Scion of UOB’s Wee family buys mansion for S$39.5 million

[New Reporter]

Scion of UOB’s Wee family buys mansion for S$39.5 million

Apr 3, 2024

BLOOMBERG

A SCION of the Wee family, Singapore’s richest banking dynasty, is buying a S$39.5 million mansion, taking advantage of a lull in the high-end real estate market.

Grant Wee, the youngest child of UOB chief executive officer Wee Ee Cheong, is buying the Good Class Bungalow (GCB) at Ford Avenue, according to property filings lodged at end-March seen by Bloomberg News.

The house is co-owned by Choo Chiau Beng, whose former roles include being chief executive officer of the infrastructure giant now known as Keppel and Singapore’s non-resident ambassador in Brazil. He acquired the house, which spans more than 19,500 square feet, in 2007, the records show.

The sale comes after Singapore’s high-end property market saw a tepid 2023, dented by a major money laundering scandal and high interest rates. Last year’s transactions in the GCB market were the lowest since 1996 when data became available, according to a recent estimate by CBRE Group.

Still, the class of property, which number about 2,800, are highly coveted by the ultra-rich. The March transaction price stood at more than double that of a slightly larger mansion in the area, which was sold in 2019 for S$17 million.

The transaction also comes amid renewed attention on where the Wee family’s US$10.6 billion fortune will be dispersed, after the death of its patriarch Wee Cho Yaw in February. Grant Wee’s father, Wee Ee Cheong, became the richest of the late Wee’s children, with a net worth of US$4.6 billion, according to Bloomberg estimates.

Grant Wee, a former consultant at Boston Consulting Group, now runs a wellness club in Singapore, and like Wee Ee Cheong’s two other sons, is not actively involved in UOB’s banking business.

Grant Wee did not respond to an e-mailed request for comment.

Choo was chief executive of Keppel between 2009 and 2013, when it still owned the world’s biggest builder of oil rigs, a unit he also led before his CEO tenure. His time at Keppel was marred by a scandal over illegal payments the company made to officials of Brazil’s state-controlled oil company Petroleo Brasileiro.

Choo did not respond to a request for comment sent via LinkedIn.

The unit eventually agreed to pay US$422 million to end a US probe into the illegal payments. Keppel, backed by state investor Temasek Holdings, sold off its oil rig unit in a major restructuring last year. The same year, Singapore’s anti-graft agency announced a decision not to charge unnamed executives allegedly involved in the case, citing insufficient evidence.

[New Reporter]

UOB CEO's daughter buys GCB from ex-Keppel CEO Choo for $39.5 million

Bloomberg

Apr 03, 2024

A scion of the Wee family, Singapore’s richest banking dynasty, is buying a $39.5 million mansion, taking advantage of a lull in the high-end real estate market.

Grace Wee Jingsi (who goes by the name Grant now), the youngest child of United Overseas Bank CEO Wee Ee Cheong, is buying the so-called good class bungalow at Ford Avenue, according to property filings lodged March-end seen by Bloomberg News.

The house is co-owned by Choo Chiau Beng, whose former roles include being CEO of the infrastructure giant now known as Keppel and Singapore’s non-resident ambassador in Brazil. He acquired the more than 19,500 square feet (1,810 square meters) house in 2007, the records show.

The sale comes after Singapore’s high-end property market saw a tepid 2023, dented by a major money laundering scandal and high interest rates. Last year’s transactions in the good class bungalow market were the lowest since 1996 when data became available, according to a recent estimate by CBRE Group Inc.

Still, the class of property, which number to about 2,800, are highly coveted by the ultra-rich. The March transaction price is more than double that of a slightly larger mansion in the area, which was sold in 2019 for US$17 million.

The transaction also comes amid renewed attention on where the Wee family’s US$10.6 billion fortune will be dispersed, after the death of its patriarch Wee Cho Yaw in February. Grace’s father Ee Cheong became the richest of the late Wee’s children, with a net worth of US$4.6 billion, according to Bloomberg estimates.

Grace, a former consultant at Boston Consulting Group, now runs a wellness club in Singapore, and like Ee Cheong’s two other sons, is not actively involved in UOB’s banking business. Grace didn’t respond to an emailed request for comment.

Choo was CEO of Keppel between 2009-2013, when it still owned the world’s biggest builder of oil rigs, a unit he also led before his CEO tenure. His time at Keppel was marred by a scandal over illegal payments the company made to officials of Brazil’s state-controlled oil company Petroleo Brasileiro SA. Choo didn’t respond to a request for comment sent via LinkedIn.

