Tan Min-Liang, co-founder of gaming company and CEO of gaming company Razer, is said to be in the early stages of buying a premium class bungalow (GCB) along Third Avenue.
The freehold GCB value being looked at is said to cost S$52.8 million, and the plot area is 30,954 square feet, The Business Times reported. This translates to 1,706 Singapore dollars per square foot. The transaction is said to be in the option grant stage.
It takes less than 10 minutes to walk from the property to Sixth Avenue Subway Station.
GCBs are considered to be the finest properties one can own in the Singapore property market. The government imposes restrictions, such as the design of the property to be developed and that only a Singaporean can purchase GCB.
To qualify for GCB, the plot size must be a minimum of 15,070 square feet.
Tan Shopping’s latest search is the latest of the other tech founders to acquire GCBs in Singapore’s hot property market.
Earlier today, it was reported that the family of Grab CEO Anthony Tan has Bought GCB for 40 million Singapore dollars Close to the Dutch Village area.
Less than 10 days ago, Secretlab’s co-founder, Ian Ang, was said to have done so Also bought the Gulf Central Bank.
URA Realis’ warnings showed central bank deals over the past six months outpaced the entire past year, with 53 deals totaling S$1.5 billion. Last year, there were 46 deals worth S$1.1 billion for the full year.
Self-made man: Tan Min Liang
Tan made the 2020 Forbes list in Singapore 50 richest people. According to the site, his net worth is $650 million.
He is said to be 44 years old this year. The self-made man gave up his legal career to start Razer for gaming consoles in 2005.
The gaming company posted its first profit since 2014 last year, supported by hardware sales of gaming keyboards, mice, and other accessories. The company also offers a range of laptops under its systems division.
Over the years, Razer has gained a large global following and 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 $530 million.
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Featured Image Credit: August Man