Forrest Li

SINGAPORE: Tech billionaire Mr Forrest Li’s wife, Ms Ma Liqian, will acquire a prime piece of real estate in one of Singapore’s most sought-after neighbourhoods despite a subdued luxury property market, The Edge Singapore reports.

Documents obtained by Bloomberg News reveal that Ms Ma Liqian has initiated the process of purchasing the good-class bungalow (GCB) on Gallop Road for a hefty S$42.5 million.

This luxurious abode is nestled on a sprawling 1,552-square-metre (16,706-square-foot) plot, offering ample space and exclusivity.

Mr Li also owns a parcel of land next to the mansion, which is near the Singapore Botanic Gardens, a UNESCO World Heritage Site. According to records, the land was acquired in 2019.

While the majority (80%) of Singaporeans reside in government-subsidised housing, the elite class vies for these prestigious bungalows renowned for their rarity and expansive size.

This transaction comes against a cooling luxury property market backdrop, partly attributed to Singapore’s largest money laundering scandal and elevated interest rates.

See also  Woman who bought $18.68M GCB loses lawsuit against property agency

However, recent activity suggests a glimmer of resurgence, with notable sales including a S$36 million transaction at Cornwall Gardens and another mansion on Ford Avenue fetching S$39.5 million, purchased by a scion of the Wee family, Singapore’s wealthiest banking dynasty.

Mr Forrest Li, a China-born entrepreneur, amassed his fortune primarily through his stake in Sea Ltd., the largest internet company in Southeast Asia.

While his wealth endured a setback during the recent tech downturn, it rebounded following Sea Ltd.’s attainment of its first full-year profit post-listing.

According to the Bloomberg Billionaires Index, Mr Li’s net worth currently stands at US$3.8 billion (S$5.18 billion). /TISG

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