Singaporean TikTok CEO Chew Shou Zi is reportedly purchasing a Good Class Bungalow (GCB) in the Queen Astrid Park area for S$86 million, according to the Business Times (BT) on Friday, July 30.
Chew was recently appointed as CEO of the video sharing application in April 2021, and had earlier served as its chief financial officer.
Plans to redevelop property
BT reported that he plans to redevelop the roughly 31,800 square foot property, on which an old bungalow currently sits.
The per square foot (psf) price of the GCB works out to S$2,700.
The Queen Astrid Park area is located in District 10, which includes affluent neighbourhoods such as Bukit Timah and Tanglin.
The psf price of S$2,700 is considered above average for a property in this area, according to BT.
However, BT reported that the "fairly regular-shaped plot with a wide road frontage" makes this property an attractive one, with strong "redevelopment potential".
Hwa Chong and Harvard Business School alumnus
The 37-year-old is also an alumnus from Hwa Chong Institution and received his MBA from Harvard Business School.
Chew was previously chief financial officer and director at Chinese smartphone company Xiaomi.
GCBs popular purchases among high net worth tech entrepreneurs
Chew will join other tech heads in being new owners of these exclusive properties.
Earlier this month, the family of Grab CEO Anthony Tan purchased a S$40 million GCB at Bin Tong Park.
SecretLab co-founder Ian Ang also bought a S$36 million GCB in the Caldecott Hill Estate in June.
https://mothership.sg/2021/07/tiktok-ceo-buy-gcb/
