UOB CEO’s daughter buys GCB worth S$39.5M from ex-Keppel CEO

SINGAPORE: Ms Grace Wee Jingsi (known as Grant now), the youngest child of United Overseas Bank (UOB) CEO Wee Ee Cheong, has purchased a good class bungalow (GCB) at Ford Avenue.

The Edge Singapore reports that the GCB, worth S$39.5 million, is located on Ford Avenue. It is co-owned by Mr Choo Chiau Beng, the ex-CEO of the infrastructure giant Keppel and Singapore’s non-resident ambassador in Brazil.

Bloomberg News reported on the information in the property filings, which were lodged by the end of March. Records indicate that Mr Choo acquired the 19,500-square-foot (1,810-square-metre) residence in 2007.

The transaction unfolds against the backdrop of a sluggish high-end property market in Singapore, particularly influenced by a major money laundering scandal and the imposition of high-interest rates in 2023.

Data from CBRE Group Inc. suggests that last year witnessed the lowest volume of transactions in the good-class bungalow market since 1996.

Still, these properties, numbering around 2,800, remain highly coveted among the ultra-rich. The March acquisition has a substantial price tag, more than double the value of a slightly larger mansion sold in the area back in 2019 for US$17 million.

The purchase also triggers speculation about the future of the Wee family’s colossal fortune, estimated at US$10.6 billion (approx. S$14.33 billion).

Following patriarch Wee Cho Yaw’s passing in February, attention now turns to the distribution of the family’s wealth.

Ms Grace’s father, Mr Wee Ee Cheong, the CEO of United Overseas Bank (UOB), is the wealthiest among Mr Wee Cho Yaw’s children, boasting a net worth of US$4.6 billion (approx. S$6.22 billion), as per Bloomberg estimates.

Ms Grace Wee, transitioning from her former role as a consultant at Boston Consulting Group, now oversees a wellness club in Singapore.

She isn’t involved in UOB’s banking operations like her two brothers. Despite media inquiries, Ms Grace has not commented on the recent property acquisition. /TISG

Read also: Prices for Good Class Bungalows and luxury apartments in Singapore are holding steady amid sales volume decline