SINGAPORE: Xiang Yangyang, the daughter of Xiang Guangda, the prominent figure behind Tsingshan Holding Group Co. – the world’s largest nickel and stainless steelmaker, has recently purchased a good class bungalow (GCB) in Singapore.

She acquired an expansive GCB worth S$84 million at Bin Tong Park, spanning 2,612 square metres (or 28,111 square feet), according to property records seen by Bloomberg News.

The Edge Singapore reported that according to the person familiar with the matter, the purchase was finalised in mid-April. The identity of the informant, citing privacy concerns, remains undisclosed.

Despite attempts to get a response, Xiang, who is a Singaporean citizen as per property records, has remained silent regarding her latest real estate acquisition. Similarly, Tsingshan Holding Group Co. has yet to issue a statement on the matter.

Xiang Yangyang’s acquisition is among a select few transactions that have injected vitality into Singapore’s luxury property market. These coveted properties, often referred to as good class bungalows, have encountered challenges due to escalating interest rates and an ongoing investigation into money laundering activities.

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However, amidst this market turbulence, astute investors have seized the opportunity presented. Notable examples include the wife of Forrest Li, co-founder of Sea Ltd., who recently acquired a mansion for S$42.5 million. Additionally, a scion from Singapore’s preeminent banking family has also made a foray into the property market with a GCB worth S$39.5 million.

Reports from The Business Times indicate that Xiang Yangyang’s newly acquired residence was previously owned by Nitin Sibal, a former hedge fund manager with interests in software and application development. Sibal purchased the land on which the mansion stands for S$37.6 million in 2020. /TISG

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