Cover Grab Holdings Inc. Co-founder and Chief Executive Officer Anthony Tan makes a speech during the SoftBank World 2019 conference. (Photo: Getty Images)

Good Class Bungalows are some of the most luxurious and coveted forms of residential housing in Singapore, and this one near Holland Village is no exception

Chloe Tong, wife of Grab chief executive Anthony Tan, made headlines over the weekend for acquiring a Good Class Bungalow (GCB) in Bin Tong Park worth S$40 million (about RM124 million). 

The area, located in District 10, is one of the most affluent residential areas in Singapore and is in close proximity to Holland Village and Leedon Park. 

The home itself is spectacular primarily because GCBs are considered to be the most elite form of landed housing in Singapore. One of the prerequisites of owning a GCB includes being a Singapore citizen.

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Tong's new GCB was built in the 1990s and was previously occupied by a doctor. The deal for the property was made a few months ago and was only recently completed. The couple is expected to begin redeveloping the 21,637 sq ft property soon.

News of the property purchase comes just as Grab is working on a US$40 billion Special Purpose Acquisition Company (SPAC) deal which is expected to conclude towards the end of 2021. 

The company, which has been growing steadily since it launched in 2012, currently has over 6,000 employees and a new $181 million office at One North business park. 

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This massive GCB purchase is the second to come in a matter of weeks with Ian Ang, the co-founder of homegrown gaming chair manufacturer Secretlab, purchasing a Good Class Bungalow (GCB) at 27 Olive Road in the Caldecott Hill Estate for $36 million (about RM112 million) last month. 

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