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Straits Times
a day ago
- 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.
Free Malaysia Today
6 days ago
- Business
- Free Malaysia Today
Bursa opens firm on tech, AI investment optimism
KUALA LUMPUR : Bursa Malaysia opened higher on Thursday, lifted by optimism over the country's digital investment pipeline, despite an overnight decline on Wall Street. The ministry of investment, trade and industry said Malaysia's digital investment pipeline reached RM59.1 billion as of April 2025, fuelling growth in the artificial intelligence (AI) and technology sectors. At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.66 points to 1,525.14 from Wednesday's close of 1,523.48. The benchmark index opened 2.12 points higher at 1,525.60. In the broader market, decliners led gainers 147 to 123, while 237 counters were unchanged, 1,879 untraded and 110 suspended. Turnover was 107.21 million shares worth RM57.59 million. Wall Street closed lower overnight, following reports that the US President Donald Trump had ordered American software firms to halt services to Chinese companies, said Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng. He noted, however, that Nvidia's earnings, released after the market closed, exceeded consensus forecasts, reviving investor sentiment and lifting US futures. Back home, the FBM KLCI had fallen on May 28 despite a strong start, as market sentiment remained fragile. 'As such, we expect the ongoing consolidation to persist in the absence of catalysts, with the index likely to hover between 1,520 and 1,530 today,' he added. Among heavyweights, Malayan Banking added two sen to RM9.86, Public Bank rose one sen to RM4.34, and CIMB gained three sen to RM6.90. Tenaga Nasional was flat at RM14.10, while IHH Healthcare eased one sen to RM6.90. In active trade, Avangaad, Harvest Miracle, MYEG and Sumisaujana were unchanged at 28 sen, 18 sen, 89 sen and 17.5 sen respectively, while Nationgate added three sen to RM1.61. On the index board, the FBM Emas Index advanced 7.37 points to 11,404.54, the FBMT 100 Index rose 8.73 points to 11,170.10, and the FBM ACE Index gained 6.24 points to 4,555.58. The FBM Emas Shariah Index edged up 1.35 points to 11,376.86, while the FBM 70 Index slipped 0.68 of a point to 16,305.97. By sector, the Financial Services Index added 13.43 points to 17,971.33, the Industrial Products and Services Index eased 0.09 of a point to 152.61, the Energy Index fell 2.39 points to 704.12, while the Plantation Index rose 2.29 points to 7,294.84.
The Star
27-05-2025
- Business
- The Star
FBM KLCI falls on thin trading
KUALA LUMPUR: The domestic stock benchmark gave way to selling pressure in early trade as trade anxieties and lacklustre earnings results weighed on market sentiment. At 12.30pm, the FBM KLCI was down 7.07 points to 1,527.23, weighed down by financial services counters. Maybank lost four sen to RM9.88, Public Bank dropped five sen to RM4.36 and CIMB shed five sen to RM6.91. Meanwhile, Maxis fell nine sne to RM3.63 while Sunway slid five sen to RM4.65. The declining issues on the market outpaced advancing by a ratio of 1.72-to-1, indicating braod-based selling. Volume was muted with 1.52 billion shares changing hands for RM755.12mil. The thin trading volume was in line with a US holiday that Wall Street markets closed overnight. Anxieties are high following US President Donald Trump's threat to slap a 50% tariff on EU imports, although he has since pushed back the deadline of the imposition to July 9. In Japan, the Nikkei dropped 0.18% to 23,241. China's composite index slid 0.33% to 3,335 and Hong Kong's Hang Seng fell 0.18% to 23,241. Singapore's Straits Times rose 0.13% to 3,880. Trading ideas: Public Bank, U Mobile, Kerjaya, Samaiden, Titijaya, PeterLabs, Shin Yang, NexG, Globaltec, Maybank, AMMB, PetGas, Hume Cement
The Star
27-05-2025
- Business
- The Star
Public Bank loses final court battle against NFCorp
