Grab’s CEO Anthony Tan’s family has bought a good-class bungalow (GCB) in the Bin Tong Park area for $ 40 million. Business Times reported.
The area is in District 10 and is close to Holland Village and Leedon Park.
The purchase was made by Tan’s wife, Chloe Tong, the Business Times understands. The property’s bungalow 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 is over.
The freehold land 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, as the deal began a few months ago.
Transactions for GCBs, the burning of real estate in Singapore, over the past six months have surpassed all of last year, with 53 bids totaling US $ 1.5 billion, according to URA Realis warnings. Last year there were 46 bids worth US $ 1.1 billion for the entire year.
To have a GCB, you must be a citizen of Singapore. In accordance with Forbes, Tan became a citizen of Singapore in 2016.
Grab up to the superapp
Superapp Grab is headquartered in Singapore. Founded in 2012, it was formerly known as MyTeksi and began its early days as a taxi company in Kuala Lumpur.
Grab is working on a SPAC agreement of 40 billion US dollars which is scheduled to end in the fourth quarter of this year.
Grab’s valuation is the highest so far in the SPAC space, and the vehicle-traveling giant could raise about $ 6 billion (US $ 4.5 billion) in cash revenue.
The company is said to have more than 6,000 employees. Its new headquarters of 181 million US dollars is located in the One North business park.
This is the second time in ten days that a technology founder has been reportedly buying a GCB.
Last week it was reported that Ian Ang, 28, co-founder and CEO of gaming chair maker Secretlab, bought two luxury properties worth $ 51 million. One of them was a GCB.
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Featured Image Credit: Grab
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