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TikTok CEO to purchase S$86 million GCB at Queen Astrid Park

The Independent logo The Independent 1/8/2021 Hana O
a man wearing a suit and tie © The Independent Singapore

Singapore — The chief executive of popular short video creation app TikTok, Chew Shou Zi, is reportedly buying a Good Class Bungalow (GCB) at Queen Astrid Park for S$86 million.

Mr Chew is in the early stages of the purchase, and he plans to redevelop the property, spanning over 31,800 sq ft, reported the Business Times (BT) on Saturday (Jul 30).

Currently, there is an old bungalow on the property which is worth S$2,700 per square foot (psf).

The psf price is considered above average for a property in the area, said BT.

It noted that the “fairly regular-shaped plot with a wide road frontage” boosts the property’s attractiveness as it has strong “redevelopment potential.”

The area is located in District 10 and is within the neighbourhoods such as Bukit Timah and Tanglin.

The 38-year-old, Singapore-bred technopreneur was recently appointed as CEO of TikTok’s parent firm, ByteDance, in Mar 2021 before acquiring the same position for TikTok on Apr 30.

He was previously the chief financial officer and director of the Chinese smartphone company Xiaomi.

Mr Chew is among the other young technopreneurs, becoming the new owners of the exclusive properties.

In Jun of this year, 28-year-old chief executive officer and co-founder of homegrown gaming chair company Secretlab, Ian Ang, purchased a GCB at 27 Olive Road in Caldecott Hill Estate worth S$36 million and another five-bedroom triplex penthouse at Leedon Residence for S$15 million.

According to Stephen Ho, vice president of residential services at CBRE Singapore and the one who brokered both transactions for Mr Ang, the purchases were not mere impulse buys.

They had searched for a property for two years, considering several GCBs on the market.

Mr Ang had purchased the penthouse as a temporary residence while the GCB was being redeveloped.

Grab CEO Anthony Tan also purchased a S$40 million GCB at Bin Tong Park earlier this month.

The GCB is among the highest end of Singapore’s residential property market, requiring at least 15,070 sq ft of land area and the bungalow being limited to a maximum of two storeys. The property must be a part of the 32 GCB areas located in the prime residential districts 10 and 11 or the bungalow estate districts 20, 21, 23.

There are about 2,800 of these highly exclusive properties.

A blog post at Seedly Reads computed a minimum S$78,565 monthly salary is needed to be able to afford a S$27 million GCB. /TISG

The post TikTok CEO to purchase S$86 million GCB at Queen Astrid Park appeared first on The Independent Singapore News.

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