Latest news with #GCBs
Business Times
11-07-2025
- Business
- Business Times
Getting real on Good Class Bungalow prices
[SINGAPORE] Some time last year, a 30-year-old bungalow in Peirce Hill owned by Kelly Chen, the wife of failed Three Arrows Capital co-founder Kyle Davies, was quietly put on the market at an asking price of S$45 million. No deal materialised then. In May this year, the freehold property, in the Ridout Park Good Class Bungalow Area (GCBA), fetched S$37 million, reflecting S$2,144 per square foot (psf) on the land area of 17,260 square feet (sq ft). A similar-age bungalow at a T-junction in Old Holland Road was put up for sale at S$66.7 million in March 2024 by Teo Hock Seng, chairman of Komoco Holdings. It could not be sold for a year. In April 2025, Teo put the property on the auction block at a reserve price of S$36 million. This was not met at auction but the two-storey bungalow – with six en suite bedrooms, a swimming pool and a car porch for 10 cars – was sold soon thereafter via private treaty. Market watchers believe the price to be between S$35 million and S$36 million, translating to S$1,512 psf to S$1,555 psf on the land area of 23,148 sq ft. Over the past eight months, there has been a string of similar cases of some owners in Singapore's GCB market turning more realistic and lowering their previous price expectations. These transactions involved bungalows in locations such as Joan Road, Gallop Park, Leedon Park, Bin Tong Park and Belmont Road, say agents. They attribute the trend to a cocktail of factors – including the Republic's ageing demographic (with some empty nesters seeking to divest their GCB to free up cash for retirement, among other reasons), an increase in estate sales involving bungalows in GCBAs, higher property taxes and even US President Donald Trump's election. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up According to Realstar Premier managing director Julian Yip, buyers who want a new bungalow in a top-tier GCB location will continue to set record prices. PHOTO: REALSTAR The Old Holland Road bungalow sale, with its estimated 45 per cent gap between the asking price early last year and the eventual transacted price this year, was an exception. The transacted prices for other deals were generally between 5 and 20 per cent below earlier asking prices. That said, the greater willingness to compromise on pricing that is being shown by more genuine sellers is by no means across the board. Owners of new bungalows in top-tier GCB locations and who have holding power are not budging. 'Record psf of land prices will continue to be set in these locations, especially for a very-good-quality new house,' notes Realstar Premier managing director Julian Yip. ' An elderly person who bequeaths a GCB to the next generation may put them in potential conflict. ' — A VETERAN PROPERTY CONSULTANT What's so good about GCBs? Bungalows in the 39 GCBAs are the most prestigious form of landed housing in Singapore. They are nestled mostly in wooded areas on large plots in prime districts 10 (such as Nassim Road, Cluny Hill, Leedon Park and Queen Astrid Park), and 11 (such as Bukit Tunggal and Eng Neo Avenue). There are also a few GCBAs in districts 20 (Windsor Park), 21 (Kilburn Estate including Yarwood Avenue, and King Albert Park), and 23 (Chestnut Avenue). Bungalows in GCBAs are subject to strict planning conditions to preserve their exclusivity and low-rise character. For one, a minimum plot size of 1,400 square metres, or 15,070 sq ft, is specified as the planning norm for newly created bungalows in GCBAs. When GCBAs were gazetted in 1980, they included some smaller existing sites. These are still bound by the other planning guidelines for bungalows in GCBAs if they were to be redeveloped. For example, such plots cannot be further sub-divided. According to List Sotheby's International Realty (List SIR), there are only 2,700-plus bungalows in GCBAs, thus ensuring rarity value. One generally has to be a Singapore citizen to be allowed to acquire a landed property in a GCBA. List SIR's analysis of URA Realis caveats data downloaded on Jul 8 shows there were 10 transactions in GCBAs totalling S$320.4 million in the first half of this year (with the latest deal dated Jun 18). This is down from the 14 deals totalling S$440.7 million in the second half of last year, but higher than the nine deals amounting to S$211.4 million in H1 2024. The two largest deals in H1 2025, at S$58 million each, were a property in Joan Road, on 39,276 sq ft of land area, and another in Gallop Park, on 16,306 sq ft of land area. There were also transactions for which buyers did not lodge caveats. An example is the S$45 million sale of the late pioneer architect Alfred Wong's bungalow in Bin Tong Park. Steve Tay, executive director of Steve Tay Real Estate (STRE), observes that many of the GCBs sold in the fourth quarter of 2024 and this year had been on the market for close to a year or longer. 'The common denominator in these transactions is genuine sellers lowering their asking prices in order to attract buyers,' he adds. For silver-generation GCB owners, selling their bungalow and moving into an apartment or penthouse allows them greater flexibility to travel overseas, says Steve Tay of STRE. PHOTO: STRE What is leading some GCB sellers to compromise on price? KH Tan, managing director of Newsman Realty, says: 'We are seeing a bit more estate sales of bungalows in GCB Areas. There's a tendency to dispose of such properties more quickly if family members are not living in them. Higher residential property taxes since 2023 are one reason for this.' Empty nesters and wanderlust Tay says that sellers who are becoming more realistic on their expectations are typically elderly GCB owners whose children are already married and have moved into their own homes. In some cases, the children may have emigrated for career or business reasons. 