ATM card. At any one time, I have about $200 in cash.
Q: What financial planning have you done for yourself?
I have not engaged a financial planner. As I am focused on building my business, that's where most of my investment is. I also have investments in properties. I like them for the capital appreciation and stable rental income flow.
I used to own stocks but I liquidated them in 2001 because I wanted to focus on my businesses. I do not have much personal insurance but I do have insurance for my business.
Q: Moneywise, what were your growing-up years like?
I grew up in a large family. I have eight siblings and I'm No. 6. My mother was a housewife, and my father owned and managed a few rubber plantations in Malaysia. There was never much emphasis placed on money as my parents always made sure we were comfortable. We lived in a 5,000 sq ft double-storey house in Johor.
I have had an enterprising streak since I was a kid. I would find ways to earn my own pocket money, catching spiders and guppies and selling them to friends. My mum would proudly tell my aunts and her friends that she knew I would become a successful businessman one day.
Q: How did you get interested in investing?
Although I enjoyed my days as a tailor's apprentice, I knew even then that I did not want to remain just an employee, working for someone else. I wanted to set up my own business. Looking beyond my tailoring business, I finally found my niche in watches.
Q: What property do you own?
In Singapore, I own two apartments, one in Katong and the other in River Valley. I also have several properties in Malaysia.
I bought the 1,600 sq ft condo unit in Katong more than 20 years ago for nearly $1 million. In 1990, I bought another 1,600 sq ft condo unit, the one in River Valley, for $2 million.
In Malaysia, I own more than 10 three- and four-storey shophouses in Kluang, Johor. They were bought for about RM800,000 (S$337,000) each, more than 10 years ago, and are all rented out. I also have a two-storey, five-bedroom house in Johor, bought around the same time. The land area is about 8,000 sq ft. I paid RM1 million.
I own five pieces of bare land in Johor, each about 4ha. I bought them in the 1990s for about RM2 million to RM3 million each. I do not know the current value of the properties.
Q: What's the most extravagant thing you have bought?
I once spent $48,000 on dinner with two of my clients at Shangri-La Hotel here. That was in 2007. We had so much fun and we ordered several bottles of French wine with our meal. I have no regrets, as one cannot put a price on friendship.
Q: What's your retirement plan?
I don't have one. I'll retire when the time is right, when I've achieved all that I've set out to do.
This includes ensuring the success of the business and a smooth handover to my successor. I also want to make sure that those around me - my family and staff - are well looked after. I have been donating to my hometown Kluang, and about eight years ago, I spent RM800,000 of my savings to build a school there.
I will need about $15,000 to $20,000 a month for my wife and myself in my golden years.
Q: Home is now....
The apartment in Katong.
Q: I drive....
A black Mercedes S500.
'I wanted to invest in something that I could pass down to the next generation,' said Mr Iwan Hew, 59.
'As I already had a very good base of clients from my tailoring business, I wanted to offer them something that would add value to them - something that was personal, intimate, valuable and beautiful.'
That step has paid off handsomely. Moving into fine timepieces opened up a whole new world for Mr Hew - one where collectors are prepared to invest huge sums in high-end creations.
Today, he owns Yafriro, which holds exclusive distribution rights to nine luxury watch brands in Singapore, Bangkok, Jakarta and Kuala Lumpur. These Swiss brands include Greubel Forsey and Jacob & Co, whose timepieces carry price tags of up to $1 million apiece.
In addition to his 2,000 sq ft flagship boutique at Paragon, Mr Hew has watch boutiques in Kuala Lumpur, Jakarta and Bangkok. In upcoming months, Yafriro will be launching three new boutiques at Marina Bay Sands. Leviev, which will sell exquisite diamonds, is set to open next month, while another Yafriro watch boutique and a Scavia outlet offering fine Italian jewellery will open in June.
A Malaysian who is now a Singapore permanent resident, Mr Hew stopped schooling after Secondary 2. He moved to Singapore in 1971 when he was 21. Although his father owned rubber plantations in Kluang, Johor, where he grew up, he decided to come here to carve out a niche for himself because he wanted to do something truly his own.
