These purchases span shophouses and mansions to the city-state’s most exclusive real estate: good class bungalows (GCBs).
GCBs are prestigious properties located in exclusive zones that must have a land area of at least 1,400 square meters and cannot be built more than two stories high, according to the Urban Redevelopment Authority. There are around 2,700 GCBs spread across the 39 zoned areas in Singapore.
Below are some standout acquisitions by the ultra-wealthy in 2024 and earlier this year:
Chinese billionaire Jack Ma’s wife – 3 Duxton Road shophouses
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Jack Ma, billionaire founder of Alibaba Group, arrives at the “Tech for Good” Summit in Paris, France, May 15, 2019. Photo by Reuters |
Zhang Ying, wife of Alibaba Group’s billionaire co-founder Jack Ma, bought three adjoining shophouses at 70, 71, and 72 Duxton Road near Singapore’s Chinatown area last year for a total of S$45-50 million (US$34.8-38.7 million).
The properties collectively span 300 square meters, which translated to a price of US$123,333 per square meter.
Jack Ma has a net worth of US$26.3 billion, according to Forbes. An entity tied to him was previously reported to be developing a two-story GCB with a basement and swimming pool in the Victoria Park GCB area. The plot was once home to a bungalow that changed hands for S$40 million in 2017.
Sea founder Forrest Li’s wife – Gallop Road GCB
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Sea billionaire founder Forrest Li and his wife Liqian Ma. Photo courtesy of the Stanford Asia Economic Forum |
Liqian Ma, wife of internet giant Sea’s billionaire Forrest Li, was reportedly behind the purchase of an old GCB on Gallop Road for S$42.5 million last year.
The property, located near the Singapore Botanic Gardens, sits right next to another GCB that Li, whose net worth is at US$10.6 billion, acquired in 2019 for about US$19 million and has nearly finished redeveloping, according to Bloomberg.
Both homes fall within the Gallop Road/Woollerton Park GCB Area. Ma’s GCB spans 1,552 square meters while Li’s earlier purchase occupies a 1,403-square-meter plot of land.
UOB CEO Wee Ee Cheong’s youngest child family – Ford Avenue GCB
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Wee Ee Cheong, Chief Executive Officer of United Overseas Bank at UOB Plaza on Aug. 1, 2022. Photo by SPH Media via AFP |
Grant Wee (formerly known as Grace Wee), the youngest child of lender UOB’s CEO Wee Ee Cheong, reportedly purchased a S$39.5 million GCB on Ford Avenue last year, according to Tatler Asia.
The 19,500-square-foot (1,811-square-meter) property is nestled in a quiet and private neighborhood and co-owned by Choo Chiau Beng, Singapore’s previous non-resident ambassador to Brazil and former CEO of Keppel Corporation.
The Wee family ranked seventh among Singapore’s richest last year with US$7.8 billion in net worth.
Wilmar chairman Kuok Khoon Hong’s nephew – Astrid Hill GCB
Glenn Kuok, a nephew of Singaporean food giant Wilmar International’s chairman and CEO Kuok Khoon Hong, acquired a GCB in Astrid Hill with his mother, Lee Yong Lah, for S$49 million. Glenn is the son of Kuok Koon Seng, brother to the Wilmar chairman, according to AsiaOne.
The property, just over a decade old, sits on a 21,116-square-foot (1,961-square-meter) plot in the Queen Astrid Park GCB Area and features two floors, a basement, six bedrooms, a swimming pool, a gym and an entertainment room.
According to Forbes, Kuok Khoon Hong has a net worth of US$3.4 billion.
Koufu founders’ sons – Caldecott Hill GCB
Last month, the two sons of Koufu Group’s husband-and-wife founders Pang Lim and Ng Hoon Tien were in a deal to acquire a GCB site in Caldecott Hill for S$58 million, as reported by The Business Times.
The site features 39,276 square feet (3,648 square meters) of freehold land area that houses two separate bungalows divided by a low wall. One bungalow has two stories and a garden while the other also comes with two stories but features an attic and a swimming pool.
The property was previously owned by Chan Kok Kwan, a well-known diamond merchant who purchased it in the 1960s. It had remained in his family for three generations.
Koufu Group operates various food courts and other food and beverage businesses in Singapore, such as R&B Tea, Happy Hawkers, and Fork & Spoon.
Malaysia’s Public Bank heiress – Tanglin GCB
Diona Teh, daughter of the late Malaysian tycoon Teh Hong Piow, inked a S$93.9 million agreement to purchase a GCB in Tanglin Hill.
The two-story residence sits on a 1,408-square-meter plot and has a total floor area of 2,756 square meters. It boasts high-end features including a 25-meter pool with a tanning deck, a walk-in wine chiller, and an 18-seater private theatre.
The transacted price translated to a record rate of around S$6,197 per square foot (US$51,655 per square meter).
Teh Hong Piow founded Public Bank, one of Malaysia’s largest lenders. His heirs, including Diona and her siblings, ranked third on Forbes’ 2025 Malaysia rich list with US$5.9 billion in combined net worth.
