A Quest To Remain Evergreen
The PEAK Singapore|April 2020
Timber scion David Yong has grown his family business by grafting new ideas
Denise Kok
A Quest To Remain Evergreen

Seven years after the military junta silenced pro-democracy demonstrations in September 1988, Burma – swiftly renamed Myanmar by the reigning dictatorship – found itself in the woods. Battling a suspension of foreign aid, trickling volume of trade and foreign debts of over US$5.5 billion (S$7.8 billion), nothing glittered for this country that was once known as the Golden Land. In the midst of it all, an eight-year-old Singaporean boy stood in the lobby of The Strand Hotel – one of Yangon’s most exclusive addresses or, depending on how you view it, a fading relic of colonial rule – unimpressed by the dust and chaos of a city on the mend. “The sofas were dirty,” recalls David Yong, now 33 and chief executive officer of Evergreen Assets Management, who used to tag along with his father Yong Ing Fatt, 70, on business trips. “Because the infrastructure was so backwards, a five-minute phone call easily cost US$500.” Where the young timber scion saw dirt, the elder Yong saw economic bright spots – long before global investors scurried to get a foot in the door of Myanmar’s long-isolated economy. His role as a commodities trader in the timber division of Intraco Limited, a company set up by the Singapore Government in 1968 to source for raw materials and explore overseas markets, exposed him to the timber eco-system in Myanmar. Armed with knowledge and networks, he left Intraco in 1990 to found Evergreen Teak Trading, where he set his eyes on age-old Burmese teak. Along with jade and ruby, Burmese teak is one of the country’s most prized natural resources. Its golden lustre, durability, naturally water-resistant qualities, and association with the Burmese elite, makes it one of the premium hardwoods available for use in furniture or interiors. It traded at US$615/m3 in 2005 and reached a high of almost US$1,000/m3 in 2014.

This story is from the April 2020 edition of The PEAK Singapore.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

This story is from the April 2020 edition of The PEAK Singapore.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

MORE STORIES FROM THE PEAK SINGAPOREView All
Shaping Healthy Confectioneries Through Science-Backed Innovation
The PEAK Singapore

Shaping Healthy Confectioneries Through Science-Backed Innovation

At a time when health-conscious consumers are questioning the norms of processed foods, Glico tells us why it stands firm in its confidence.

time-read
2 mins  |
March 2024
The Home Advantage
The PEAK Singapore

The Home Advantage

This AI-dependent reno-tech platform is cutting out the middleman for interior designing and, recently, its financing.

time-read
3 mins  |
March 2024
Financing Art
The PEAK Singapore

Financing Art

UOB, UBS, OCBC, and Bank of America are some financial institutions involved heavily in today's art world. Why is this the case?

time-read
4 mins  |
March 2024
Airing New Possibilities
The PEAK Singapore

Airing New Possibilities

Acclaimed chefs Matthew Orlando and Will Goldfarb hope to inspire and spark deeper conversations and action around food and circular cooking at their idyllic concept Air in lush Dempsey Hill.

time-read
4 mins  |
March 2024
Taking Initiative
The PEAK Singapore

Taking Initiative

Nicole Robinson, andbeyond's chief marketing officer, shares how the luxury safari operator is accelerating its ground partnerships in a race against time to save the planet's remaining wilderness.

time-read
4 mins  |
March 2024
Tropical Modernism
The PEAK Singapore

Tropical Modernism

In this three-storey inter-terrace belonging to a family of four, designer Ethan Lin of TE-EL sought to create a cosy nest that marries the disparate tastes of its owners.

time-read
4 mins  |
March 2024
A Symphony of Vintage
The PEAK Singapore

A Symphony of Vintage

Antoine Bakhache, founder of Bakhache Jewellery, shares the story behind the brand's inception, its curated vintage collections, and the journey ahead.

time-read
3 mins  |
March 2024
Time is of the Ressence
The PEAK Singapore

Time is of the Ressence

Time is of the Ressence Independent watch brand founder Benoit Mintiens on creating unique timepieces by focusing on the user experience.

time-read
3 mins  |
March 2024
A Timeless Impact
The PEAK Singapore

A Timeless Impact

The Rolex Awards for Enterprise celebrate innovators like Denica Riadini-Flesch, whose work at SukkhaCitta focuses on ethical craftsmanship.

time-read
2 mins  |
March 2024
In the Right Gear
The PEAK Singapore

In the Right Gear

The Richard Mille RM 35-03 Automatic Rafael Nadal lets users adapt the watch’s self-winding mechanism for their activities.

time-read
2 mins  |
March 2024