reporter2
11-03-22, 10:21
Filipino billionaire Andrew Tan’s daughter-in-law, Kelsey Cheng Tan, buys Chancery Lane bungalow for $66.06 mil
March 10, 2022
https://i.imgur.com/jOM9NHK.png
A Good Class Bungalow (GCB) sitting on a 34,216 sq ft, freehold site along Chancery Lane changed hands earlier this month for $66.06 million ($1,931 psf).
According to a property title search, the GCB in prime District 11 was owned by brothers Mirza Mohamed Mehdi Namazie and Mirza Iskandar Namazie, who are grandsons of M.A. Namazie, a wealthy Persian merchant who had come to Singapore in 1909, and owned property in Singapore, Madras and at least 6,000 acres of rubber and oil palm estates in Johor. M.A. Namazie had also built Capitol Theatres in the 1920s, and was chairman of the board of directors.
The GCB at Chancery Lane was purchased by Kelsey Cheng Tan, wife of Kester Tan, the youngest son of Filipino tycoon, Andrew Tan, according to the property title.
https://i.imgur.com/IyMtaM0.png
The elder Tan, a self-made billionaire, is ranked eighth richest in the Philippines by Forbes, with a net worth estimated at US$2.8 billion ($3.8 billion). He is chairman of Alliance Global Group, a conglomerate with stakes in property development under its real estate arm, Megaworld; as well as hospitality and gaming assets such as Resorts World Manila. Alliance Global also owns Emperador, one of the world’s largest brandy distillers; and is the main franchise holder of McDonald’s in the Philippines via Golden Arches Development Corp.
Kester and Kelsey Cheng Tan’s wedding that had taken place in 2015 saw then president of the Philippines, Benigno Aquino III, as a guest of honour, according to social media posts. Cheng Tan is believed to be a Singapore citizen now, hence the purchase of the GCB, with a caveat lodged on March 3, being her first property in Singapore, will not be subject to additional buyer’s stamp duty (ABSD).
Even though the plot is large enough to be subdivided into two smaller GCBs, the buyer is expected to retain it as a single property. The existing house, a single-storey pre-war bungalow, is believed to have been built 75 years ago.
Read more at: https://www.edgeprop.sg/property-news/filipino-billionaire-andrew-tan%E2%80%99s-daughter-law-kelsey-cheng-tan-buys-chancery-lane-bungalow-6606-mil
March 10, 2022
https://i.imgur.com/jOM9NHK.png
A Good Class Bungalow (GCB) sitting on a 34,216 sq ft, freehold site along Chancery Lane changed hands earlier this month for $66.06 million ($1,931 psf).
According to a property title search, the GCB in prime District 11 was owned by brothers Mirza Mohamed Mehdi Namazie and Mirza Iskandar Namazie, who are grandsons of M.A. Namazie, a wealthy Persian merchant who had come to Singapore in 1909, and owned property in Singapore, Madras and at least 6,000 acres of rubber and oil palm estates in Johor. M.A. Namazie had also built Capitol Theatres in the 1920s, and was chairman of the board of directors.
The GCB at Chancery Lane was purchased by Kelsey Cheng Tan, wife of Kester Tan, the youngest son of Filipino tycoon, Andrew Tan, according to the property title.
https://i.imgur.com/IyMtaM0.png
The elder Tan, a self-made billionaire, is ranked eighth richest in the Philippines by Forbes, with a net worth estimated at US$2.8 billion ($3.8 billion). He is chairman of Alliance Global Group, a conglomerate with stakes in property development under its real estate arm, Megaworld; as well as hospitality and gaming assets such as Resorts World Manila. Alliance Global also owns Emperador, one of the world’s largest brandy distillers; and is the main franchise holder of McDonald’s in the Philippines via Golden Arches Development Corp.
Kester and Kelsey Cheng Tan’s wedding that had taken place in 2015 saw then president of the Philippines, Benigno Aquino III, as a guest of honour, according to social media posts. Cheng Tan is believed to be a Singapore citizen now, hence the purchase of the GCB, with a caveat lodged on March 3, being her first property in Singapore, will not be subject to additional buyer’s stamp duty (ABSD).
Even though the plot is large enough to be subdivided into two smaller GCBs, the buyer is expected to retain it as a single property. The existing house, a single-storey pre-war bungalow, is believed to have been built 75 years ago.
Read more at: https://www.edgeprop.sg/property-news/filipino-billionaire-andrew-tan%E2%80%99s-daughter-law-kelsey-cheng-tan-buys-chancery-lane-bungalow-6606-mil