Lim Yew Soon
Lim Yew Soon started EL Development in 2005 as a division within his father’s construction firm, Evan Lim & Co. It was later spun off as an independent company in 2011.
Valuing a site for profit was Lim Yew Soon’s first struggle when he first explored acquiring sites for property development.
Making the Mark
In the aftermath of the 2008 financial crisis, Lim configured Illuminaire on Devonshire to boast boutique-sized units and a mechanical car park tower. When it was eventually launched, Lim sold every single unit within three days, at a whopping 20 percent above market valuation — a feat he still considers his greatest accomplishment.
The father of two acknowledges that while it’s great to be prudent in business, taking risks is necessary to the entrepreneurial spirit. “The challenge is to know how to balance the two and decide when to play safe and when to keep on trying even when you’re losing money. There’s always an element of luck when it comes to doing business,” he says.