She banks on health for wealth
Besides expanding her health-care business, Cheryl Baumann invests in property and art
By Lorna Tan, Finance Correspondent
Beijing-born Cheryl Baumann and her three-month-old baby, Matthew Huang , in her 3,000 sq ft condo home in the Orchard area. Dr Baumann likes the health-care business as it touches people's lives. Her vision is to make the Singapore Medical Group (SMG), which she heads, one of the largest of its kind in the world. The Lasik Surgery Clinic at the Paragon is one of SMG's many subsidiaries. -- ST PHOTO: ALPHONSUS CHERN
She was born Bi Xiaoyan but changed her name to Cheryl Baumann when she swopped her Chinese citizenship for a German one.
Born in Beijing, Dr Baumann had initially wanted to follow in her mother's footsteps as a writer. Her father was an actor.
Solid investment
'To me, property is a very safe investment. If you don't need the money, don't sell it and just keep it for the long term. Sooner or later, prices can only go up, especially when land is very limited and the population is growing.'
DR CHERYL BAUMANN
... more
She graduated with a Bachelor of Arts degree from Peking University in 1991 but changed her mind and decided to pursue a law degree in Germany instead.
She studied law at the University of Cologne and was admitted to the German Bar in 2005.
She also obtained her PhD the same year. That was when she became a German citizen and changed her name.
She visited Singapore in 1997 and thought that she might explore business opportunities here after completing her law studies.
Last year, she married a 55-year-old Singaporean businessman whom she had met in 2005. He prefers not to be named.
Though she is not medically trained, Dr Baumann, 40, decided to set up the Singapore Medical Group (SMG) the same year. Its first subsidiary is The Lasik Surgery Clinic at the Paragon, which has since done more than 30,000 eye operations.
The group has expanded to include the Singapore Sports Medicine Centre, the Singapore Vision Centre, The Dental Studio, the Singapore Aesthetic Centre and The Cancer Centre in Singapore. Last year, it opened two lasik clinics in the Philippines.
'Being an entrepreneur has always been in my blood,' said Dr Baumann. 'Business is like a creation where one adds value to an idea and packages it so that customers are willing to pay for the idea or services.'
She considers SMG, which broke even after six months of operations, as her best investment.
Noting that Singapore has one of the world's highest rates of myopia, she and her husband saw an opportunity to offer lasik services here and in the region.
'Singapore is stable and people are getting wealthy. Besides buying luxury items, they will also want to make themselves prettier, healthier and fitter so we should not go wrong with such a business,' she said.
In the coming months, she plans to expand the group into Vietnam, China and Japan. Her husband is an adviser to SMG. They have a three-month-old son, Matthew Huang.
Q What are your money habits?
I am very careful with money but I'm also a great believer that one must take the time to enjoy one's wealth and not be a slave to the idea of hoarding.
Money in itself is useless unless you invest it, and the challenge is how to invest it wisely.
Having money is having freedom but it can also be a burden.
For instance, money can easily make one arrogant and it can also attract jealousy.
Q What financial planning have you done for yourself?
I invest in properties, business and savings. They all take equal importance and, depending on market conditions, I may shift the quantum around.
Savings provides the least returns but it is also the most liquid. As the saying goes, 'cash is king' in a very bad market.
I don't touch the stock market as I don't like the buy and sell mentality. I like to put money in investments that yield long-term returns. I collect art because I am passionate about it, but it is also an investment for me.
We have set up a trust fund for Matthew.
Q Tell us about your property investments?
I have two properties at Sentosa Cove and three condos in Orchard Road. I also have homes in China. I was 30 when I started investing in Chinese properties. I have two apartments in Beijing and one in Shenzhen.
To me, property is a very safe investment. If you don't need the money, don't sell it and just keep it for the long term. Sooner or later, prices can only go up, especially when land is very limited and the population is growing.
But you must ensure that you have the holding power or you don't touch it. Investment is always connected with risk.
Q Any other investments?
We have quite a big art collection of more than 50 paintings that is worth about US$4 million (S$5.7 million).
Art, if acquired correctly, provides the best returns.
My hubby started collecting paintings in the 1970s while I started a few years ago.
We have Asian and modern contemporary pieces. We have a painting by Colombian painter W. Gracia valued at more than US$300,000, and one by a Peruvian painter which is worth over US$250,000.
