Chin: I want to do something meaningful for society, to help people understand cars (Photo: Suhaimi Yusuf/ The Edge Malaysia)
In 1969, the Nissan 240Z debuted as the first Japanese car to bring powerful performance and sporty style in an affordable package to the market. Enjoying widespread fame in the US, the 240Z was the flagship of the marque’s Z series and gained prominent international traction. Today, it is one of the most collectible cars in the world.
But a 13-year-old Chin Jit Pyng did not yet know this. Getting bored at the cash register of his father’s coffee shop in Petaling Jaya, Selangor, the teenager watched as a man parked his orange Datsun outside and thought, “That is a nice car. Hopefully, one day I can own it.” While he has yet to get his hands on one — “Not that I cannot afford it; I don’t want to chase it,” Chin, now the owner of one of the largest private car collections in Malaysia, coolly clarifies — his breathtaking fleet of around 120 motor vehicles is nothing short of legendary.
Citing memories of his youth, Chin says the spark for his automotive passion came from his father’s lack of a chance to own a new car. “At that point in time, it was just a dream, to have that kind of financial backing. I always envied people who had nice cars.”
When said backing began to roll in, the founding partner of IT solutions company Silverlake Innovation Partners and executive director of property developer Symphony Life went from purchasing a single 1970 Volkswagen Beetle to owning a full museum of curated acquisitions from the classic to the modern: the JPM Museo in Kota Damansara. All vetted by the tycoon’s natural intuition and business acumen, the vehicles have their value determined by a balance of monetary and personal motivations. Be it a flashy Cadillac or humble Perodua Kancil, the owner insists: “When you are a collector, every car is a gem.”
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Those who have heard of his renowned convoy probably know it for one famous credential: the Bugattis. For many, the blue beauties are the stuff of far-off fantasies that the average (or even far
above-average) Joe may never see in the flesh; for this Bugatti regular, however, they are only an hour’s flight away in Singapore. With two in hand and two on the way, Chin boasts a startling four hypercars from the French manufacturer’s repertoire of high-performance vehicles. His relationship with Bugatti began around 2016, with the Chiron, followed by the limited-edition Divo — one of only 40 in the world, and Chin’s priciest acquisition at an estimated €5 million — as well as the track-only Bolide due to arrive this year. A Mistral, one of 99 units globally, is also expected to be delivered by 2026.
Despite the attention that the racing marvels have brought Chin and his collection, his defence is that they are purely for investment purposes.
“In most people’s eyes, they probably think [the gems are] the Bugattis. Yes, they can be, but I have those cars for ‘commercial’ reasons.”
Nonetheless, a bond with so elite a carmaker is not to be taken for granted, since the process of acquiring such an automobile requires the potential buyer to be allocated and then qualify. “If you are allotted, you must take it. Even if you have to borrow money from the bank, you have to buy it! Because whatever the appreciation, it will write off all the interest you pay to the bank. That’s how it goes,” the collector stresses.
In addition to maintenance and tax purposes, two Bugattis are kept across the Causeway, where the only Southeast Asian dealership is located, because they are likely never to be driven to preserve their value. While purists will tell you a real collector does not use his treasures, Chin still likes to take his other cars out occasionally. So, most are kept in drivable condition. (Tip: Locals hoping to catch a glimpse of a Bugatti can find its W16 engine on display at the museum.)
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So, what are the top tips for successful collecting? Like all good things, there is no hard and fast rule. Besides money, other barriers include being able to find the car you want, determining whether there will be a return on investment and fully assessing it from miscellaneous angles before deciding whether it is worth the buy.
Chin mentions that some of his followers have blindly emulated his purchases, yet found no profit. His advice: Know what you want. “[Your intention] has to be very properly defined. I may not have all the answers but, through my experience, I can guide others, and hopefully their own intelligence will help them expand their knowledge.”
A client of Maybank Private, he now works with the bank to organise events for other customers and enthusiasts through his museum. “Frankly speaking, what I am today is because of Maybank,” he emphasises. “When I was working for IBM, it was one of the first banks to spend a lot of money on me or my company. Because of them, I became the top Asia-Pacific sales individual. I made it a point to return the favour.”
Maybank Private Wealth Malaysia head Lim Eng Ping explains: “Many of our customers are also car enthusiasts. They really appreciate coming here to witness Mr Chin’s very unique collecting journey. On top of that, it’s also a platform for us to network, and find an opportunity for them to expand their own respective collections.”
Spreading automotive love is high on the agenda for the JPM brand: In addition to hosting group events and tours, Chin welcomes questions from aspiring collectors and is happy to guide them according to their goals. “You can’t go wrong loving cars, especially in Malaysia. I claim to have the largest collection, but truthfully it is irrelevant. Big or small, it is how you share the collection. I want to do something meaningful for society, to help people understand cars.”
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Sharing passions includes doing so at home, too: The “JPM” initials, which came into use in the 2000s, are derived from the names of his three sons. He admits that,while busy amassing his fortune in the 1980s and 1990s, he did not get the opportunity to spend much time with them while they were growing up. “They were always on their PCs playing computer games. I realised when they were teenagers that I was losing them, in terms of closeness. We didn’t have a common hobby,” he recalls.
Being surrounded by a cavalcade of valuable vehicles at home, the youngsters felt the sight of luxury cars started to lack meaning.
Chin says: “I went racing, biking, jet-skiing, all of it. But I was doing it myself or with friends. When my sons started to grow up, I needed to expose them to my interests so they would get along with me.”
So, now, do they like cars? “Yes, they do. Oh, let me clarify: They do, because I force them to.” A little strong-arming, helped along by teenage competitive spirit, ushered his boys into the world of racing, which dad says helped them develop a sense of independence once they went abroad for races and further education. In fact, his eldest Jinn remains the youngest winner of the 12-Hour Merdeka Millennium Endurance Race, having competed at 19 in 2003 — a fact that Chin shares while beaming proudly.
One must wonder what the legacy of this huge mechanical fleet will be. “I wish for it to be passed down to my family or grandchildren,” he affirms. A dragon’s hoard of automotive treasures already makes for quite the family heirloom, but true to his enterprising character, Chin insists that his heirs not stop there. “I tell them, your job is not having even more cars — start looking at planes! Collect something better than what I have!”
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For now, the tycoon refuses to rest on his laurels, continuing to pursue various initiatives on his real estate business and phone app development for JPM. “In life, it’s all about creating a brand and monetising it. One day, if I become famous, all my cars will increase in value.”
On top of Chin’s existing successes, his close ties to Bugatti and the marketing of his museum have been instrumental in consolidating his personal brand, which subsequently allows him to propagate ideas and ensure a level of credibility across all his endeavours. “To some people, it’s showing off. But, to me, branding is because I would like people to know me and who I am, so that in the event that I do want to introduce some product or business to cross-sell, at least people know who is behind it.”
And what does he have his eye on next? In addition to the Datsun, Chin also counts the Lamborghini Miura among his dream acquisitions. Future choices are staunchly guided by whether they can carry value, with occasional exceptions for personal wants and certain rarities such as his Porsche and Lamborghini tractors. “Now, I need to create storylines and build awareness. Moving forward, I need to monetise my collection from the brand and networking standpoints — and, most importantly, for my own passions. I’m trying to kill three birds with one stone!”
From being the boy who dreamed of having “all the cars in the world” to owning some of the most exclusive motor vehicles ever, it is safe to say Chin is doing justice to that childhood proclamation.
This article first appeared on Sept 9, 2024 in The Edge Malaysia.
