Scion of Singapore's Richest Banking Dynasty Buys Mansion for $29 Million [BNN Bloomberg (Canada)]
UNITED OVRSEAS BK S/ADR (UOVEY)
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Source: BNN Bloomberg
Grace Wee Jingsi, the youngest child of United Overseas Bank Ltd. Chief Executive Officer Wee Ee Cheong, is buying the so-called good class bungalow at Ford Avenue, according to property filings lodged March-end seen by Bloomberg News. The house is co-owned by Choo Chiau Beng, whose former roles include being chief executive officer of the infrastructure giant now known as Keppel Ltd. and Singapore's non-resident ambassador in Brazil. He acquired the more than 19,500 square feet (1,810 square meters) house in 2007, the records show. The sale comes after Singapore's high-end property market saw a tepid 2023, dented by a major money laundering scandal and high interest rates. Last year's transactions in the good class bungalow market were the lowest since 1996 when data became available, according to a recent estimate by CBRE Group Inc. Still, the class of property, which number to about 2,800, are highly coveted by the ultra-rich. The March transaction price is more than double
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