I commissioned a painting in Beijing for about S$16,000 two years ago.
I recently heard that a similar one was sold at a price that is 10 times higher.
I buy art because I enjoy it, but it is also good to know that when I need the money and sell it, I won't lose. It's like a bonus.
We also collect Chinese antique porcelain which includes Tang horses and celadon, as well as antique and new Persian carpets.
Q Moneywise, how were your growing-up years like?
I come from an above-average family and I'm the only child. My father is a film actor and my mum, a writer. We lived in a three-bedroom apartment in Beijing.
Although they taught me the importance of money, they also impressed upon me the value of family, friendship, loyalty and honesty.
The biggest influence on me has been my granduncle, who was my role model. His name is Gu Mu and he was a high-ranking official of China in the 1980s.
He is acknowledged as the architect of China's modernisation under the late Deng Xiaoping's regime. He is now in his 90s. I grew up watching him negotiate project deals. Now, as an adult, I realise that he dealt mainly on a national level and that they were huge money deals.
I still remember how he would stress to me to always pay attention to money details such as cashflow and cost control, as they always affect the success of a project.
I also learnt about generosity and the importance of giving back to society.
Q Your best investment to date?
The SMG is doing very well.
I've added the vision and cancer business divisions to balance that of the lasik services.
I like the health-care business as it touches people's lives and I will continue to invest in it. My vision is to make SMG one of the largest of its kind in the world.
If we believe - and I do - that Singapore's brand of medicine is world-class, then it is logical that a Singapore health-care group could become an international player with world-class repute.
Q What's your retirement plan?
I'm at the top of my career and at my best age. Retirement is the last thing on my mind.
Ask me again in 20 years and perhaps I will tell you I want to circumnavigate the world on a yacht.
Q And your home now is...?
I live in a 3,000 sq ft condo on Orchard Road.
Q And your car is ...?
I finally bought my dream car, a Rolls-Royce Phantom Silver, last year for $1.8 million. In addition, I have a black Mercedes S280, a black Lexus GS300 and a dark green Porsche Cayenne.
[email protected]
Besides expanding her health-care business, Cheryl Baumann invests in property and art
By Lorna Tan, Finance Correspondent
Beijing-born Cheryl Baumann and her three-month-old baby, Matthew Huang , in her 3,000 sq ft condo home in the Orchard area. Dr Baumann likes the health-care business as it touches people's lives. Her vision is to make the Singapore Medical Group (SMG), which she heads, one of the largest of its kind in the world. The Lasik Surgery Clinic at the Paragon is one of SMG's many subsidiaries. -- ST PHOTO: ALPHONSUS CHERN
She was born Bi Xiaoyan but changed her name to Cheryl Baumann when she swopped her Chinese citizenship for a German one.
Born in Beijing, Dr Baumann had initially wanted to follow in her mother's footsteps as a writer. Her father was an actor.
Solid investment
'To me, property is a very safe investment. If you don't need the money, don't sell it and just keep it for the long term. Sooner or later, prices can only go up, especially when land is very limited and the population is growing.'
DR CHERYL BAUMANN
... more
She graduated with a Bachelor of Arts degree from Peking University in 1991 but changed her mind and decided to pursue a law degree in Germany instead.
She studied law at the University of Cologne and was admitted to the German Bar in 2005.
She also obtained her PhD the same year. That was when she became a German citizen and changed her name.
She visited Singapore in 1997 and thought that she might explore business opportunities here after completing her law studies.
Last year, she married a 55-year-old Singaporean businessman whom she had met in 2005. He prefers not to be named.
Though she is not medically trained, Dr Baumann, 40, decided to set up the Singapore Medical Group (SMG) the same year. Its first subsidiary is The Lasik Surgery Clinic at the Paragon, which has since done more than 30,000 eye operations.
The group has expanded to include the Singapore Sports Medicine Centre, the Singapore Vision Centre, The Dental Studio, the Singapore Aesthetic Centre and The Cancer Centre in Singapore. Last year, it opened two lasik clinics in the Philippines.
'Being an entrepreneur has always been in my blood,' said Dr Baumann. 'Business is like a creation where one adds value to an idea and packages it so that customers are willing to pay for the idea or services.'
