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Daughter of Chinese tycoon snaps up $84 million GCB in Bin Tong Park

Daughter of Chinese tycoon snaps up $84 million GCB in Bin Tong Park
The newly constructed bungalow in Bin Tong Park spans a total of 28,111 sq ft.
PHOTO: The Business Times file

A Good Class Bungalow (GCB) has exchanged hands once more - this time, it's to the tune of a whopping $84 million.

The daughter of nickel-and-steel magnate Xiang Guangda recently purchased an $84 million GCB in?Bin Tong Park, Bloomberg News reported on Wednesday (April 24).

Xiang Yangyang, reportedly in her 30s, is a director at Rept Battero Energy, a listed company in Hong Kong.

She bought the brand-new bungalow?from former hedge fund manager Nitin Sibal in mid-April, The Edge reported.?

Sibal built the bungalow after tearing down an older one which he purchased at $37.6 million back in 2020. At the time, he had purchased it for $1,338 psf.

Now, the property stands as a two-storey freehold with enough space to hold eight to 10 cars, The Business Times reported.

At 28,111 sq ft, the property costs $2,988 psf. However, the home itself is about 18,000 sq ft with six bedrooms, living, dining and entertainment spaces and a 19-metre swimming pool.

The home also has a wine cellar, a theatre and a gym.

It is understood that Yangyang and her mother are both Singapore citizens and are currently based in Singapore, The Business Times reported.

Her dad among the richest in the world

Yangyang has reportedly worked for Citi, Golden Harbour International and an investment company in Shanghai, according to Shin Min Daily News.

Her father, reportedly in his 60s, is the chairman of the Tsingshan Holding Group and is among the highest net worth individuals in the world, coming in at 67.5 billion yuan (S$12.7 billion).

He also reportedly ranks first among the richest in China's steel industry.

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GCBs snapped up elsewhere

Singapore has only around 2,700 GCBs within its boundaries, but many of them have recently been bought up.

Sea boss Forrest Li's wife is in the process of acquiring a $42.5 million GCB next to her husband's in Gallop Road, near the Singapore Botanic Gardens, The Business Times reported on Monday.

Near the start of the month, Grant Wee, the youngest child of United Overseas Bank chief executive officer Wee Ee Cheong purchased a GCB on Ford Avenue for $39.5 million.

Last month, former Minister for National Development Mah Bow Tan sold his own GCB off Holland Road for $50 million.

Worth noting also is that Yangyang also has some high-flying neighbours - in 2021, Grab CEO Anthony Tan bought a GCB for $40 million in the Bin Tong Park area, The Straits Times reported?- the same area where Yangyang bought hers.

ALSO READ:?In-house cafe and bowling alley: Take a look inside Thai Express founder Ivan Lee's $40m GCB

khooyihang@asiaone.com

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