'The GCB becomes too big for just the elderly couple.' Very often at this stage of life, silver-generation GCB owners are also looking to travel more frequently and spend a longer time overseas, especially if they have children or other family members living abroad, observes Tay. 'Selling a GCB and moving into a private apartment or penthouse, which they can lock up and go away on a holiday, gives them greater freedom and flexibility to plan their travels.' This property in Joan Road, part of the Caldecott Hill Estate GCBA, transacted at S$58 million this year. It has a land area of 39,276 sq ft. PHOTO: BT FILE Minimising future family conflicts Boutique property consultancy firm JQT Private's executive director Jacqueline Wong highlights that another push factor creating the situation where more owners are willing to compromise on price is a desire to avoid potential inheritance feuds and future family conflicts. In a similar vein, another veteran property consultant, who declined to be named, says: 'An elderly person who bequeaths a GCB to the next generation may put them in potential conflict. Not all the next-generation family members may be in the same financial situation; some may want to sell the GCB, while others may want to hold it for capital appreciation. This may potentially sour their relationship.' Instead of locking up the bulk of their wealth in a single, relatively illiquid asset such as a GCB, an elderly person could sell the bungalow and, say, set aside a portion of the proceeds to fund retirement needs and leave the rest for distribution to the next generation. 'This provides more flexibility of options to the elderly GCB owner and, hopefully, fosters family peace as well,' she adds. Higher property taxes are cited as a consideration for some seniors when selling their GCB, whether the property is for their own occupation or is an investment property kept for rental income. For owner-occupied residential properties, the top-tier property tax rate today stands at 32 per cent, double the 16 per cent in 2022. For some owners, it is not worth the time and effort to hold on to a rental GCB property, says Jacqueline Wong of JQT Private. PHOTO: JQT PRIVATE For non-owner-occupied residential properties, the top-tier property tax rate since the start of 2024 has been 36 per cent, compared with 20 per cent between Jan 1, 2015, and Dec 31, 2022. (See table at bottom of this article.) Says JQT's Wong: 'For some owners, it is not worth the time and effort to hold on to a rental GCB property. Apart from the 36 per cent property tax, they have to bear income tax. For such owners, handling maintenance issues is rather time-consuming and troublesome.' Exuberant GCB-rents party busted Leasing activity for bungalows in GCBAs has been quiet since the August 2023 high-profile anti-money laundering action by the Singapore authorities on individuals originating from Fujian, China. Some of those arrested were living in GCBs, paying eye-popping rentals to the tune of S$150,000 a month. There was also industry talk of a leasing deal done at S$250,000 per month, though this is said to have included the rental of luxury cars and provision of art pieces. Wong says that the highest GCB rentals these days are about S$100,000 a month. 'The tenants I serve are mainly family offices; they hail from diverse markets including India, Taiwan and South-east Asia.' Origin of the trend: Trump's election So when exactly did sellers' expectations start to turn? Yip of Realstar pinpoints it to the election of Trump in November last year. The various promises he made, including hiking tariffs on imports into the US, created an air of economic uncertainty globally, dampening sentiment all around. 'The more serious GCB sellers probably think sentiment is not going to get better, and since prices have appreciated significantly over the years, they might as well adjust their price expectation and sell,' he says. Tay of STRE highlights that some sellers may find more value in selling their bungalows at a lower price target, at the fair market price, and executing their next plans, rather than wait for an indefinite period of time to achieve their desired price target. Buyer profiles and strategies George Lee, key executive officer of Myriad Realty, says some GCB buyers are adopting a wait-and-see attitude, hoping to find a good deal. 'In today's uncertain economic climate, buyers do not want to overspend.' Giving his take, Newsman's Tan says: 'Buyers are prepared to commit if the property suits them and the price is right.' Some of those house-hunting in GCBAs are looking for a home for their own family's occupation; they include those upgrading from a smaller landed property or, in the case of a new citizen, an apartment. 'Lately, we are seeing slightly more potential buyers from the IT industry. 'We continue to see new citizens, mostly from China. They have varying requirements in terms of plot size, between 15,000 sq ft and 50,000 sq ft,' Tan adds. The double-volume living room of the Old Holland Road bungalow sold by Teo Hock Seng. PHOTO: SRI Yip of Realstar classifies GCB buyers into two groups. There are those who are price-sensitive and willing to make a purchase when a property with the right price comes along. His advice to them is: 'If you find something ideal, go for it if it's not too unrealistically priced.' The second group of buyers are 'very location-sensitive' and still willing to pay a premium for the best plots, because sellers of this category of bungalows in GCBAs have the holding power and will sell only if the price is right. Says Yip: 'Buyers who are really keen to purchase a bungalow in one of the top-tier GCB locations will have to give in when it comes to negotiating with such sellers, who are likely to be in a more favourable position. 