They say real estate is the best investment – and if you’re the child of a notable banking family, you’ll want to make sure you’re putting your money in the right places. Recently, business media outlets reported that the youngest child of United Overseas Bank (UOB)’s chief executive officer bought a S$39.5 (approximately RM138.9 million) bungalow in Singapore.
Grant Wee (also known as Grace Wee) is the scion of the Wee family and the youngest child of UOB’s CEO Wee Ee Cheong. The Wee family is notable in the banking industry, with Grant’s great-grandfather, Wee Kheng Chiang, being the founder of both UOB and CIMB Bank. The scion’s grandfather, Wee Cho Yaw, recently passed away, leading to discussions about how his children and grandchildren would split his S$14.3 billion (roughly RM50.2 billion) fortune.
According to reports, the property is a good-class bungalow (GCB) located on Ford Avenue at Holland Village. Under Singapore property law, a GCB is a property with a minimum plot size of 1,4000 sqm. Grant’s chosen bungalow reportedly measures about 1,816.6 sqm, with an estimated worth of about S$21,740 (approximately RM76,300) per sqm.
EdgeProp also reported that the house is co-owned by Choo Chiau Beng, who acquired the house in 2007. Choo is the former CEO of infrastructure giant Keppel and Singapore’s non-resident ambassador to Brazil. Grant’s purchase of the property comes after Singapore’s high-end property market saw a tepid 2023 due to high interest rates and a money laundering scandal.
Grant’s father, Wee Ee Cheong, was recently listed in the Forbes’ Billionaires list, ranking 1945 on the list. However, none of his three children are involved in UOB’s banking business. Grant themself is a former consultant at the Boston Consulting Group and runs the Singapore wellness club, the Trapeze Rec Club.
While Grant has yet to comment on the recent property acquisition, many property experts say it’s a good investment. What are your thoughts on the bungalow?
Sources: MustShareNews, Bloomberg, EdgeProp
