SINGAPORE: The youngest child of UOB CEO Wee Ee Cheong, Grant Wee, has purchased a Good Class Bungalow (GCB) valued at S$39.5 million, according to a
SINGAPORE: The youngest child of UOB CEO Wee Ee Cheong, Grant Wee, has purchased a Good Class Bungalow (GCB) valued at S$39.5 million, according to a report from Bloomberg. Part of Singapore’s wealthiest banking family, the purchase has sparked interest as it follows the recent passing of family patriarch Wee Cho Yaw in February, amid speculation on the distribution of the Wee family’s estimated US$10.6 billion (S$14.2 billion) fortune.
The GCB, spanning over 19,500 square feet, is located on Ford Avenue, off Holland Road, and is co-owned by Choo Chiau Beng, former CEO of Keppel Corporation and Singapore’s non-resident ambassador to Brazil. Choo originally bought the property in 2007.
Grant Wee, a former consultant with Boston Consulting Group who now manages a wellness club in Singapore, is not actively involved in UOB, similar to his siblings. His father, Wee Ee Cheong, ranks as the wealthiest of Wee Cho Yaw’s children, with an estimated net worth of US$4.6 billion (S$6.2 billion).
The sale also highlights a slowdown in the luxury property market, as GCB transactions in 2023 have reached their lowest level since 1996, with about 2,800 GCBs currently in Singapore. This recent sale price is more than double the cost of a slightly larger GCB in the area that sold for S$17 million in 2019, reflecting ongoing demand for these premium properties.
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