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, according to the Business Times. The bungalow on the property is said to have been built in the 1990s and the couple are expected to remodel the property.
The property was sold by a doctor, and the deal was closed a few months ago and has been completed.
The freehold area of 21,637 square feet translates to S $ 1,849 per square foot. Market watchers say the price Tong paid is a “fair” deal, since the deal was reached a few months ago.
Transactions for GCBs – the crème de la crème of real estate properties in Singapore – over the past six months topped all of last year, with 53 transactions totaling S $ 1.5 billion, the stakes showed. warning of URA Realis. Last year there were 46 transactions worth S $ 1.1 billion for the whole year.
To have a GCB, you must be a Singaporean citizen. According to Forbes, Tan became a citizen of Singapore in 2016.
Grab’s rise to the superapplication
Superapp Grab’s headquarters are in Singapore. Founded in 2012, it was previously known as MyTeksi and started its beginnings as a taxi company in Kuala Lumpur.
Grab is currently working on a US $ 40 billion PSPC deal that is expected to be finalized in the fourth quarter of this year.
Grab’s valuation is the highest to date in the SPAC space, and the ridesharing giant could raise around S $ 6 billion (US $ 4.5 billion) in cash.
The company is said to have more than 6,000 employees. Its new S $ 181 million head office is located in the One North business park.
This is the second time in 10 days that a founder of the technology has purchased a GCB.
Last week Ian Ang, 28, co-founder and CEO of gaming chair maker Secretlab reportedly bought two luxury properties worth S $ 51 million. One of them was a GCB.
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Featured Image Credit: Grab
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