P. Tao – a visionary entrepreneur and discerning investor

Overseas Realty (Ceylon) recently announced the passing of S. P. Tao – the Founder, Chairman and Director of the company – on 24 August.

Tao lived to the age of 105 and passed away peacefully in Nanjing, in China. He had extensive worldwide business experience, and was widely regarded as a visionary entrepreneur in the commodities, shipping and real estate sectors.

He was the Founder and Chairman of the Shing Kwan Group (Singapore); the Founder and Patron of the Jiangsu Tao Shing Pee Education Foundation (JS-TSPEF); an honorary citizen of Nanjing; and the President of the Jiangsu Charity Foundation.

A naturalised citizen of Singapore of Chinese origin, Tao’s legacy in Sri Lanka includes World Trade Center Colombo (WTC Colombo) and Havelock City.

Throughout a career spanning more than 80 years, he had a deep-seated vision for Sri Lanka, and remained confident in its potential to achieve success and prosperity.

“I am a fervent believer that the property market is the biggest enterprise in any leading city in the world, and its development tracks a country’s social and economic success,” Tao stated during his last visit to Sri Lanka in December 2016, noting: “Having achieved my great age of 100 years, and witnessed considerable changes regionally and globally, I am even more bullish on the growth prospects of Sri Lanka.”

He added: “My family and I are extremely proud to be part of the growth as long-term investors in Overseas Realty (Ceylon) – the premier property company in Sri Lanka.”

Tao left Shanghai armed with a Confucian upbringing, a Jesuit education and the proverbial five silver coins from his father. He was a stowaway on a Jardine Matheson ship bound for Indochina.

Fifty years later, following a successful career in commodity trading in the then Burma, and shipping in Hong Kong and Thailand, he switched his focus to bricks and mortar in Singapore. The same Jardine Matheson invited him to join forces to build up Singapore Land and Jakarta Land in Indonesia.

As soon as there was a crack in the Bamboo Curtain, Tao conceived and built the 37 storey Jinling Hotel in the heart of Xinjiekou, in Nanjing. His pioneering ventures helped pave the way for closer China-Singapore economic ties.

Tao first visited Sri Lanka in 1940 while working with the China South West Transport unit in Rangoon (now Yangon), leaving its shores with a most favourable impression of the people and country.

In 1958, he commenced his business association with the country, dealing in commodities and shipping with the Ceylon Food Commissioner’s office. He also assisted with establishing the Ceylon Shipping Corporation (CSCL).

Tao acquired Overseas Realty (Ceylon) – a company listed on the Colombo Stock Exchange (CSE) with an undeveloped plot of land at Echelon Square in the Colombo Fort. He had been its Non-Executive Chairman since the Shing Kwan Group invested in the company in 1991.

Thereafter, he decided on a monumental investment of US$ 100 million in Sri Lanka to develop the iconic WTC Colombo comprising 38 storey twin towers. At the time, it was said to be the largest foreign direct investment (FDI) and years ahead of any commercial development in the island.

To ensure the highest standards of quality that would withstand the test of time, he invited one of the world’s leading construction companies – Turner Steiner in the US – to construct the twin towers.

“To achieve my vision and extra imaginative plan, I needed three major givens – the most appropriate design concept, a world leading construction company and no bank borrowings; otherwise I might not achieve my idealistic goal,” said Tao on WTC Colombo’s 15th anniversary in 2012.

WTC Colombo remains among the city’s most coveted business addresses, delivering the best in design, facilities and services to tenants.

Another opportunity arose in Havelock City – an ambitious, mega mixed-use development project that is expected to be ready by March 2022

Tao visited Sri Lanka in 2016 to officiate the commercial development’s launch ceremony. The entirety of the Havelock City integrated development project is to be built at a total cost of 350 million dollars.

He also had real estate investments in China and Singapore. As the Chairman of Singapore Land, Tao spearheaded its growth into becoming the largest listed property company on the Singapore Exchange (SGX).

Additionally, he was a co-founder of Jakarta Land – the developer and owner of the World Trade Center complex in Jakarta.

In 2015, he was honoured and conferred the prestigious Outstanding Chinese Business Pioneer Award by the Singapore Chinese Chamber of Commerce and Industry (SCCCI) for his entrepreneurial and charitable spirit.

He was committed to giving back to his hometown. Along with his wife, Tao set up a private educational enterprise in Nanjing. The JS-TSPEF provides financial aid to students from underdeveloped rural areas, supporting them in pursuing their tertiary education and establishing their own local businesses.

Tao leaves behind family, friends and colleagues who mourn his loss and an inspirational business legacy.

– Compiled by Azraa Killru
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