PUTRAJAYA: Public Bank Bhd has failed in its final appeal at the Federal Court in a RM560mil lawsuit brought by the National Feedlot Corporation ( Corp) and three others over breach of confidentiality. A three-judge panel, chaired by Chief Judge of Malaya Justice Hasnah Mohammed, made the unanimous decision to dismiss the bank's appeal to set aside a decision by the Court of Appeal in August 2023. The court made the dismissal with costs and reaffirmed the Court of Appeal's decision after hearing submissions from both parties. In the decision, the court ordered Public Bank to pay RM300,000 in costs to Corp and the three others. 'We are of the opinion that common law is not applicable in this case,' Justice Hasnah said via Zoom here yesterday. With regard to a cross-appeal by Corp and three others against the Court of Appeal's award of RM10,000 in nominal damages, the apex court allowed the appeal but deferred the decision on the quantum of damages. 'On damages, we need time to look at all the documents before coming to a decision. The court is fixing June 18 for a decision on damages,' Justice Hasnah said. The other judges on the bench were Chief Judge of Sabah and Sarawak Justice Abdul Rahman Sebli and Federal Court judge Justice Abu Bakar Jais. On Aug 30, 2023, the Court of Appeal allowed an appeal by Corp executive chairman Datuk Mohamad Salleh Ismail and the company's three subsidiaries – National Meat & Livestock Corporation Sdn Bhd, Real Food Company Sdn Bhd and Agroscience Industries Sdn Bhd – in a civil suit filed against Public Bank for breach of contract over failure to protect the confidentiality of their bank account. The appellate court panel ruled that there was a serious misappreciation of evidence, which warranted appellate intervention on the judges' part. It ordered Public Bank to pay RM500,000 in costs. The lawsuit was filed against the bank on May 22, 2012. The suit alleged that the bank had breached confidentiality by allowing details of banking transactions to be revealed by then PKR vice-president Rafizi Ramli (now Economy Minister). They also claimed that their business reputation and credibility had suffered irreparable loss and damage as a result of the bank's security breach of the Banking and Financial Institutions Act. On July 29, 2019, the High Court dismissed the lawsuit against the bank.
The Star
26-05-2025
- Business
- The Star
Public Bank loses final appeal in RM560mil NFCorp lawsuit
PUTRAJAYA: Public Bank has lost its final appeal at the Federal Court in a RM560mil lawsuit filed by National Feedlot Corporation (NFCorp) and three others over a breach of confidentiality. A three-judge panel led by Chief Judge of Malaya Justice Hasnah Mohammed unanimously dismissed the bank's appeal to overturn the Court of Appeal's August 2023 decision. The court dismissed the appeal with costs and reaffirmed the Court of Appeal's decision after hearing submissions from both parties. The court ordered Public Bank to pay RM300,000 in costs to NFCorp and others. "We are of the opinion that common law is not applicable in this case," said Justice Hasnah via Zoom on Monday (May 26). Regarding a cross-appeal by NFCorp and others against the Court of Appeal's award of RM10,000 in nominal damages, the court allowed the appeal but deferred the decision on the damages' quantum. "On damages, we need time to review all documents before deciding. The court will decide on June 18," said Justice Hasnah. The bench also included Chief Judge of Sabah and Sarawak Justice Abdul Rahman Sebli and Federal Court judge Justice Abu Bakar Jais. On August 30, 2023, the Court of Appeal allowed an appeal by NFCorp executive chairman Datuk Mohamad Salleh Ismail and its subsidiaries against Public Bank for breaching contract confidentiality. The appellate court found a serious misappreciation of evidence, warranting appellate intervention, and ordered Public Bank to pay RM500,000 in costs. The lawsuit, filed on May 22, 2012, alleged the bank breached confidentiality by allowing banking transaction details to be revealed by then PKR vice-president Rafizi Ramli, now Economy Minister. They claimed the breach caused irreparable loss and damage to their business reputation under the Banking and Financial Institutions Act. On July 29, 2019, the High Court dismissed the lawsuit against the bank.
