Forrest Li’s Wife Buys Gallop Road Bungalow Next to One He Has Redeveloped

One of the recent GCB deals that has been completed in this year involves an old house located in Cornwall Gardens. It is selling for slightly over S$36million. The land area of 19,207 square feet is equivalent to S$1,875 per square foot. Market watchers have told BT about the need for 10 to 15 percent as road reserve, which will be returned to the state after redevelopment. The buyer is Singaporean and in her 30s. She works in early childhood education and childcare. The initial deal was made around mid-2023 and the option to buy was exercised last month.

Bloomberg reported that WeeEeCheong’s youngest child is buying a bungalow at Ford Avenue in Singapore for S$39.5 Million. The price comes out to S$2,020 for the 19,554 sq. ft. of land.

Other deals included a bungalow at Gallop Park Rd that sold for S$26.5m, or S$2,059psf. The land size was 12,870 sq. ft. and another property in Garlick Ave that sold for S$19.5m, or S$1,885psf.

List Sotheby’s International Realty’s Analysis of URA Realis Caveats Data shows that seven deals have been completed in GCB Areas totaling almost S$200 Million so far this Year. For the entire year of 2013, there were 18 transactions worth S$432.5 millions.

In some cases, buyers may not have lodged any objections.

The estimate for 2023 is at least S$700 millions. Members of the Fangiono clan, who own Singapore-listed palm oil company First Resources, purchased four bungalows at Nassim Road for a combined total of S$295 millions.

Ma Liqian has purchased the property from Gordon Ku’s children, the late kidney doctor who founded Kidney Dialysis Foundation.

Forrest Li of SEA Ltd is expanding his presence in the Good Class Bungalow market (GCB), which is located in Gallop Road close to the Singapore Botanic Gardens.

Ma Liqian Li’s wife has acquired a S$42.5million bungalow that is next to Li’s almost-finished renovation. Both properties are situated on freehold land. Ma paid S$2,544 (per square foot) for a 16,703-square-foot (sq ft) land. The site has an extensive driveway.

Singapore citizens, the couple.

Li paid S$26.8 million, or S$1,722/sq ft. in December 2018. This was converted into a two storey detached house with an attic, basement and swimming pool.

Ma has purchased the property of Gordon Ku’s late children. Gordon Ku founded Kidney Dialysis Foundation. Dr Ku died February 2023.

Both bungalows belong to the Gallop Road/Woollerton GCB Area.

Sea, which is listed on the New York Stock Exchange, is founded, headed by Li who is in 40s.

Li founded Garena, a gaming online business in 2009. Shopee e-commerce and SeaMoney digital financial services were added later. Sea listed on the New York Stock Exchange.

Sea announced, in March, that 2023 will be the first year it has ever been profitable. The company had lost US$1.7 billion during 2022. Analysts had predicted US$301.7 million.

Revenues rose to US$13.1 billion, up 4.9 percent from US$12.4 a year ago. Analysts had predicted US$12.9 billion.

Shopee, Shopee’s ecommerce arm, recorded profits for the two first quarters in 2023. E-commerce sales for 2023 increased 23.5 percent to US$9 billion, up from US$7.3 in 2022. The business unit reported a US$550.5m loss for the fiscal year.

Li is originally from Tianjin and holds a Bachelor of Engineering degree from Shanghai Jiaotong University. He moved from Stanford University to Singapore, after earning his MBA. In November 2020, he was named Businessman Of The Year For 2019/2020 At The 35th Singapore Business Awards Organised by The Business Times And DHL Express Singapore.

In his acceptance address, the self-made millionaire said: “Singapore accepted me when I wasn’t even a person. I came here barely having any savings and with a debt of over $100,000 in student loans. My wife, and I, could only afford to rent one of the three rooms of a HDB apartment in Braddell.”

Singapore’s GCB Areas include the 39 most prestigious bungalows. To preserve their exclusivity, they are required to adhere to strict planning regulations. As part of the planning standard for newly-created bungalows, a minimum land size of 1,570 square feet or 1,400 square meters is required.

Only 2,700 homes of this type are located on the island.

Singapore Citizens are required to buy a landed house in a GCB Area.

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