That price translated to S$3,169 per square foot (US$ 26,706 per square meter) based on the property’s 23,979 square feet (2,227.7 square meters) of freehold land area, as reported by The Business Times.
It was also nearly double the S$38.8 million that Luo paid for the property in 2011. The transaction was contracted last December and completed in February.
The property, located on Tanglin Hill in the Ridley Park Good Class Bungalow Area, features a two-story house and a swimming pool.
Luo and her husband are the co-founders of Shanda Group, which started out in 1999 as online gaming company Shanda Interactive Entertainment.
The firm grew into one of China’s largest internet companies and went public in the early 2000s, propelling Chen into the ranks of China’s richest.
But a series of panic attacks prompted him to resign as CEO in 2012, stepping away from the pressures of running a listed company before later taking the business private, according to Bloomberg.
Shanda was then repositioned as a multinational investment firm with offices in markets including the U.S., Hong Kong and Singapore.
Luo and her husband moved from Shanghai to Singapore in 2009 before relocating to California in late 2017. Forbes estimates Chen’s net worth at US$1.3 billion as of June 1.
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Chrissy Luo (L) and Chen Tianqiao, co-founders of Shanda Group. Photo from Tianqiao and Chrissy Chen Institute’s website |
Bungalows located in the 39 good class bungalow areas across Singapore are the city-state’s most coveted form of landed housing. They are subject to stringent planning rules, including a minimum land size of 1,400 square meters and a height limit of two stories, according to the Urban Redevelopment Authority.
In the first quarter of this year, trading activity in the segment slowed compared with the preceding quarter, though it remained well above levels seen a year earlier, EdgeProp Singapore reported, citing a report on the city-state’s luxury residential market by real estate agency Huttons.
Good class bungalow transactions totaled S$183.6 million during the quarter, down 63.3% from previous quarter but up 76.9% from a low base a year earlier.
The largest transaction in the quarter involved a Nassim Road property that changed hands for S$92 million, or S$3,846 per square foot.
Source:e.vnexpress.net
