Kong Chee Min's road to the accommodation industry

Kong Chee Min, a former accountant but now a CEO, has learned to be versatile to stay afloat throughout his career life.

Kong, who joined SGX-listed then-SM Summit Holdings Ltd in 1996 as an accountant, rose through the ranks to become part of the management team that oversaw the metamorphosis of the optical disc manufacturer into Centurion Corporation, a worker and student accommodation owner-operator.

"I never imagined that the company would have to reinvent itself, but the advent of faster and cheaper Internet had a far-reaching impact on the industry, and the entire supply chain was ravaged," recalled the Bachelor of Accountancy graduate from the National University of Singapore.

"There was no choice but to look for options outside this space."

After evaluating various alternatives, management came across an opportunity in the purpose-built accommodation sector.

"Singapore relies heavily on foreign labor, and there was a shortage of purpose-built accommodation for foreign workers in the city-state. This business model is scalable, and can be exported to other Asian markets," he added.

In 2011, the injection of a 5,300-bed asset via a reverse takeover heralded Centurion's entry into the purpose-built worker accommodation space, and Kong was appointed CEO of the group that year. Three years later, with the acquisition of RMIT Village in Australia, Centurion diversified into the purpose-built student accommodation segment.

The group's transformation journey taught Kong many indelible lessons. One was that nothing is impossible or certain.

"In whatever you do, you cannot afford to be complacent," he pointed out. "You need to be cognisant of shifts in the marketplace, and be ready to reposition yourself at a moment's notice."

His professional training also put him in good stead to assume a management role. "Being an accountant gives you a bird's eye view of the operations - all the inflows and outflows, as well as an understanding of the internal controls and processes that need to be put in place for the business to perform optimally," he said. "It's never just about crunching numbers."

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