(Bloomberg) – The family’s successor bought a Singapore luxury home for a price per square foot, which supports one of Malaysia’s largest banks.
According to property records seen by Bloomberg News, SGD 93.9 million ($700.3 million) was completed last month to purchase a so-called good class bungalow under construction. It was purchased by Diona Teh li Shian, daughter of the late tycoon Teh Hong Piow, who founded Public Banking Limited.
Excellent class bungalows are very coveted in Singapore’s land screening, with only about 2800 available, and their ownership is largely limited to locals. The purchased property is located near the main orchard road shopping belt and various embassies. It is located on a plot of about 1,408 square meters (15,150 square feet). According to the transaction price, it was sold at a record rate of S$6,197 per square foot. The local newspaper, Business Times, reported on the early stages of the July deal.
TEH did not immediately respond to inquiries sent by Bloomberg News, and a public bank spokesman declined to comment. Meir Homes, a local developer of a local good-class bungalow, is building a new luxury home on the plot that was acquired for S$30 million in 2022, according to real estate records. Its main Sebestian Soh declined to comment.
This new two-story house features a basement with a total area of 2,756 m². According to Bloomberg News’ marketing materials, it will include the interior and materials imported from Europe and the stone coverings on the outside. The property will also have a 25-meter high swimming pool with tanned deck, walk-in tavern and an 18-seat theater.
The young Teh, a Singaporean citizen, is one of four children of the late TEH. Since then, public banks have developed into Malaysia’s second largest lender based on market value. Teh has been the open face of the family since the patriarch passed away in 2022. The household still controls one-fifth of the bank’s stock, according to data compiled by Bloomberg.
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