Ian Ang, the CEO and co-founder of gaming chair manufacturer Secretlab just bought two luxury properties in the past week worth S$51 million.
According to the Edge Property, the 28-year-old splashed the cash on a Good Class Bungalow (GCB) at 27 Olive Road in the Caldecott Hill Estate for S$36 million, and a 7,007 square feet five-bedroom triplex penthouse at Leedon Residence for S$15 million.
These are based on caveats lodged on June 24 and 28. The properties are freehold and located in the prime districts.
The representative who brokered both transactions on Ian’s behalf, Stephen Ho, vice president of residential services at CBRE Singapore, said the purchases were not impulse buys, but made after a two-year search and much consideration.
The GCB sits on a freehold plot of 23,424 square feet with a sloping terrain. It allows a 270-degree view of the Caldecott Hill Estate, the Mount Pleasant area, and the Singapore Polo Club.
If one squints into the distance, he or she can also see Marina Bay Sands and the city.
The main draw to the location, according to the broker, is the unblocked view of the greenery and skyline. The privacy and location are also plus points.
The S$36 million GCB translates to S$1,537 per square foot, which sets a new high for the Caldecott Hill Estate.
It is said that Ian plans to tear down and rebuild the existing double-storey detached house built in 1940 and is currently selecting an architect.
The penthouse, meanwhile, will be used to house Ian, while he waits for the new GCB to be ready. The construction will take at least three years, given the longer construction timeline due to Covid-19 disruptions.
According to Stephen, the Leedon Residence penthouse will be used for investment purposes like to rent it out in the future.
Secretlab’s rising success
The peak of Covid-19 has seen more people working from home, and with that a surge in gaming chair sales by Secretlab.
The born and bred gaming manufacturer in Singapore has been making waves around the world. It was co-founded by former professional gamers Ian and Alaric Choo with their own capital in 2014. The company then turned profitable in just one year.
In 2019, Heliconia Capital Management — a subsidiary of Singapore state investment firm Temasek Holdings — invested in a minority stake that reportedly put Secretlab’s overall valuation at over S$200 million.
The company’s award-winning chairs cost around S$500 to S$600 a piece, and are highly raved by video game enthusiasts and non-gamers.
Secretlab manufactures more than 300,000 chairs a year that are sold in over 60 countries.
The bulk of the company’s sales come from North America, which chalks up over 50 per cent of total sales. Meanwhile, the Singapore market takes up five per cent of the pie.
Last year, Ian was also named Singapore’s EY Entrepreneur Of The Year, making him the youngest winner in the history of the awards since it began 18 years ago.
Featured Image Credit: EY
Looking for something premium and functional to complement your busy lifestyle? You can now get Bow for Bold’s brand new Pytho backpack at an exclusive price on VP Label: