The 28-year-old co-founder of the ergonomic chair retailer acquired a good class bungalow (GCB) on Olive Road for $36 million, as well as a five-bedroom triplex penthouse at Leedon Residence. Photo: Google Street View
Within a week, gaming chair firm Secretlab’s CEO Ian Ang acquired two luxury properties for a total amount of $51 million, reported The Straits Times (ST).
Specifically, the 28-year-old co-founder of the ergonomic chair retailer acquired a good class bungalow (GCB) within Caldecott Hill as well as a penthouse near the Botanic Gardens.
Documents seen by ST showed that Ang was granted an Option to Purchase (OTP) the GCB in Olive Road for $36 million by Danny Yong Ming Chong on 14 June.
Yong is the CEO and Founding Partner of Singapore investment manager Dymon Asia Capital.
Ang, who is the youngest winner of the EY Entrepreneur of the Year title, exercised the option on 24 June.
The $36 million price works out to $1,537 per sq ft (psf) based on the site’s 23,424 sq ft area – surpassing the last transacted price of $744 psf for a bungalow in Andrew Road last November.
“This is a record psf price for the Caldecott Hill good class bungalow (GCB) area,” said Lighthouse Property Consultants Managing Director Samuel Eyo.
“With this transaction, it will raise the psf price for GCBs in this area by at least 10%,” he added as quoted by ST.
He revealed that the bungalow is located on high ground, offering unblocked views of the greenery within the Mount Pleasant area and the Singapore Polo Club.
ST noted that the caveat for the second freehold property – which was a five-bedroom triplex penthouse at Leedon Residence – was lodged for $15 million on 28 June.
For the two transactions, Ang was represented by CBRE Vice President of Residential Stephen Ho, who said the acquisitions were made following a two-year search as well as “careful consideration”.
“The main draw of the GCB is the land size and the unblocked view of the greenery and skyline, as well as the serenity and privacy the locale provides,” he told ST.
Ho said Ang intends to live at the 7,007 sq ft Leedon Residence penthouse, while the bungalow will be rebuilt.
Ang founded Secretlab in 2015 with business partner Alaric Choo. The company deals directly with consumers and conducts its operations entirely online. It currently employs around 200 staff and make about a million chairs per year, which are sold to about 60 countries.
Last year, the company sold its millionth chair and has grown 30-fold from three years ago.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: firstname.lastname@example.org