Cover A row of bungalows located at Chancery Lane (Image: Google Maps)

With a price tag of SG$66.06 million (US$48.58 million), this good class bungalow (GCB) property was acquired by Kelsey Cheng Tan, daughter-in-law of Chinese-Filipino billionaire Andrew Tan

Good Class Bungalows (GCB) are the cream of the crop when it comes to luxurious homes in Singapore. The latest prolific owner of a GCB is Kelsey Cheng Tan, wife of Kester Tan, the youngest son of Chinese-Filipino billionaire Andrew Tan.

Situated at Chancery Lane, a prime District 11 area in close proximity to Bukit Timah and Novena, this Singapore property is believed to have changed hands for SG$66.06 million (US$48.58 million). With the bungalow sitting on a 34,216 sq ft freehold plot, this puts the transaction at a significant SG$1,931 (US$1,420) per square feet—placing the purchase as the biggest deal in Singapore so far in 2022.

The massive plot is large enough to house two small GCBs, if Tan wishes so. A 75-year-old pre-war single-storey bungalow currently sits at the site. According to Edgeprop, Tan will reportedly redevelop the property into a larger, modern abode.

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According to an Integrated Land Information Service (Inlis) property title search, the former owners are brothers Mirza Mohamed Mehdi Namazie and Mirza Iskandar Namazie, grandsons of M.A. Namazie, a wealthy Persian textile trader. Kester Tan's wife, Kelsey, is believed to have made the deal earlier this month. 

The couple has been based in Singapore in recent years. Their glamorous wedding reception in 2015 was notably graced by then-president of the Philippines, Benigno Aquino III. As this is Cheng Tan's first property in Singapore, she is not subjected to additional buyer’s stamp duty.

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While little is known about the low-profile Tan and her husband, her father-in-law Andrew Tan is well known as the chairman of Alliance Global Group. The tycoon and Asia Most Influential honouree was listed as the eighth richest billionaire in the Philippines by Forbes in 2021. 

Read more: 10 Richest Filipino Billionaires In 2021 According To Forbes: Sy Siblings, Manny Villar, And More

The Alliance Global Group comprises several companies, including real estate arm Megaworld as well as the Golden Arches Development Corporation, which is the master franchise holder of McDonald’s in the Philippines. Kevin Tan, Kester's brother and Andrew's eldest son, currently helms the company as chief executive officer. 

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