Chinese tech company Xiaomi Corporation's former board member, Koh Tuck Lye, has purchased a good class bungalow (GCB) that is worth S$31.5million, PropertyGuru reported, citing Business Times.

The bungalow, which is located at Tanglin Hill, is reportedly more than 30 years old and is built on a 16,446 sq ft site.

Koh, a Singaporean in his forties, is expected to tear down the District 10 freehold property to make way for a new house.

GCB on a "rare" site

Previously, the property was reported by EdgeProp in March 2019 to be up for sale after the lease expired in September 2018.

The site was said to be "rare", as it is located next to "a protected green zone", near Botanic Gardens, and a short drive to Orchard Road and Dempsey Hill.

The land value fetched by the property is also said to be the highest in the Ridley Park GCB area, PropertyGuru reported List Sotheby's International Realty as saying.

Bungalows within the 39 gazetted GCB areas in Singapore are considered the country's most prestigious form of landed housing.

Following a policy change in 2012, only Singaporean citizens are allowed to own GCB.

Expat family renting the property for last 10 years

Before Koh bought the property, an expatriate family has been renting the place for the last 10 years, according to EdgeProp.

The property's owners, who are reportedly retired doctors, rented the property out after moving into a larger GCB in Cluny Park.

They purchased the property back in 1984.

When the lease expired in September 2018, they decided to put it up for sale.

Influential investor in China

Koh stepped down as Xiaomi's non-executive director and audit committee member in October to focus on his his firm -- China-focused venture fund Shunwei Capital.

He was listed as one of the 30 most influential investors in China in the year 2019.

Top image adapted via Singapore Eye & PEdaily.cn