Property tycoon Kumar (aka Kishin RK) made waves in 2012 when his RB Capital outbid heavyweights including Far East Organization and CapitaLand to clinch a site in Little India for US$120 million. The bid works out to US$860psf — a record for the area, and 60% higher than the US$72 million offered by Far East. The company, which is on the shortlist for 42 Marriott hotels in the UK, is also bulking up its assets in Europe and Southeast Asia ahead of a planned listing of a hospitality trust in Singapore. Hotel projects currently in development include the 445-room Holiday Inn Express in Clarke Quay. RB Capital acquired the site for US$80 million in 2010, again after bidding against major league players like Far East Organization and City Developments. Kumar shares 11th place on Forbes' 2012 Singapore's 40 Richest list with his father, Raj Kumar, with a combined net worth of US$1.5 billion.