Grant Wee (formerly known as Grace Wee), the youngest child of UOB’s CEO Wee Ee Cheong, is buying a Good Class Bungalow (GCB) at Ford Avenue.
Source: Bloomberg
According to Bloomberg, the S$39.5 million purchase was revealed in property filings lodged last month.
Spanning over 1,810 square metres, the bungalow was previously owned by former CEO of Keppel Ltd, Choo Chiau Beng.
In Singapore, GCBs are high-end residential properties with a land area covering at least 1,400 square metres.
These houses are typically located in prime residential areas such as Districts 10 and 11.
The property recently purchased by Grant, who owns a wellness club in Singapore, is located along Ford Avenue, District 10.
Bloomberg noted that the house’s transaction price of S$39.5 million is more than double compared to a slightly larger GCB in the vicinity. The latter was bought for S$17 million back in 2019.
His recent purchase occurred after a slow year for Singapore’s high-end property market in 2023.
Among the factors leading to the poor performance was the money laundering case which involved assets valued over S$3 billion.
Source: The Business Times
Data from real estate company CBRE showed that in the second half of 2023, GCB transactions fell by 64.9% compared to the first half of the year.
Moreover, high interest rates contributed to the lacklustre market performance.
In February this year, the Wee family’s patriarch, Dr Wee Cho Yaw, passed away. He was 95.
That same month, Forbes estimated his net worth to be approximately S$9.68 billion (US$7.2 billion), placing him 8th on the list of Singapore’s Richest people.
His death sparked public curiosity as to how the family’s whopping S$14.3 billion (US$ 10.6 billion) fortune will be distributed.
The late Mr Wee has five children, with his eldest son being Mr Wee Ee Cheong.
Also read: Former minister Mah Bow Tan sold Holland Rise GCB in Aug 2023 for S$50M: EdgeProp
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Featured image adapted from Bloomberg.
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