Gaming firm Razer’s co-founder and CEO Tan Min-Liang is reported to be within the early levels of shopping for a great class bungalow (GCB) alongside Third Avenue.
The freehold GCB that he’s is alleged to price S$52.8 million, and has a plot dimension of 30,954 sq. ft, the Enterprise Instances reported. This interprets to S$1,706 per sq. foot. The transaction is alleged to be on the option-grant stage.
It takes about lower than 10 minutes to stroll from the property to the Sixth Avenue MRT station.
GCBs are essentially the most prestigious properties one can personal in Singapore’s property market. Restrictions are imposed by the federal government, such because the design of the property to be developed and that solely a Singapore citizen should purchase a GCB.
To qualify as a GCB, the landed housing must have a minimal plot dimension of 15,070 sq. ft.
Tan’s latest buying hunt is the newest of different tech founders who’ve scooped up GCBs in Singapore’s scorching property market.
Earlier right this moment, Seize CEO Anthony Tan’s household was reported to have purchased a GCB price S$40 million close to the Holland Village space.
Lower than 10 days in the past, Secretlab’s co-founder Ian Ang was mentioned to have additionally purchased a GCB.
The transactions for GCBs for the previous six months have exceeded the entire of final 12 months, with 53 offers totaling S$1.5 billion, URA Realis caveats confirmed. Final 12 months there have been 46 offers price S$1.1 billion for the complete 12 months.
The self-made man: Tan Min-Liang
Tan made it on Forbes’ listing of 2020 Singapore’s 50 richest individuals. In response to the location, he has a web price of US$650 million.
He’s mentioned to be 44-years-old this 12 months. The self-made man gave up a regulation profession to start out gaming units agency Razer in 2005.
The gaming firm recorded its first revenue since 2014 for final 12 months, boosted by {hardware} gross sales of gaming keyboards, mice, and different equipment. The corporate additionally provides a lineup of laptops beneath its techniques division.
Razer has over time acquired an enormous international following and has bought hundreds of thousands of its tech units to avid gamers and non-gamers alike.
The corporate has notable backers, together with Singapore’s Temasek Holdings and Li Ka-shing’s Horizon Ventures.
Razer went public in 2017 in Hong Kong, elevating about US$530 million.
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Featured Picture Credit score: August Man
