The Enterprise Occasions reported right now (December 17) that crypto billionaire Zhu Su and his spouse, Tao Yaqiong Evelyn, have been granted an choice to purchase a Good Class Bungalow (GCB) at Yarwood Avenue in Bukit Timah space for S$48.8 million.

Spanning 31,862 sq. ft, it really works out to be S$1,532 per sq. foot (psf). The couple remains to be within the early levels of the acquisition, and the property will probably be deemed as a “trustee” for his or her little one.

Solely a Singapore citizen can personal a GCB, and all three family members are Singapore residents.

Zhu, 34, is the co-founder and CEO of Singapore-based hedge fund Three Arrows Capital Ltd. The corporate was co-founded along with Kyle Davies in 2012, and they’re now among the many world’s greatest crypto holders with a portfolio price billions of {dollars}.

They’re each former merchants for Credit score Suisse, and are among the many Wall Avenue pioneers who’ve embraced crypto.

The 2 apparently “resisted speaking about their fortune and really useful on social media that crypto billionaires do the identical”, however are glad to at all times share about their favorite trades and property.

Many others have been shopping for GCBs too

GCBs are the creme de la creme of properties in Singapore’s property market. To qualify as a GCB, the landed housing must have a minimal plot dimension of 15,070 sq. ft.

This yr, at the least 4 startup founders and tech CEOs firm founders have been reported to have shopped for or purchased GCBs.

The primary is Ian Ang, CEO of gaming chair maker Secretlab. He was reported to have snatched up not one, however two, luxurious freehold properties at a whopping S$51 million.

The 28-year-old had splashed the money on a GCB at 27 Olive Street within the Caldecott Hill Property for S$36 million, and a 7,007 sq. ft five-bedroom triplex penthouse at Leedon Residence for S$15 million.

In the meantime, Seize CEO Anthony Tan’s household ‘grabbed’ a good class bungalow close to Holland Village for S$40 million and Razer CEO Min-Liang Tan is reported to be within the early levels of shopping for a GCB within the Bin Tong Park space for S$40 million.

Chinese language tech big TikTok’s new Singaporean CEO, Chew Shou Zi, was additionally reported to be within the early stage of shopping for a Good Class Bungalow (GCB) for S$86 million.

He will probably be redeveloping an current property on Queen Astrid Park that spans over 31,800 sq ft, which works out to about S$2,700 per sq ft.

These latest property sprees have cemented their standing as “extremely excessive internet price people“.

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