She considers SMG, which broke even after six months of operations, as her best investment.
Noting that Singapore has one of the world's highest rates of myopia, she and her husband saw an opportunity to offer lasik services here and in the region.
'Singapore is stable and people are getting wealthy. Besides buying luxury items, they will also want to make themselves prettier, healthier and fitter so we should not go wrong with such a business,' she said.
In the coming months, she plans to expand the group into Vietnam, China and Japan. Her husband is an adviser to SMG. They have a three-month-old son, Matthew Huang.
Q What are your money habits?
I am very careful with money but I'm also a great believer that one must take the time to enjoy one's wealth and not be a slave to the idea of hoarding.
Money in itself is useless unless you invest it, and the challenge is how to invest it wisely.
Having money is having freedom but it can also be a burden.
For instance, money can easily make one arrogant and it can also attract jealousy.
Q What financial planning have you done for yourself?
I invest in properties, business and savings. They all take equal importance and, depending on market conditions, I may shift the quantum around.
Savings provides the least returns but it is also the most liquid. As the saying goes, 'cash is king' in a very bad market.
I don't touch the stock market as I don't like the buy and sell mentality. I like to put money in investments that yield long-term returns. I collect art because I am passionate about it, but it is also an investment for me.
We have set up a trust fund for Matthew.
Q Tell us about your property investments?
I have two properties at Sentosa Cove and three condos in Orchard Road. I also have homes in China. I was 30 when I started investing in Chinese properties. I have two apartments in Beijing and one in Shenzhen.
To me, property is a very safe investment. If you don't need the money, don't sell it and just keep it for the long term. Sooner or later, prices can only go up, especially when land is very limited and the population is growing.
But you must ensure that you have the holding power or you don't touch it. Investment is always connected with risk.
Q Any other investments?
We have quite a big art collection of more than 50 paintings that is worth about US$4 million (S$5.7 million).
Art, if acquired correctly, provides the best returns.
My hubby started collecting paintings in the 1970s while I started a few years ago.
We have Asian and modern contemporary pieces. We have a painting by Colombian painter W. Gracia valued at more than US$300,000, and one by a Peruvian painter which is worth over US$250,000.
I commissioned a painting in Beijing for about S$16,000 two years ago.
I recently heard that a similar one was sold at a price that is 10 times higher.
I buy art because I enjoy it, but it is also good to know that when I need the money and sell it, I won't lose. It's like a bonus.
We also collect Chinese antique porcelain which includes Tang horses and celadon, as well as antique and new Persian carpets.
Q Moneywise, how were your growing-up years like?
I come from an above-average family and I'm the only child. My father is a film actor and my mum, a writer. We lived in a three-bedroom apartment in Beijing.
Although they taught me the importance of money, they also impressed upon me the value of family, friendship, loyalty and honesty.
The biggest influence on me has been my granduncle, who was my role model. His name is Gu Mu and he was a high-ranking official of China in the 1980s.
He is acknowledged as the architect of China's modernisation under the late Deng Xiaoping's regime. He is now in his 90s. I grew up watching him negotiate project deals. Now, as an adult, I realise that he dealt mainly on a national level and that they were huge money deals.
I still remember how he would stress to me to always pay attention to money details such as cashflow and cost control, as they always affect the success of a project.
I also learnt about generosity and the importance of giving back to society.
Q Your best investment to date?
The SMG is doing very well.
I've added the vision and cancer business divisions to balance that of the lasik services.
I like the health-care business as it touches people's lives and I will continue to invest in it. My vision is to make SMG one of the largest of its kind in the world.
If we believe - and I do - that Singapore's brand of medicine is world-class, then it is logical that a Singapore health-care group could become an international player with world-class repute.
Q What's your retirement plan?
I'm at the top of my career and at my best age. Retirement is the last thing on my mind.
Ask me again in 20 years and perhaps I will tell you I want to circumnavigate the world on a yacht.
Q And your home now is...?
I live in a 3,000 sq ft condo on Orchard Road.
Q And your car is ...?
I finally bought my dream car, a Rolls-Royce Phantom Silver, last year for $1.8 million. In addition, I have a black Mercedes S280, a black Lexus GS300 and a dark green Porsche Cayenne.
[email protected]
If not, it's just sour grapes talk:o
