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The family of co-founder and CEO of Grab, Anthony Tan, has purchased a property in the Bin Tong Park Good Class Bungalow (GCB) Area in Singapore.
The purchase was made for S$40 million.
According to the Business Times (BT), the deal was completed by Tan's wife, Chloe Tong.
The area is located in District 10, commonly associated with the most affluent of residential estates, near Holland Village and Leedon Park.
Good Class Bungalow
Via Google Maps
BT reported that the property was sold by a doctor, and that the deal was made a few months prior, and is now completed.
The couple is expected to redevelop the property. It was purchased at S$1,849 per square foot, with a freehold land area of 21,637 square feet.
The bungalow on site is said to have been built in the 1990s.
According to BT, there are currently 39 designated GCB areas in Singapore, designed with strict guidelines set by the Urban Redevelopment Authority (URA).
GCBs are a prestigious "asset class" of their own and considered different from bungalows.
One generally has to be a Singapore citizen to be allowed to acquire a landed property in a GCB Area.
Background of Grab CEO
According to Forbes, Tan, 39, is Malaysia-born, and a scion of the Tan Chong Motor family, but later became a Singapore citizen in 2016.
He struck out on his own in 2012, co-founding Singapore-based ride-hailing and delivery start-up Grab.
He married Tong, the daughter of Edge Media Group owner Tong Kooi Ong, in 2015.
Grab is set to go public in the U.S. with what Bloomberg called the "largest-ever merger with a blank-cheque company" at US$39.6 billion (S$53 billion) in the fourth quarter of 2021.
The company's investors include giants like Softbank, Didi Chuxing, and Toyota.
While Tan is currently worth USS$380 million (S$514 million), the deal will likely push his net worth to US$829 million, according to the Bloomberg billionaires index.
This will make him a billionaire in Singapore dollars.
Top image via Grab Facebook and Google Maps