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Grab CEO’s wife buys S$40 million Singapore property ahead of IPO

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Grab CEO Anthony Tan speaks during an interview at his home in Singapore August 12, 2020. Picture taken August 12, 2020. REUTERS/Joseph Campbell
The wife of Grab Holdings CEO Anthony Tan paid S$40 million for a bungalow in Singapore. (PHOTO: REUTERS/Joseph Campbell)

By Harry Suhartono

(Bloomberg) — The wife of Grab Holdings Chief Executive Officer Anthony Tan paid S$40 million (US$29.6 million) for a mansion in Singapore, adding to the strong demand for posh homes as a safe haven investment amid the pandemic.

Chloe Tong, the daughter of The Edge Media Group owner Tong Kooi Ong in Malaysia, bought the bungalow from an unnamed doctor, the Business Times reported on Friday. The property, found near the Botanic Gardens and upscale Bukit Timah area in central Singapore, is expected to be redeveloped.

News of Tong’s purchase comes as her husband is likely to see his net worth surge once ride-hailing and food delivery giant Grab goes public in the U.S. through a SPAC deal later this year. Tan, who will hold a 2.2% stake in Grab after the deal, could see his fortune go to US$829 million.

This property is one of about 2,500 lavish homes found in Singapore where 80% of the population live in public housing. The Business Times said the property had a land area equivalent to about 2,010 square meters (21,635 square feet), well above the 1,400 square meters standard for these houses.

Such homes are known as “good class bungalows” and remain an attraction for the super-rich on expectations that prices will rise further even after the pandemic, with some sales breaking records. Last week, the founder of Singapore-based Secretlab bought a S$36 million bungalow in the exclusive Caldecott Hill area, along with a penthouse.

© 2021 Bloomberg L.P.

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