'If the prices are really unrealistic, they will go for slightly less prime locations such as those at the lower tiers.' This bungalow in Peirce Hill, owned by Kelly Chen, the wife of failed Three Arrows Capital co-founder Kyle Davies, fetched S$37 million this year. PHOTO: BT FILE He offers the following advice to sellers. 'If your intention is to rightsize, or to liquidate, it may not be a bad idea to sell if a reasonable offer comes in. If the GCB you are holding is an investment property, bear in mind that rental yield will be low and property tax payable is high.' In the first five months of this year, Realstar brokered five transactions in GCBAs for which caveats were lodged, down from six deals in the same period last year. For deals for which buyers did not lodge caveats, Realstar brokered two transactions in the first five months of 2025, down from three in the same period last year. Outlook Yip predicts that the total number of bungalow transactions in GCBAs this year is likely to surpass 2024's numbers. List SIR research director Han Huan Mei says: 'Market confidence has been affected by the weakened economic outlook due to Trump's tariffs and the war in the Middle East. Transaction volumes for the whole of 2025 are likely to be similar to 2024's tally of 23 deals, but at prices that are slightly higher.' Realstar's Yip forecasts that prices in higher-tier GCB locations will increase by between 5 and 7 per cent this year. 'In lower-tier locations, prices will be quite stable, with a likely increase of zero to 5 per cent. This will widen the gap between the two segments.' He adds: 'In future, the majority of top-tier GCBs put in the market will be bought by new citizens. Locals are not prepared to keep paying record prices. But new citizens are different, especially those from China. They see what is happening in Hong Kong, where luxury villas are so expensive – and these are leasehold.' To this profile of buyers, even prices of S$5,000 psf or S$6,000 psf on land area are not considered too high for freehold bungalows, notes Yip. 'These new citizens are prepared to pay a premium for a brand-new GCB in a ready-to-move-in condition; it would be a hassle for them to build their own bungalow. As a result, those who want a new bungalow in a top-tier GCB location will continue to set record prices.' Currently, the highest price psf on land for a bungalow deal in a GCBA is the S$6,197 psf fetched last year for a property in Tanglin Hill while it was still under construction. Standing on a 15,150 sq ft site, the bungalow has a built-up area of close to 30,000 sq ft. The close to S$93.9 million deal involved delivering the house on a completed, fully furnished basis, in a ready-to-move-in condition. It was developed by Meir Homes, which specialises in GCBs. The group is now developing a bungalow in Dalvey Estate with a land area of 15,080 sq ft. It will have a built-up area of more than 40,000 sq ft. Meir Homes is understood to be in talks with potential buyers. The selling price is expected to set a new record psf price in the GCB market.
Tatler Asia
13-06-2025
- Business
- Tatler Asia
Koufu Group's family to acquire prestigious Caldecott Hill GCB site for S$58 million
Above The site is private and visually sheltered from passersby The property was initially publicised through an expression of interest exercise, with an indicative price of S$62.8 million. The S$58 million sale to the Koufu Group family was reportedly brokered by Realstar Premier in April 2025. The existence of just 2,700 Good Class Bungalows in Singapore's 39 gazetted GCB areas makes these properties particularly prestigious, their status further enhanced by strict planning conditions, partly in place to preserve exclusivity and the low-rise character of these landed houses. Characterised by a minimum plot size of 1,400 square metres (roughly 15,070 sq ft) among other key qualities, Good Class Bungalows continue to be highly sought after in Singapore's high-end property market, as shown by recent purchases of GCBs in enviable neighbourhoods around the city. Above Verdant and quiet, Joan Road is an attractive area for affluent residents Credits Images: Courtesy of Google Maps and Google Street View
Business Times
03-06-2025
- Business
- Business Times
Haidilao founder Sean Shi, Ray Dalio, Secretlab boss, Forrest Li's wife join buyers of 8-figure Singapore properties
[SINGAPORE] Singapore's top-end real estate is becoming a must-have for billionaires and multi-millionaires seeking a safe haven amid a tanking US dollar and dark clouds over global markets. The buying is unlikely to ease anytime soon as more ultra-rich and family offices locate here, in line with the Republic's push to be a wealth hub. Realstar Premier's managing director Julian Yip said more buyers are also emerging from the crypto sector, likely driven by the industry's recent performance. When money is no object, Singapore's Good Class Bungalows (GCBs) – of which there are only about 2,700 – seem to be the most coveted. Steve Tay, executive director of Steve Tay Real Estate, said that buyers see this rarefied segment as a long-term wealth preservation hedge against short-term volatility. Here are some notable Singapore property purchases snapped up by the super-wealthy in recent years: Haidilao tycoon buys Cluny Hill GCB (2022) Sean Shi, a co-founder of Haidilao International, China's largest hotpot chain, bought a Cluny Hill GCB from the late Dr Lee Wei Ling – the daughter of founding prime minister Lee Kuan Yew and sister of Senior Minister and former prime minister Lee Hsien Loong – in 2022. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Haidilao International co-founder Sean Shi bought a Cluny Hill GCB. PHOTO: BT FILE Shi paid S$50 million for the freehold property, according to a Straits Times report. The price worked out to S$2,740 per square foot (psf) on the 18,255 sq ft land area. At the time, this was less than that for similar properties in the area, as market watchers said property in the Cluny Hill GCB area could fetch around S$3,000 to S$4,000 psf. The property is located in the vicinity of Haidilao chairman and co-founder Zhang Yong's Gallop Road GCB. Both properties are within walking distance of the Singapore Botanic Gardens. Jack Ma's wife buys 3 shophouses in Tanjong Pagar (2024) Three adjoining shophouses in Tanjong Pagar were bought by Zhang Ying, wife of Alibaba Group co-founder Jack Ma. Zhang Ying, wife of Alibaba Group co-founder Jack Ma, paid S$45 million to S$50 million for 70, 71 and 72 Duxton Road. PHOTO: GOOGLE MAPS Zhang, a Singaporean, paid S$45 million to S$50 million for 70, 71 and 72 Duxton Road. The three properties stand on commercial-zoned sites and have 99-year leasehold tenures starting from September 1988, with a balance of around 63.5 years. They each have three floors and an attic, with a combined plot of 3,239 sq ft. Zhang is believed to have also bought a GCB in the Astrid Park area via a trust for more than S$80 million in 2023. Separately, previous media reports indicated that an entity linked to Ma was developing a two-storey bungalow with a basement and swimming pool in the Victoria Park GCB area. A two-decade old bungalow that used to be on the site was sold for S$40 million in 2017. Wife of Sea's Forrest Li bags couple's second bungalow (2024) Ma Liqian, wife of Forrest Li, who owns New York-listed Sea, was in 2024 said to be buying an old GCB next to one that her tech billionaire husband acquired years earlier and nearly finished redeveloping. The property was sold by the children of the late kidney doctor Gordon Ku, who founded the Kidney Dialysis Foundation. PHOTO: BT FILE Ma's purchase of the S$42.5 million bungalow is the couple's second GCB on Gallop Road near the Singapore Botanic Gardens. Both properties are part of the Gallop Road/Woollerton Park GCB Area. The property was sold by the children of the late kidney doctor Gordon Ku, who founded the Kidney Dialysis Foundation. The couple are Singapore citizens, though Li hails from Tianjin. Wee family scion scoops up multi-million dollar mansion from ex-Keppel CEO (2024) Grant Wee (formerly known as Grace Wee), the grandchild of the late UOB patriarch and banking veteran Wee Cho Yaw, was said to be buying a S$39.5 million GCB in Ford Avenue, off Holland Road, in 2024. The co-owner of the 19,500 sq ft mansion being sold was Choo Chiau Beng, the former CEO of the company now called Keppel and Singapore's non-resident envoy to Brazil. PHOTO: BLOOMBERG Wee is the youngest child of UOB chief executive Wee Ee Cheong, the late Wee's eldest son. The co-owner of the 19,500 sq ft mansion being sold was Choo Chiau Beng, the former CEO of the company now called Keppel and Singapore's non-resident envoy to Brazil. Subsequently in 2024, Wee Boo Tee, a nephew of the late Wee Cho Yaw bought a S$23 million old two-story bungalow with a land area of 15,121 sq ft. First Resources family buys four Nassim Road bungalows (2023) The family behind Singapore-listed palm oil group First Resources scooped up four Nassim Road bungalows in the span of a few months in 2023. Singaporean members of the Indonesian Fangiono family bought a trio of GCBs from Cuscaden Peak Investments for S$206.7 million. PHOTO: BT FILE Singaporean members of the Indonesian Fangiono family bought a trio of GCBs from Cuscaden Peak Investments for S$206.7 million. Cuscaden Peak Investments was formerly known as Singapore Press Holdings before its May 2022 privatisation. Separately, another Singaporean member of the family bought a fourth bungalow on the same street from a low-profile property investor, at S$88 million. The combined cost of all four properties neared S$295 million. Failed crypto fund co-founder Zhu Su bags Yarwood GCB (2022) The co-founder of disgraced crypto fund Three Arrows Capital (3AC), Zhu Su, bought a S$48.8 million GCB at Yarwood Avenue in March 2022. The Yarwood Avenue GCB was used as an urban farm managed by a company co-founded by Zhu Su's wife Evelyn Tao. PHOTO: BT FILE When 3AC – once one of the world's largest crypto native funds – imploded in mid-2022 amid a larger crypto rout, speculation of the property's potential sale surfaced. The bungalow was used as an urban farm managed by a company co-founded by Zhu's wife Evelyn Tao, who conducted guided tours and private dining sessions at the site from early 2023. In 2020, Tao purchased a GCB at Dalvey Road, near the Singapore Botanic Gardens, for S$28.5 million. She sold it for S$51 million in 2024, despite a court-imposed freeze on some of the couple's assets. Kelly Chen, the wife of 3AC co-founder Kyle Davies, bought a bungalow in Ridout Park area in 2021 which was last reported to be in the process of being sold for S$37 million. Nanofilm founder's wife buys GCB from Sinar Mas co-founder (2021) Jin Xiao Qun, the wife of Singapore-listed Nanofilm Technologies International's founder Shi Xu, purchased a Nassim Road GCB for S$128.8 million. Jin Xiao Qun, the wife of Singapore-listed Nanofilm Technologies International's founder Shi Xu, purchased a Nassim Road GCB for S$128.8 million. The seller in the deal was Sukmawati Widjaja, a member of the Widjaja family who co-founded the family-controlled Sinar Mas Group with her late father Eka Tjipta Widjaja. E-commerce platform founder picks up GCB (2021) The founder of Singapore-based e-commerce marketing platform Tommy Ong, reportedly splashed S$63.7 million on a GCB at 2 Cluny Hill in 2021. Ong's purchase of the property at S$4,291 psf for 14,844 sq ft of land area marked a landmark deal for 2021 – a year that recorded two GCB sales at more than S$4,000 psf. It surpassed a previous record GCB psf price set by Jin when she bought the Nassim Road GCB. Hedge fund founder picks up Chinatown shophouses at S$25m (2021) Ray Dalio, founder of prominent hedge fund firm Bridgewater Associates, snapped up two shophouses along Club Street in the historic Chinatown area in 2021. The Dalio Family Office paid S$25.5 million for 44 and 46 Club Street. Dalio announced the opening of a Singapore family office in 2020 to run his investments and philanthropy in the region. With wealthy investors returning and shophouse sales in Singapore gaining traction, he joins the ranks of ultra-wealthy investors scooping up such historic buildings. Taiwanese family behind Want Want buys Orchard condo tower (2021) All 20 units at a freehold luxury condominium development in the Orchard area were snapped up by the Tsai family of Want Want cracker fame. Two members of the Taiwanese family behind snack food giant Want Want China Holdings paid S$293 million for the entire Eden Tower of the development at 2 Draycott Park. Two members of the Taiwanese family behind snack food giant Want Want China Holdings paid S$293 million for the entire Eden Tower of the development at 2 Draycott Park. The company is known for its rice crackers. Secretlab CEO bags GCB and penthouse (2021) Gaming chair company Secretlab co-founder Ian Ang bought two luxury properties for S$51 million in the span of just one week. In 2021, the Secretlab CEO reportedly acquired a S$36 million GCB at 27 Olive Road in the Caldecott Hill Estate. That same week, he bought a S$15 million triplex penthouse at Leedon Residence near the Singapore Botanic Gardens. Wilmar chairman's nephew snags Astrid Hill GCB (2024) In 2024, Glenn Kuok, a nephew of Wilmar International chairman and chief executive officer Kuok Khoon Hong, bought a S$49 million bungalow in Astrid Hill with his mother, Lee Yong Lah. The slightly more than 10-year-old bungalow has a land area of 21,116 sq ft, two storeys, a basement, six bedrooms, a swimming pool, a gym and an entertainment room. PHOTO: GOOGLE MAPS Glenn Kuok and Lee are the son and wife, respectively, of Kuok Koon Seng, the brother of Kuok Khoon Hong and former chief executive of The slightly more than 10-year-old bungalow has a land area of 21,116 sq ft, two storeys, a basement, six bedrooms, a swimming pool, a gym and an entertainment room. Koufu founder's sons snaps up Caldecott Hill GCB (2025) In May 2025, food and beverage company Koufu Group husband-and-wife founders Pang Lim and Ng Hoon Tien's two sons were in a deal to buy a Caldecott Hill GCB site for S$58 million. The GCB has a freehold land area of 39,276 sq ft containing two bungalows separated by a low wall. One bungalow has two storeys and a garden, with the other has two storeys, an attic an a swimming pool. The property was formerly owned and bought in the 1960s by Chan Kok Kwan, a famous diamond merchant and has housed three generations of his family. Public Bank founder's daughter breaks a record deal for Tanglin GCB (2025) Diona Teh, daughter of the late Public Bank founder Teh Hong Piow signed a S$93.9 million deal for a Tanglin Hill GCB in 2025. The new GCB spans 2,756 square metres, with two storeys, and has a 25 m pool with a tanning deck, walk-in wine chiller and an 18-seater theatre.
Business Times
03-06-2025
- Business
- Business Times
Haidilao founder, Ray Dalio, Secretlab boss, Forrest Li's wife join buyers of 8-figure Singapore properties
[SINGAPORE] Singapore's top-end real estate is becoming a must-have for billionaires and multi-millionaires seeking a safe haven amid a tanking US dollar and dark clouds over global markets. The buying is unlikely to ease anytime soon as more ultra-rich and family offices locate here, in line with the Republic's push to be a wealth hub. Realstar Premier's managing director Julian Yip said more buyers are also emerging from the crypto sector, likely driven by the industry's recent performance. When money is no object, Singapore's Good Class Bungalows (GCBs) – of which there are only about 2,700 – seem to be the most coveted. Steve Tay, executive director of Steve Tay Real Estate, said that buyers see this rarefied segment as a long-term wealth preservation hedge against short-term volatility. Here are some notable Singapore property purchases snapped up by the super-wealthy in recent years: Haidilao tycoon buys Cluny Hill GCB (2022) Sean Shi, a co-founder of Haidilao International, China's largest hotpot chain, bought a Cluny Hill GCB from the late Dr Lee Wei Ling – the daughter of founding prime minister Lee Kuan Yew and sister of Senior Minister and former prime minister Lee Hsien Loong – in 2022. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Haidilao International co-founder Sean Shi bought a Cluny Hill GCB. PHOTO: BT FILE Shi paid S$50 million for the freehold property, according to a Straits Times report. The price worked out to S$2,740 per square foot (psf) on the 18,255 sq ft land area. At the time, this was less than that for similar properties in the area, as market watchers said property in the Cluny Hill GCB area could fetch around S$3,000 to S$4,000 psf. The property is located in the vicinity of Haidilao chairman and co-founder Zhang Yong's Gallop Road GCB. Both properties are within walking distance of the Singapore Botanic Gardens. Jack Ma's wife buys 3 shophouses in Tanjong Pagar (2024) Three adjoining shophouses in Tanjong Pagar were bought by Zhang Ying, wife of Alibaba Group co-founder Jack Ma. Zhang Ying, wife of Alibaba Group co-founder Jack Ma, paid S$45 million to S$50 million for 70, 71 and 72 Duxton Road. PHOTO: GOOGLE MAPS Zhang, a Singaporean, paid S$45 million to S$50 million for 70, 71 and 72 Duxton Road. The three properties stand on commercial-zoned sites and have 99-year leasehold tenures starting from September 1988, with a balance of around 63.5 years. They each have three floors and an attic, with a combined plot of 3,239 sq ft. Zhang is believed to have also bought a GCB in the Astrid Park area via a trust for more than S$80 million in 2023. Separately, previous media reports indicated that an entity linked to Ma was developing a two-storey bungalow with a basement and swimming pool in the Victoria Park GCB area. A two-decade old bungalow that used to be on the site was sold for S$40 million in 2017. Wife of Sea's Forrest Li bags couple's second bungalow (2024) Ma Liqian, wife of Forrest Li, who owns New York-listed Sea, was in 2024 said to be buying an old GCB next to one that her tech billionaire husband acquired years earlier and nearly finished redeveloping. The property was sold by the children of the late kidney doctor Gordon Ku, who founded the Kidney Dialysis Foundation. PHOTO: BT FILE Ma's purchase of the S$42.5 million bungalow is the couple's second GCB on Gallop Road near the Singapore Botanic Gardens. Both properties are part of the Gallop Road/Woollerton Park GCB Area. The property was sold by the children of the late kidney doctor Gordon Ku, who founded the Kidney Dialysis Foundation. The couple are Singapore citizens, though Li hails from Tianjin. Wee family scion scoops up multi-million dollar mansion from ex-Keppel CEO (2024) Grant Wee (formerly known as Grace Wee), the grandchild of the late UOB patriarch and banking veteran Wee Cho Yaw, was said to be buying a S$39.5 million GCB in Ford Avenue, off Holland Road, in 2024. The co-owner of the 19,500 sq ft mansion being sold was Choo Chiau Beng, the former CEO of the company now called Keppel and Singapore's non-resident envoy to Brazil. PHOTO: BLOOMBERG Wee is the youngest child of UOB chief executive Wee Ee Cheong, the late Wee's eldest son. The co-owner of the 19,500 sq ft mansion being sold was Choo Chiau Beng, the former CEO of the company now called Keppel and Singapore's non-resident envoy to Brazil. Subsequently in 2024, Wee Boo Tee, a nephew of the late Wee Cho Yaw bought a S$23 million old two-story bungalow with a land area of 15,121 sq ft. First Resources family buys four Nassim Road bungalows (2023) The family behind Singapore-listed palm oil group First Resources scooped up four Nassim Road bungalows in the span of a few months in 2023. Singaporean members of the Indonesian Fangiono family bought a trio of GCBs from Cuscaden Peak Investments for S$206.7 million. PHOTO: BT FILE Singaporean members of the Indonesian Fangiono family bought a trio of GCBs from Cuscaden Peak Investments for S$206.7 million. Cuscaden Peak Investments was formerly known as Singapore Press Holdings before its May 2022 privatisation. Separately, another Singaporean member of the family bought a fourth bungalow on the same street from a low-profile property investor, at S$88 million. The combined cost of all four properties neared S$295 million. Failed crypto fund co-founder Zhu Su bags Yarwood GCB (2022) The co-founder of disgraced crypto fund Three Arrows Capital (3AC), Zhu Su, bought a S$48.8 million GCB at Yarwood Avenue in March 2022. The Yarwood Avenue GCB was used as an urban farm managed by a company co-founded by Zhu Su's wife Evelyn Tao. PHOTO: BT FILE When 3AC – once one of the world's largest crypto native funds – imploded in mid-2022 amid a larger crypto rout, speculation of the property's potential sale surfaced. The bungalow was used as an urban farm managed by a company co-founded by Zhu's wife Evelyn Tao, who conducted guided tours and private dining sessions at the site from early 2023. In 2020, Tao purchased a GCB at Dalvey Road, near the Singapore Botanic Gardens, for S$28.5 million. She sold it for S$51 million in 2024, despite a court-imposed freeze on some of the couple's assets. Kelly Chen, the wife of 3AC co-founder Kyle Davies, bought a bungalow in Ridout Park area in 2021 which was last reported to be in the process of being sold for S$37 million. Nanofilm founder's wife buys GCB from Sinar Mas co-founder (2021) Jin Xiao Qun, the wife of Singapore-listed Nanofilm Technologies International's founder Shi Xu, purchased a Nassim Road GCB for S$128.8 million. Jin Xiao Qun, the wife of Singapore-listed Nanofilm Technologies International's founder Shi Xu, purchased a Nassim Road GCB for S$128.8 million. The seller in the deal was Sukmawati Widjaja, a member of the Widjaja family who co-founded the family-controlled Sinar Mas Group with her late father Eka Tjipta Widjaja. E-commerce platform founder picks up GCB (2021) The founder of Singapore-based e-commerce marketing platform Tommy Ong, reportedly splashed S$63.7 million on a GCB at 2 Cluny Hill in 2021. Ong's purchase of the property at S$4,291 psf for 14,844 sq ft of land area marked a landmark deal for 2021 – a year that recorded two GCB sales at more than S$4,000 psf. It surpassed a previous record GCB psf price set by Jin when she bought the Nassim Road GCB. Hedge fund founder picks up Chinatown shophouses at S$25m (2021) Ray Dalio, founder of prominent hedge fund firm Bridgewater Associates, snapped up two shophouses along Club Street in the historic Chinatown area in 2021. The Dalio Family Office paid S$25.5 million for 44 and 46 Club Street. Dalio announced the opening of a Singapore family office in 2020 to run his investments and philanthropy in the region. With wealthy investors returning and shophouse sales in Singapore gaining traction, he joins the ranks of ultra-wealthy investors scooping up such historic buildings. Taiwanese family behind Want Want buys Orchard condo tower (2021) All 20 units at a freehold luxury condominium development in the Orchard area were snapped up by the Tsai family of Want Want cracker fame. Two members of the Taiwanese family behind snack food giant Want Want China Holdings paid S$293 million for the entire Eden Tower of the development at 2 Draycott Park. Two members of the Taiwanese family behind snack food giant Want Want China Holdings paid S$293 million for the entire Eden Tower of the development at 2 Draycott Park. The company is known for its rice crackers. Secretlab CEO bags GCB and penthouse (2021) Gaming chair company Secretlab co-founder Ian Ang bought two luxury properties for S$51 million in the span of just one week. In 2021, the Secretlab CEO reportedly acquired a S$36 million GCB at 27 Olive Road in the Caldecott Hill Estate. That same week, he bought a S$15 million triplex penthouse at Leedon Residence near the Singapore Botanic Gardens. Wilmar chairman's nephew snags Astrid Hill GCB (2024) In 2024, Glenn Kuok, a nephew of Wilmar International chairman and chief executive officer Kuok Khoon Hong, bought a S$49 million bungalow in Astrid Hill with his mother, Lee Yong Lah. The slightly more than 10-year-old bungalow has a land area of 21,116 sq ft, two storeys, a basement, six bedrooms, a swimming pool, a gym and an entertainment room. PHOTO: GOOGLE MAPS Glenn Kuok and Lee are the son and wife, respectively, of Kuok Koon Seng, the brother of Kuok Khoon Hong and former chief executive of The slightly more than 10-year-old bungalow has a land area of 21,116 sq ft, two storeys, a basement, six bedrooms, a swimming pool, a gym and an entertainment room. Koufu founder's sons snaps up Caldecott Hill GCB (2025) In May 2025, food and beverage company Koufu Group husband-and-wife founders Pang Lim and Ng Hoon Tien's two sons were in a deal to buy a Caldecott Hill GCB site for S$58 million. The GCB has a freehold land area of 39,276 sq ft containing two bungalows separated by a low wall. One bungalow has two storeys and a garden, with the other has two storeys, an attic an a swimming pool. The property was formerly owned and bought in the 1960s by Chan Kok Kwan, a famous diamond merchant and has housed three generations of his family. Public Bank founder's daughter breaks a record deal for Tanglin GCB (2025) Diona Teh, daughter of the late Public Bank founder Teh Hong Piow signed a S$93.9 million deal for a Tanglin Hill GCB in 2025. The new GCB spans 2,756 square metres, with two storeys, and has a 25 m pool with a tanning deck, walk-in wine chiller and an 18-seater theatre.
Straits Times
03-06-2025
- Business
- Straits Times
From Haidilao tycoon to Jack Ma's wife: Billionaires who bought 8-figure Singapore properties
Zhu Su, co-founder of disgraced crypto fund Three Arrows Capital, bought the S$48.8 million GCB at Yarwood Avenue in March 2022. PHOTO: ST FILE From Haidilao tycoon to Jack Ma's wife: Billionaires who bought 8-figure Singapore properties SINGAPORE - Singapore's top-end real estate has been a must-have for billionaires and multi-millionaires seeking a safe haven amid a tanking US dollar and dark clouds over global markets. Demand is likely to persist as more ultra-rich and family offices locate here, in line with the Republic's push to be a wealth hub. Realstar Premier's managing director Julian Yip said more buyers are also emerging from the crypto sector, likely driven by the industry's recent performance. When money is no object, Singapore's Good Class Bungalows (GCBs) – of which there are only about 2,700 – seem to be the most coveted. Steve Tay, executive director of Steve Tay Real Estate, said that buyers see this rarefied segment as a long-term wealth preservation hedge against short-term volatility. Here are some notable Singapore property purchases snapped up by the super-rich in recent years: Public Bank founder's daughter breaks a record deal for Tanglin GCB (2025) Diona Teh, daughter of the late Public Bank founder Teh Hong Piow signed a $93.9 million deal for a Tanglin Hill GCB in 2025. The new GCB spans 2,756 square metres, with two storeys, and has a 25 m pool with a tanning deck, walk-in wine chiller and an 18-seater theatre. Koufu founder's sons snaps up Caldecott Hill GCB (2025) In May 2025, food and beverage company Koufu Group husband-and-wife founders Pang Lim and Ng Hoon Tien's two sons were in a deal to buy a Caldecott Hill GCB site for $58 million. The GCB has a freehold land area of 39,276 sq ft containing two bungalows separated by a low wall. One bungalow has two storeys and a garden, with the other has two storeys, an attic an a swimming pool. The property was formerly owned and bought in the 1960s by Chan Kok Kwan, a famous diamond merchant and has housed three generations of his family. Wilmar chairman's nephew snags Astrid Hill GCB (2024) In 2024, Glenn Kuok, a nephew of Wilmar International chairman and CEO Kuok Khoon Hong, bought a $49 million bungalow in Astrid Hill with his mother, Lee Yong Lah. Jack Ma's wife buys 3 shophouses in Tanjong Pagar (2024) Three adjoining shophouses in Tanjong Pagar were bought by Zhang Ying, wife of Alibaba Group co-founder Jack Ma. Ms Zhang, a Singaporean, paid $45 million to $50 million for 70, 71 and 72 Duxton Road. The three properties stand on commercial-zoned sites and have 99-year leasehold tenures starting from September 1988, with a balance of around 63.5 years. They each have three floors and an attic, with a