The Business Times reported today (December 17) that crypto billionaire Zhu Su and his wife, Tao Yaqiong Evelyn, have been granted an option to buy a Good Class Bungalow (GCB) at Yarwood Avenue in Bukit Timah area for S$48.8 million.
Spanning 31,862 square feet, it works out to be S$1,532 per square foot (psf). The couple is still in the early stages of the purchase, and the property will be deemed as a “trustee” for their child.
Only a Singapore citizen can own a GCB, and all three members of the family are Singapore citizens.
Zhu, 34, is the co-founder and CEO of Singapore-based hedge fund Three Arrows Capital Ltd. The company was co-founded together with Kyle Davies in 2012, and they are now among the world’s biggest crypto holders with a portfolio worth billions of dollars.
They are both former traders for Credit Suisse, and are among the Wall Street pioneers who’ve embraced crypto.
The two apparently “resisted talking about their fortune and recommended on social media that crypto billionaires do the same”, but are happy to always share about their favourite trades and assets.
Many others have been buying GCBs too
GCBs are the creme de la creme of properties in Singapore’s estate market. To qualify as a GCB, the landed housing needs to have a minimum plot size of 15,070 square feet.
This year, at least four startup founders and tech CEOs company founders have been reported to have shopped for or bought GCBs.
The first is Ian Ang, CEO of gaming chair maker Secretlab. He was reported to have snatched up not one, but two, luxury freehold properties at a whopping S$51 million.
The 28-year-old had splashed the cash on a 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.
Meanwhile, Grab CEO Anthony Tan’s family ‘grabbed’ a good class bungalow near Holland Village for S$40 million and Razer CEO Min-Liang Tan is reported to be in the early stages of buying a GCB in the Bin Tong Park area for S$40 million.
Chinese tech giant TikTok’s new Singaporean CEO, Chew Shou Zi, was also reported to be in the early stage of buying a Good Class Bungalow (GCB) for S$86 million.
He will be redeveloping an existing property on Queen Astrid Park that spans over 31,800 sq ft, which works out to about S$2,700 per sq ft.
These recent property sprees have cemented their status as “ultra high net worth individuals“.
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