Grant Wee, the youngest child of UOB CEO Wee Ee Cheong, is buying a Good Class Bungalow on Ford Avenue from ex-Keppel CEO Choo Chiau Beng
Grant Wee, the youngest child of UOB chief executive Wee Ee Cheong, is making news this week for acquiring a $39.5 million Good Class Bungalow (GCB). The Wee family is widely known as Singapore’s wealthiest banking dynasty.
The property is nestled along Ford Avenue, off Holland Road, a quiet and private neighbourhood, and occupies a generous expanse of more than 19,500 sq ft. Its purchase was uncovered in property filings lodged at the end of March. The mansion is co-owned by Choo Chiau Beng, who was the chief executive of Keppel and Singapore’s previous non-resident ambassador in Brazil. He purchased the house back in 2007.
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Notably, the younger Wee’s purchase of the Good Class Bungalow comes at a low point in Singapore’s upscale real estate market, partly attributed to a notorious money laundering case as well as Singapore’s current high interest rates. GCB transactions were estimated at their lowest last year since 1996, according to the CBRE Group.
By acquiring this lush mansion, Wee makes the most of the current property landscape in the country. Regardless of the state of the market, Good Class Bungalows continue to be highly aspirational and coveted properties for the wealthiest strata in Singapore.