Gaming company Razer’s co-founder and CEO Tan Min-Liang is reported to be in the early stages of buying a good class bungalow (GCB) along Third Avenue.
The freehold GCB that he’s looking at is said to cost S$52.8 million, and has a plot size of 30,954 square feet, the Business Times reported. This translates to S$1,706 per square foot. The transaction is said to be at the option-grant stage.
It takes about less than 10 minutes to walk from the property to the Sixth Avenue MRT station.
GCBs are the most prestigious properties one can own in Singapore’s estate market. Restrictions are imposed by the government, such as the design of the property to be developed and that only a Singapore citizen can buy a GCB.
To qualify as a GCB, the landed housing needs to have a minimum plot size of 15,070 square feet.
Tan’s newest shopping hunt is the latest of other tech founders who have scooped up GCBs in Singapore’s hot property market.
Less than 10 days ago, Secretlab’s co-founder Ian Ang was said to have also bought a GCB.
The transactions for GCBs for the past six months have exceeded the whole of last year, with 53 deals totaling S$1.5 billion, URA Realis caveats showed. Last year there were 46 deals worth S$1.1 billion for the full year.
The self-made man: Tan Min-Liang
Tan made it on Forbes’ list of 2020 Singapore’s 50 richest persons. According to the site, he has a net worth of US$650 million.
He is said to be 44-years-old this year. The self-made man gave up a law career to start gaming devices firm Razer in 2005.
The gaming company recorded its first profit since 2014 for last year, boosted by hardware sales of gaming keyboards, mice, and other accessories. The company also offers a lineup of laptops under its systems division.
Razer has over the years acquired a huge global following and has sold millions of its tech devices to gamers and non-gamers alike.
The company has notable backers, including Singapore’s Temasek Holdings and Li Ka-shing’s Horizon Ventures.
Razer went public in 2017 in Hong Kong, raising about US$530 million.
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