The co-founder and CEO of the games company, Tan Min-Liang, is said to be in the early stages of purchasing a good class bungalow (GCB) along Third Avenue.
The freehold GCB it is reviewing would cost S $ 52.8 million and have an area of 30,954 square feet, the Business Times reported. This translates to S $ 1,706 per square foot. The transaction would be at the option grant stage.
It takes approximately less than 10 minutes to walk from the property to the Sixth Avenue MRT station.
GCBs are the most prestigious properties one can own in the Singapore real estate market. Restrictions are imposed by the government, such as the design of the property to be developed and that only a citizen of Singapore can purchase a GCB.
Tan’s latest shop hunt is the latest of other tech founders who picked up GCBs in Singapore’s hot real estate market.
Earlier today, the family of Grab CEO Anthony Tan reportedly bought a S $ 40 million GCB near the Holland Village area.
Less than 10 days ago, Secretlab co-founder Ian Ang also purchased a GCB.
Transactions for GCBs in the past six months have surpassed all of last year, with 53 transactions totaling S $ 1.5 billion, according to warnings from URA Realis. Last year there were 46 transactions worth S $ 1.1 billion for the whole year.
The self-made man: Tan Min-Liang
Tan is on Forbes’ list of the 50 richest people in Singapore in 2020. According to the site, he has a net worth of US $ 650 million.
He would be 44 this year. The self-made man gave up a career in law to found the Razer gaming device company in 2005.
The games company posted its first profit since 2014 for last year, driven by sales of keyboards, mice and other gaming accessories. The company also offers a line of laptops as part of its systems division. .
Over the years, the company has gained a huge global following and has sold millions of its gaming devices to gamers and non-gamers alike.
Razer has notable backers including Temasek Holdings of Singapore and Horizon Ventures of Li Ka-shing.
Razer went public in 2017 in Hong Kong, raising around $ 530 million.
Featured Image Credit: August Man
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