The unit eventually agreed to pay US$422 million to end a US probe into the illegal payments. Keppel, backed by state investor Temasek Holdings sold off its oil rig unit in a major restructuring last year. The same year, Singapore’s anti-graft agency announced a decision not to charge unnamed executives allegedly involved in the case, citing insufficient evidence.

https://www.theedgesingapore.com/news/property/uob-ceos-daughter-buys-gcb-ex-keppel-ceo-choo-395-million

[New Reporter]

Grant Wee, scion of UOB’s Wee family buys S$39.5M Good Class Bungalows (GCB)

April 5, 2024

https://i.imgur.com/MkDizlJ.jpeg

The luxury real estate market in Singapore encountered a downturn following a major money laundering case in the latter half of 2023. Transactions for luxury apartments and Good Class Bungalows (GCBs) saw a decline during this period. However, amidst this challenging backdrop, property prices for these upscale residences have remained stable, offering a glimmer of hope for sellers and investors alike.

At the end of March, news broke of Grant Wee, scion of the prominent Wee family and the founder of a wellness club in Singapore, purchasing a S$39.5 million GCB.

A next-generation entrepreneur, Wee is the founder of a wellness club in Singapore

https://i.imgur.com/QXwEk8K.jpeg
In terms of services, TRC also provides one-stop services such as sauna, ice bath, traditional Chinese medicine, physical therapy, and mental health consultation to meet the needs of body, mind and soul. Image credit: Icon Singapore.

Despite his family’s prominent position in the banking sector, Grant Wee and his two brothers have chosen not to actively engage in UOB’s banking business. Instead, they are carving out their own paths.

At just 30 years old, Grant Wee has established himself as a key figure in Singapore’s wellness scene. Formerly a consultant at Boston Consulting Group, Grant Wee now heads The Trapeze Rec Club (TRC) in Tanjong Pagar. TRC is a unique facility that combines gyms, mixed martial arts studios, yoga centres, and rehabilitation services, all aimed at promoting holistic health.

Grant Wee’s entrepreneurial journey is rooted in his family’s legacy. As the youngest scion of Wee Ee Cheong, CEO of UOB, and the grandchild of the late Wee Cho Yaw, a renowned Singaporean banker, Grant has inherited a strong business acumen. Since childhood, he has harboured aspirations of becoming an entrepreneur, driven by a desire to make a meaningful impact on society.

Looking ahead, Grant Wee has ambitious plans for TRC. In the second quarter of 2024, Trapeze Group, under his leadership, will introduce Hideaway, a modern massage concept focused on treatment and recovery.

But that’s not the only significant milestone in his life.

Located on Ford Avenue, Wee’s S$39.5M GCB is the most expensive transaction in the street

Prior to Wee’s purchase, the last recorded transaction at Ford Avenue was a S$29M property in April 2021 at Andrew Road. It had a smaller land area of 15,617 sqft, which translated to a much lower S$1,856.95 psf.

Formerly co-owned by Choo Chiau Beng, a former CEO of Keppel and Singapore’s non-resident ambassador in Brazil, this mansion also ranks as the 16th most expensive landed detached transaction in Bukit Timah.

Notably, the highest sale in the region was clinched by TikTok CEO Chew Shou Zi, who secured a GCB at Queen Astrid Park for a staggering S$86 million.

Wee’s GCB spans 19,554 square feet, with a price tag of S$2,020 per square foot. Constructed in 2010, this freehold GCB remains relatively young at 14 years old, making it one of the newer and larger properties in the vicinity.

However, looking back at a slightly larger property sold in the same area back in 2019, the transaction price for this mansion more than doubles that value.

Only five transactions in the entire street have exceeded 2 million dollars, with two surpassing the 3 million dollar mark, including Wee’s GCB.

How has the GCB market been doing since the money laundering case?

In 2023, Singapore’s high-end property market faced challenges, including a major money laundering scandal and rising interest rates, leading to a downturn in the GCB market.

Transaction levels plummeted to their lowest point since 1996.

Despite this, both GCBs and luxury apartments in Singapore’s Core Central Region displayed resilience. Although transaction volumes decreased, average prices continued to rise year-on-year.

So, what does this tell us?

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GCB properties continue to be highly sought after by the ultra-rich, showcasing their enduring appeal as exclusive residential havens. Even in Sentosa Cove, where only two bungalows were sold in the latter half of 2023, prices have remained relatively stable, with average prices experiencing a year-on-year increase. This is notable given that seven GCBs in Sentosa Cove were previously linked to the S$1 billion money laundering probe.

In fact, transactions in the area reveal that 2023 saw the highest average price per square foot over the past decade at S$2,351, marking nearly a 50% increase since 2018.

Looking ahead, property analysts maintain an optimistic outlook for the long-term prospects of luxury apartments, buoyed by Singapore’s reputation as a business hub attracting investors seeking a stable investment environment.

https://www.99.co/singapore/insider/grant-wee-scion-of-uobs-wee-family-buys-s39m-good-class-bungalows/