UOB CEO’s daughter purchases Good Class Bungalow at Ford Avenue for S$39.5M

UOB CEO’s daughter purchases Good Class Bungalow at Ford Avenue for S$39.5M

Daughter of UOB CEO buys Fantastic Class Bungalow at Ford Avenue for S$39.5M

Grace Wee Jingsi, daughter of UOB&#8217s CEO Wee Ee Cheong, is obtaining a Fantastic Course Bungalow (GCB) at Ford Avenue.

Source: Bloomberg

According to Bloomberg, the S$39.5 million buy was discovered in home filings lodged last month.

Spanning around 1,810 sq. metres, the bungalow was previously owned by former CEO of Keppel Ltd, Choo Chiau Beng.

UOB CEO&#8217s daughter purchases Excellent Class Bungalow in close proximity to Holland Village

In Singapore, GCBs are higher-stop residential houses with a land region covering at minimum 1,400 sq. metres.

These properties are normally located in key residential locations these kinds of as Districts 10 and 11.

The home not long ago obtained by Ms Wee, who owns a wellness club in Singapore, is found alongside Ford Avenue, District 10.

Bloomberg pointed out that the property&#8217s transaction cost of S$39.5 million is additional than double in contrast to a marginally larger GCB in the vicinity. The latter was bought for S$17 million back again in 2019.

Ms Wee&#8217s modern order happened immediately after a gradual calendar year for Singapore&#8217s high-finish assets marketplace in 2023.

Among the the components primary to the bad efficiency was the income laundering situation which associated assets valued above S$3 billion.

Resource: The Company Instances

Data from authentic estate company CBRE showed that in the 2nd half of 2023, GCB transactions fell by 64.9% in contrast to the 1st 50 percent of the year.

Additionally, substantial desire fees contributed to the lacklustre sector functionality.

Patriarch of Wee spouse and children handed away in February 2024

In February this calendar year, the Wee loved ones&#8217s patriarch, Dr Wee Cho Yaw, passed absent. He was 95.

That exact same month, Forbes approximated his web worthy of to be roughly S$9.68 billion (US$7.2 billion), positioning him 8th on the checklist of Singapore’s Richest persons.

His dying sparked public curiosity as to how the household&#8217s whopping S$14.3 billion (US$ 10.6 billion) fortune will be dispersed.

The late Mr Wee has five kids, with his eldest son getting Mr Wee Ee Cheong.

Also go through: Previous minister Mah Bow Tan sold Holland Rise GCB in Aug 2023 for S$50M: EdgeProp

Former minister Mah Bow Tan marketed Holland Increase GCB in Aug 2023 for S$50M: EdgeProp

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Highlighted graphic tailored from Bloomberg.

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