Once here, he serviced air-conditioners for about a year before becoming a trainee tailor in Katong in 1972. He then worked in Justmen's, a tailor shop at Tanglin Shopping Centre, for five years before opening his own tailor shop, Iwan's Creation at Lucky Plaza, in 1977 with $57,000. He still owns the shop.
Mr Hew is married to housewife Chen Seow Mooi, 53, and they have three children - Yijun, 30, Woong Yong, 28, and Lijun, 32.
Q: Are you a spender or saver?
I am not a spendthrift by nature. But whenever I see a good investment opportunity, I will consider whether to take it up. And when it comes to my family or my business, I will spare no expense to ensure they get nothing but the best.
In the past, I seldom saved money. One reason was that I had 'sidelines' - selling imported fabrics, jewellery and watches - even when I was an employee, so I knew I would always have money. But I could save when I had an objective in mind, like setting up my own firm. I would save more than 50 per cent of my pay till I reached the amount I needed.
Q: How much do you charge to your credit cards every month?
I have several cards but I do not use all of them. I use them for the larger transactions, at restaurants, and so on. My average monthly bill is about $30,000. I pay off my bills at the end of every month.
I do not own an ATM card. At any one time, I have about $200 in cash.
Q: What financial planning have you done for yourself?
I have not engaged a financial planner. As I am focused on building my business, that's where most of my investment is. I also have investments in properties. I like them for the capital appreciation and stable rental income flow.
I used to own stocks but I liquidated them in 2001 because I wanted to focus on my businesses. I do not have much personal insurance but I do have insurance for my business.
Q: Moneywise, what were your growing-up years like?
I grew up in a large family. I have eight siblings and I'm No. 6. My mother was a housewife, and my father owned and managed a few rubber plantations in Malaysia. There was never much emphasis placed on money as my parents always made sure we were comfortable. We lived in a 5,000 sq ft double-storey house in Johor.
I have had an enterprising streak since I was a kid. I would find ways to earn my own pocket money, catching spiders and guppies and selling them to friends. My mum would proudly tell my aunts and her friends that she knew I would become a successful businessman one day.
Q: How did you get interested in investing?
Although I enjoyed my days as a tailor's apprentice, I knew even then that I did not want to remain just an employee, working for someone else. I wanted to set up my own business. Looking beyond my tailoring business, I finally found my niche in watches.
Q: What property do you own?
In Singapore, I own two apartments, one in Katong and the other in River Valley. I also have several properties in Malaysia.
I bought the 1,600 sq ft condo unit in Katong more than 20 years ago for nearly $1 million. In 1990, I bought another 1,600 sq ft condo unit, the one in River Valley, for $2 million.
In Malaysia, I own more than 10 three- and four-storey shophouses in Kluang, Johor. They were bought for about RM800,000 (S$337,000) each, more than 10 years ago, and are all rented out. I also have a two-storey, five-bedroom house in Johor, bought around the same time. The land area is about 8,000 sq ft. I paid RM1 million.
I own five pieces of bare land in Johor, each about 4ha. I bought them in the 1990s for about RM2 million to RM3 million each. I do not know the current value of the properties.
Q: What's the most extravagant thing you have bought?
I once spent $48,000 on dinner with two of my clients at Shangri-La Hotel here. That was in 2007. We had so much fun and we ordered several bottles of French wine with our meal. I have no regrets, as one cannot put a price on friendship.
Q: What's your retirement plan?
I don't have one. I'll retire when the time is right, when I've achieved all that I've set out to do.
This includes ensuring the success of the business and a smooth handover to my successor. I also want to make sure that those around me - my family and staff - are well looked after. I have been donating to my hometown Kluang, and about eight years ago, I spent RM800,000 of my savings to build a school there.
I will need about $15,000 to $20,000 a month for my wife and myself in my golden years.
Q: Home is now....
The apartment in Katong.
Q: I drive....
A black Mercedes S500.
:oIo:
