The family of Grab CEO Anthony Tan bought a good class bungalow (GCB) in the Bin Tong park area for S $ 40 million, the Business Times reported.
The area is in District 10 and is located near Holland Village and Leedon Park.
The purchase was made by Tan’s wife, Chloe Tong, the Business Times understands. The bungalow on the property is said to have been built in the 1990s, and the couple is expected to redevelop the property.
The property was sold by a doctor, and the deal was made a few months ago and has been completed.
The property has a land area of over 21,000 square feet / Image Credit: Google Maps
For the freehold area of 21,637 square feet, that translates to S $ 1,849 per square foot. Market watchers say the price Tong paid is a “fair” deal, as the deal was signed a few months ago.
Transactions for GCB, Singapore’s creme de la creme real estate, over the past six months have surpassed last year’s, with 53 deals totaling S $ 1.5 billion, URA warnings showed. Last year there were 46 deals worth S $ 1.1 billion over the full 12 months.
For one to own a GCB, one must be a Singaporean citizen. According to Forbes, Tan became a Singapore citizen in 2016.
Grab the promotion to the super app
Superapp Grab’s headquarters are located in Singapore. Founded in 2012, it was previously known as MyTeksi and began its early days as a taxi business in Kuala Lumpur.
Grab is currently working on a $ 40 billion space deal to be completed in the fourth quarter of this year.
Grab’s valuation is the largest yet in the SPAC space, and the rideshare giant could raise around S $ 6 billion (US $ 4.5 billion) in cash proceeds.
The company is said to have more than 6,000 employees. Its headquarters are at One North Avenue.
Image Credit: Tumba / Ascendas Reit
This is the second time in a week that a technology founder has purchased a GCB. Last week, it was reported that 28-year-old Ian Ang, co-founder and CEO of gaming chair maker Secretlab, purchased two luxury properties worth S $ 51 million. One of them was a good category bungalow.
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Featured Image Credit: Grab