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](https://furshoptulsa.com/wp-content/uploads/2024/04/UOB-CEOs-daughter-purchases-Good-Class-Bungalow-at-Ford-Avenue.jpg)
Daughter of UOB CEO purchases Fantastic Class Bungalow at Ford Avenue for S$39.5M
Grace Wee Jingsi, daughter of UOB’s CEO Wee Ee Cheong, is acquiring a Great Class Bungalow (GCB) at Ford Avenue.
Supply: Bloomberg
In accordance to Bloomberg, the S$39.5 million purchase was disclosed in property filings lodged last thirty day period.
Spanning above 1,810 sq. metres, the bungalow was beforehand owned by previous CEO of Keppel Ltd, Choo Chiau Beng.
UOB CEO’s daughter purchases Excellent Class Bungalow close to Holland Village
In Singapore, GCBs are substantial-conclusion residential properties with a land region covering at the very least 1,400 sq. metres.
These residences are generally situated in primary household regions these as Districts 10 and 11.
The residence lately acquired by Ms Wee, who owns a wellness club in Singapore, is positioned along Ford Avenue, District 10.
Bloomberg noted that the dwelling’s transaction selling price of S$39.5 million is more than double in comparison to a slightly bigger GCB in the vicinity. The latter was purchased for S$17 million again in 2019.
Ms Wee’s modern acquire occurred soon after a sluggish calendar year for Singapore’s significant-close home industry in 2023.
Among the the components top to the bad overall performance was the revenue laundering situation which concerned belongings valued above S$3 billion.
Supply: The Enterprise Occasions
Information from authentic estate organization CBRE confirmed that in the second half of 2023, GCB transactions fell by 64.9% in comparison to the 1st half of the calendar year.
In addition, superior fascination charges contributed to the lacklustre sector performance.
Patriarch of Wee relatives passed absent in February 2024
In February this 12 months, the Wee family’s patriarch, Dr Wee Cho Yaw, passed absent. He was 95.
That exact same thirty day period, Forbes approximated his web worthy of to be about S$9.68 billion (US$7.2 billion), inserting him 8th on the record of Singapore’s Richest people today.
His dying sparked public curiosity as to how the spouse and children’s whopping S$14.3 billion (US$ 10.6 billion) fortune will be dispersed.
The late Mr Wee has five small children, with his eldest son currently being Mr Wee Ee Cheong.
Also browse: Former minister Mah Bow Tan offered Holland Increase GCB in Aug 2023 for S$50M: EdgeProp
Previous minister Mah Bow Tan sold Holland Rise GCB in Aug 2023 for S$50M: EdgeProp
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Featured impression adapted from Bloomberg.
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