The luxury real estate market in Singapore encountered a downturn following a major money laundering case in the latter half of 2023. Transactions for luxury apartments and Good Class Bungalows (GCBs) saw a decline during this period. However, amidst this challenging backdrop, property prices for these upscale residences have remained stable, offering a glimmer of hope for sellers and investors alike.
At the end of March, news broke of Grant Wee, scion of the prominent Wee family and the founder of a wellness club in Singapore, purchasing a S$39.5 million GCB.
A next-generation entrepreneur, Wee is the founder of a wellness club in Singapore
Despite his family’s prominent position in the banking sector, Grant Wee and his two brothers have chosen not to actively engage in UOB’s banking business. Instead, they are carving out their own paths.
At just 30 years old, Grant Wee has established himself as a key figure in Singapore’s wellness scene. Formerly a consultant at Boston Consulting Group, Grant Wee now heads The Trapeze Rec Club (TRC) in Tanjong Pagar. TRC is a unique facility that combines gyms, mixed martial arts studios, yoga centres, and rehabilitation services, all aimed at promoting holistic health.
Grant Wee’s entrepreneurial journey is rooted in his family’s legacy. As the youngest scion of Wee Ee Cheong, CEO of UOB, and the grandchild of the late Wee Cho Yaw, a renowned Singaporean banker, Grant has inherited a strong business acumen. Since childhood, he has harboured aspirations of becoming an entrepreneur, driven by a desire to make a meaningful impact on society.
Looking ahead, Grant Wee has ambitious plans for TRC. In the second quarter of 2024, Trapeze Group, under his leadership, will introduce Hideaway, a modern massage concept focused on treatment and recovery.
But that’s not the only significant milestone in his life.
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Located on Ford Avenue, Wee’s S$39.5M GCB is the most expensive transaction on the street
Formerly co-owned by Choo Chiau Beng, a former CEO of Keppel and Singapore’s non-resident ambassador in Brazil, this mansion also ranks as the 16th most expensive landed detached transaction in Bukit Timah.
Notably, the highest sale in the region was clinched by TikTok CEO Chew Shou Zi, who secured a GCB at Queen Astrid Park for a staggering S$86 million.
Wee’s GCB spans 19,554 square feet, with a price tag of S$2,020 per square foot. Constructed in 2010, this freehold GCB remains relatively young at 14 years old, making it one of the newer and larger properties in the vicinity.
However, looking back at a slightly larger property sold in the same area back in 2019 for S$17 million, the transaction price for this mansion more than doubles that value.
Only five transactions in the entire street have exceeded 20 million dollars, with two surpassing the 30 million dollar mark, including Wee’s GCB.
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How has the GCB market been doing since the money laundering case?
In 2023, Singapore’s high-end property market faced challenges, including a major money laundering scandal and rising interest rates, leading to a slump in the GCB market.
Transaction levels plummeted to their lowest point since 1996.
Despite this, both GCBs and luxury apartments in Singapore’s Core Central Region displayed resilience. Although transaction volumes decreased, average prices continued to rise year-on-year.
So, what does this tell us?
GCB properties continue to be highly sought after by the ultra-rich, showcasing their enduring appeal as exclusive residential havens. Even in Sentosa Cove, where only two bungalows were sold in the latter half of 2023, prices have remained relatively stable, with average prices experiencing a year-on-year increase. This is notable given that seven GCBs in Sentosa Cove were previously linked to the S$1 billion money laundering probe.
In fact, transactions in the area reveal that 2023 saw the highest average price per square foot over the past decade at S$2,351, marking nearly a 50% increase since 2018.
Looking ahead, property analysts maintain an optimistic outlook for the long-term prospects of luxury apartments, buoyed by Singapore’s reputation as a business hub attracting investors seeking a stable investment environment.
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Looking to own your own Good Class Bungalow (GCB)?
These prestigious residences are nestled in prime residential districts such as 10 and 11, as well as in bungalow estates located in districts 20, 21, and 23. Within these 39 Good Class Bungalow Areas (GCBAs), you’ll find exclusive neighbourhoods like Belmont Park, Bin Tong Park, Brizay Park, and more.
Currently, there are 15 GCB listings available, with prices starting as low as S$13.8 million. Whether you’re seeking a serene retreat in Windsor Park or a lavish estate in Binjai Park, a GCB is waiting to fulfil your dreams of luxurious living.
Planning on selling your property? Let us connect you with a property consultant.
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