The daughter of a nickel-and-steel tycoon from China has purchased a Good Class Bungalow (GCB) at Bin Tong Park for S$84 million.

According to Bloomberg, Xiang Yangyang is the daughter of Xiang Guangda, the founder of Tsingshan Holding Group.

Tsingshan is the world's largest producer of nickel and stainless steel.

The Business Times reported that Xiang Yangyang and her mother, He Xiuqin, are based in Singapore and hold citizenship as well.

Neither Xiang Yangyang nor Tsingshan responded to media requests for comments on the purchase.

Property reportedly has pool, theatre, wine cellar and gym

Bloomberg further cited a property record that stated that the size of the GCB purchased by Xiang Yangyang is 2,612 sq m (28,111 sq ft).

This means that the property works out to about S$2,988 per sq ft.

According to The Business Times, the GCB itself has a total built-up area of 18,000 sq ft and contains a basement, six bedrooms, a pool, a wine cellar, a theatre and a gym, among other features.

The property also has enough space to park eight to 10 cars.

Purchased from a former hedge fund manager

In addition, the property was purchased from a former hedge fund manager involved in the software and application development business, Nitin Sibal, The Business Times reported.

He had purchased the land which the property sits upon in 2020 for S$37.6 million and was responsible for building the property in its current form.

Purchase comes amidst a downturn in luxury property market

Bloomberg further noted that the purchase comes amidst a downturn in Singapore's luxury property market, and referenced the S$2.8 billion money laundering case, as well as high interest rates.

The news of the purchase by Xiang Yangyang came in the wake of an announcement that the wife of Sea co-founder and billionaire Forrest Li, Ma Liqian, is buying a S$42.5 million GCB at Gallop Road.

This GCB sits on a 1,552 sq m (16,706 sq ft) plot of land and is adjacent to a 1,403 sq m (15,102 sq ft) bungalow that her husband bought in 2018 for S$26 million.

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