SINGAPORE (July 9): Grab Holdings Inc CEO and co-founder Anthony Tan’s family have recently purchased a bungalow (pictured) near Holland Village and Leedon Park for S$40 million (about RM124 million), according to a Business Times report.

According to the report, the property was purchased by Tan’s wife Chloe Tong. Tong is also the daughter of The Edge Media Group owner Tong Kooi Ong.

The home is located in District 10 or the Bin Tong Park area. The report says the property was sold by a doctor a few months ago with the deal having been completed. The price paid is a 'fair' deal, according to market watchers.

Located on freehold land, the gold-class bungalow (GCB) has a land area of 21,637 sq ft which is equivalent to S$1,849 (around RM5,721) per sq ft. The property which is expected to be redeveloped is located near the Botanic Gardens and the affluent Bukit Timah area in central Singapore.

GCBs are considered the highest end of Singapore's residential properties. To be categorised as a GCB, bungalows need to have a minimum plot size of 1,400 sq m (15,070 sq ft) and cannot exceed the maximum building height of two storeys. Owners are also not permitted to build a bungalow that occupies more than 35% of the plot area.

They must be located within the 39 districts gazetted by the Urban Redevelopment Authority (URA). Additionally, only Singapore citizens are allowed to own a GCB.

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