combined plot of 3,239 sq ft. Ms Zhang is believed to have also bought a GCB in the Astrid Park area via a trust for more than $80 million in 2023. Wife of Sea's Forrest Li bags couple's second bungalow (2024) Ma Liqian, wife of Forrest Li, who owns New York-listed Sea, was in 2024 said to be buying an old GCB next to one that her tech billionaire husband acquired years earlier and nearly finished redeveloping. Ms Ma's purchase of the $42.5 million bungalow is the couple's second GCB on Gallop Road near the Singapore Botanic Gardens. Both properties are part of the Gallop Road/Woollerton Park GCB Area. The property was sold by the children of the late kidney doctor Gordon Ku, who founded the Kidney Dialysis Foundation. The couple are Singapore citizens, though Mr Li hails from Tianjin. Wee family scion scoops up multi-million dollar mansion from ex-Keppel CEO (2024) Grant Wee (formerly known as Grace Wee), the grandchild of the late UOB patriarch and banking veteran Wee Cho Yaw, was said to be buying a $39.5 million GCB in Ford Avenue, off Holland Road, in 2024. Grant Wee is the youngest child of UOB chief executive Wee Ee Cheong, the late Mr Wee's eldest son. The co-owner of the 19,500 sq ft mansion being sold was Choo Chiau Beng, the former CEO of the company now called Keppel and Singapore's non-resident envoy to Brazil. Subsequently in 2024, Wee Boo Tee, a nephew of the late Wee Cho Yaw bought a $23 million old two-story bungalow with a land area of 15,121 sq ft. First Resources family buys four Nassim Road bungalows (2023) The family behind Singapore-listed palm oil group First Resources scooped up four Nassim Road bungalows in the span of a few months in 2023. Singaporean members of the Indonesian Fangiono family bought a trio of GCBs from Cuscaden Peak Investments for $206.7 million. Cuscaden Peak Investments was formerly known as Singapore Press Holdings before its May 2022 privatisation. Separately, another Singaporean member of the family bought a fourth bungalow on the same street from a low-profile property investor, at $88 million. The combined cost of all four properties neared $295 million. Haidilao tycoon buys Cluny Hill GCB (2022) Sean Shi, a co-founder of Haidilao International, China's largest hotpot chain, bought a Cluny Hill GCB from the late Dr Lee Wei Ling – the daughter of founding prime minister Lee Kuan Yew and sister of Senior Minister and former prime minister Lee Hsien Loong – in 2022. Mr Shi paid $50 million for the freehold property. The price worked out to $2,740 per square foot (psf) on the 18,255 sq ft land area. At the time, this was less than that for similar properties in the area, as market watchers said property in the Cluny Hill GCB area could fetch around $3,000 to $4,000 ps f. The property is located in the vicinity of Haidilao chairman and co-founder Zhang Yong's Gallop Road GCB. Both properties are within walking distance of the Singapore Botanic Gardens. Failed crypto fund co-founder Zhu Su bags Yarwood GCB (2022) The co-founder of disgraced crypto fund Three Arrows Capital (3AC), Zhu Su, bought a $48.8 million GCB at Yarwood Avenue in March 2022. The bungalow was used as an urban farm managed by a company co-founded by Zhu's wife Evelyn Tao, who conducted guided tours and private dining sessions at the site from early 2023. In 2020, Ms Tao purchased a GCB at Dalvey Road, near the Singapore Botanic Gardens, for $28.5 million. She sold it for $51 million in 2024, despite a court-imposed freeze on some of the couple's assets. Kelly Chen, the wife of 3AC co-founder Kyle Davies, bought a bungalow in Ridout Park area in 2021 which was last reported to be in the process of being sold for $37 million. Nanofilm founder's wife buys GCB from Sinar Mas co-founder (2021) Jin Xiao Qun, the wife of Singapore-listed Nanofilm Technologies International's founder Shi Xu, purchased a Nassim Road GCB for $128.8 million. The seller in the deal was Sukmawati Widjaja, a member of the Widjaja family who co-founded the family-controlled Sinar Mas Group with her late father Eka Tjipta Widjaja. E-commerce platform founder picks up GCB (2021) The founder of Singapore-based e-commerce marketing platform Tommy Ong, reportedly splashed $63.7 million on a GCB at 2 Cluny Hill in 2021. Mr Ong's purchase of the property at $4,291 psf for 14,844 sq ft of land area marked a landmark deal for 2021 – a year that recorded two GCB sales at more than $4,000 psf. It surpassed a previous record GCB psf price set by Jin when she bought the Nassim Road GCB. Hedge fund founder picks up Chinatown shophouses at S$25m (2021) Ray Dalio, founder of prominent hedge fund firm Bridgewater Associates, snapped up two shophouses along Club Street in the historic Chinatown area in 2021. The Dalio Family Office paid $25.5 million for 44 and 46 Club Street. Mr Dalio announced the opening of a Singapore family office in 2020 to run his investments and philanthropy in the region. Taiwanese family behind Want Want buys Orchard condo tower (2021) All 20 units at a freehold luxury condominium development in the Orchard area were snapped up by the Tsai family of Want Want cracker fame. Two members of the Taiwanese family behind snack food giant Want Want China Holdings paid $293 million for the entire Eden Tower of the development at 2 Draycott Park. Secretlab CEO bags GCB and penthouse (2021) Gaming chair company Secretlab co-founder Ian Ang bought two luxury properties for $51 million in the span of just one week. In 2021, the Secretlab CEO reportedly acquired a $36 million GCB at 27 Olive Road in the Caldecott Hill Estate. That same week, he bought a $15 million triplex penthouse at Leedon Residence near the Singapore Botanic Gardens. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
