Ian Ang, CEO and co-founder of gaming chair maker Secretlab, just bought two luxury properties last week worth $ 51 million.
In accordance with the Edge property, Ian, 28, splashed the money on a nice glass bungalow (GCB) at 27 Olive Road on the Caldecott Hill estate for $ 36 million and a 7,007-square-foot triplex penthouse at Leedon Residence for $ 15 million. dollars.
These are based on warnings filed on June 24 and 28. Ian had refused to be interviewed for the story.
The representative who negotiated both transactions on behalf of Ian, Stephen Ho, vice president of residential services at CBRE Singapore, said the purchases were not impulsive purchases, but were made after a two-year search and a large consideration.
The GCB is located on a 23,424 square foot plot with sloping terrain. It allows a 270 degree view of the Caldecott Hill estate, the Mount Pleasant area and the Singapore Polo Club.
If you look from a distance, you can also see Marina Bay Sands and the city.
The main attraction of the location, according to the corridor, is the unblocked view of the vegetation and the horizon. Privacy and location are also pros.
The $ 36 million GCB translates to $ 1,537 per square foot, setting a new high for the Caldecott Hill estate.
Ian is said to be planning to demolish and rebuild the existing two-story detached house built in 1940 and is currently selecting an architect.
Meanwhile, the attic will be used to house Ian, while he waits for the new GCB to be ready. Construction will take at least three years, given the longer construction period due to Covid-19 disruptions.
According to Stephen, the Leedon Residence penthouse will be used for investment purposes, such as renting it out in the future.
The properties are freehold and are located in the main districts.
The growing success of Secretlab
The peak of Covid-19 has seen more people working from home, and with it, an increase in gaming chair sales by Secretlab.
The video game maker born and raised in Singapore has been making waves all over the world. It was co-founded by former professional players Ian and Alaric Choo with their own capital in 2014. The company then made profitable in just one year.
In 2019, Heliconia Capital Management, a subsidiary of Singapore’s state-owned investment firm Temasek Holdings, invested in a minority stake that reportedly placed Secretlab’s global valuation at more than $ 200 million.
The company’s award-winning chairs cost between $ 500 and $ 600 per piece and are much loved by video game enthusiasts and non-gamers alike.
Most of the company’s sales come from North America, which accounts for more than 50% of total sales. Meanwhile, the Singapore market occupies 5% of the pie.
As of April 2020, the company had 100 employees and most are millennials with an average age of 28 years.
Secretlab manufactures more than 300,000 chairs a year that are sold in more than 60 countries.
Ian was named EY of Singapore Entrepreneur of the Year in 2020.
Featured Image Credit: EY