Inequalities in Singapore: income, wealth, class, opportunities...

[k1976]

Hardlanders will take 10000lifetime to match their wealth de woh

Really rainmakers level sia

 

[WangChuk]

Forum: Wealth inequality concerns are over access to level playing field​

Oct 20, 2022

Even if we think that the policies suggested by others to tackle wealth inequality are not well thought out, we should avoid viewing them as the result of resentment felt by one group towards another (Don’t resent the wealth of others, Oct 18).
If we examine the concerns about wealth inequality in Singapore more closely, we can see that they are not about those with unfulfilled wish lists wanting to lambast the rich for amassing wealth.
By and large, I believe Singaporeans are not an envious lot who will simply resent those who are wealthier.
Rather, it is about having adequate access to a level playing field, where everyone can thrive.
It is certainly unjustifiable if we resent those who have worked hard to become wealthier than us. But, sometimes, wealth accumulation has little to do with one’s own merit. Wealth through inheritance, for instance, has little to do with whether a person is making his fortune legally or diligently.
As pointed out by Deputy Prime Minister Lawrence Wong, while meritocracy remains the best way to organise society, it has its drawbacks (Lawrence Wong launches ‘Forward S’pore’ to set out road map for a society that ‘benefits many, not a few’, June 28). This is why the Government is putting in effort to do more for every child’s early life to provide a more equal starting point in life for everyone.
Without putting all this in perspective, it is easy to view the issue of wealth inequality in Singapore through a divisive lens. This can hamper Singapore’s efforts to build a cohesive society. We have seen how some societies are fractured badly when people believe it is always about “us” versus “them” in every aspect of their lives.

Let us confront the issue of wealth inequality as a compassionate society, and not as a battle between the haves and have-nots.

Wong Wan Hoong (Dr)

unless Singapore become a Communist Country .... it will 100% has inequality in everything in the society.

 

[k1976]

unless Singapore become a Communist Country .... it will 100% has inequality in everything in the society.

Ish a free market economy de woh

 

[Devil Within]

unless Singapore become a Communist Country .... it will 100% has inequality in everything in the society.

It's even worse in Communist countries; there is no middle class. There are only the ruling officials and the slaves. Just look at North Korea, Cuba and CCP China.

 

[True Believer]

It is a no-brainer. The more foreign billionaires park their money in SG, the more will be fast tracked to citizenship, allowing them to buy freehold land which is scarce here. The price of residential properties, rental and cars will skyrocket. When landed homes are no longer within the reach of even the less rich, more will turn to buying condos, which means more of the middle class will be turning to HDB units for their homes. The price of homes for the masses will also shoot up. Business costs escalate because of both rental and transport hikes, so the price of goods and services also increase.

 

[LITTLEREDDOT]

From Haidilao tycoon to Jack Ma’s wife: Billionaires who bought 8-figure Singapore properties​

Demand is likely to persist as more of the ultra-rich and family offices locate here, in line with Singapore’s push to be a wealth hub.PHOTOS: ST FILE, SCREENGRAB FROM GOOGLE MAPS

Jun 03, 2025

SINGAPORE - Singapore’s top-end real estate has been a must-have for billionaires and multi-millionaires seeking a safe haven amid a tanking US dollar and dark clouds over global markets.

Demand is likely to persist as more of the ultra-rich and family offices locate here, in line with the Republic’s push to be a wealth hub. Realstar Premier’s managing director Julian Yip said more buyers are also emerging from the crypto sector, likely driven by the industry’s recent performance.

When money is no object, Singapore’s good class bungalows (GCBs) – of which there are only about 2,700 – seem to be the most coveted.

Mr Steve Tay, executive director of Steve Tay Real Estate, said buyers see this rarefied segment as a long-term wealth preservation hedge against short-term volatility.

Here are some notable Singapore property purchases snapped up by the super-rich in recent years:

Public Bank founder’s daughter signs record deal for Tanglin GCB (2025)​

Ms Diona Teh, daughter of the late Public Bank founder Teh Hong Piow signed a $93.9 million deal for a Tanglin Hill GCB in 2025.

The new GCB spans 2,756 sq m, with two storeys, and has a 25 m pool with a tanning deck, walk-in wine chiller and an 18-seater theatre.

Koufu founder’s sons snap up Caldecott Hill GCB (2025)​

In May 2025, two sons of Mr Pang Lim and his wife Ng Hoon Tien were in a deal to buy a Caldecott Hill GCB site for $58 million. Mr Pang and Ms Ng are the founders of food and beverage company Koufu Group.

The GCB has a freehold land area of 39,276 sq ft containing two bungalows separated by a low wall.

One bungalow has two storeys and a garden, with the other has two storeys, an attic and a swimming pool.

The property was previously bought in the 1960s by Mr Chan Kok Kwan, a famous diamond merchant, and housed three generations of his family.

Wilmar chairman’s nephew snags Astrid Hill GCB (2024)​

The freehold bungalow in Astrid Hill is on a site of 21,116 sq ft.PHOTO: SCREENGRAB FROM GOOGLE MAPS
In 2024, Mr Glenn Kuok, a nephew of Wilmar International chairman and chief executive Kuok Khoon Hong, bought a $49 million bungalow in Astrid Hill with his mother, Ms Lee Yong Lah.

Jack Ma’s wife buys 3 shophouses in Tanjong Pagar (2024)​

Ms Zhang Ying, a Singaporean, paid $45 million to $50 million for the units at 70, 71 and 72 Duxton Road.PHOTO: SCREENGRAB FROM GOOGLE MAPS
Three adjoining shophouses in Tanjong Pagar were bought by Ms Zhang Ying, wife of Alibaba Group co-founder Jack Ma.

Ms Zhang, a Singaporean, paid $45 million to $50 million for the units at 70, 71 and 72 Duxton Road.

The three properties stand on commercial-zoned sites and have 99-year leasehold tenures starting from September 1988, with a balance of around 63.5 years. They each have three floors and an attic, with a combined plot of 3,239 sq ft.

Ms Zhang is believed to have also bought a GCB in the Astrid Park area via a trust for more than $80 million in 2023.

Wife of Sea’s Forrest Li bags couple’s second bungalow (2024)​

Ms Ma Liqian, wife of Mr Forrest Li, who owns New York-listed Sea, was in 2024 said to be buying an old GCB next to one that her tech billionaire husband acquired years earlier.

Ms Ma’s purchase of the $42.5 million bungalow is the couple’s second GCB in Gallop Road, near the Singapore Botanic Gardens. Both properties are part of the Gallop Road/Woollerton Park GCB Area.

The property was sold by the children of the late Dr Gordon Ku, who founded the Kidney Dialysis Foundation. Mr Li and his wife are Singapore citizens, though Mr Li hails from Tianjin.

Wee family scion scoops up multi-million-dollar mansion from ex-Keppel CEO (2024)​

Mr Grant Wee, formerly known as Grace Wee, who is the grandchild of the late UOB patriarch and banking veteran Wee Cho Yaw, was said to be buying a $39.5 million GCB in Ford Avenue, off Holland Road, in 2024.

Mr Grant Wee is the youngest child of UOB CEO Wee Ee Cheong, Mr Wee Cho Yaw’s eldest son.

The co-owner of the 19,500 sq ft mansion was Mr Choo Chiau Beng, the former CEO of the company now called Keppel and Singapore’s non-resident envoy to Brazil.

Subsequently in 2024, Mr Wee Boo Tee, a nephew of Mr Wee Cho Yaw bought a $23 million two-storey bungalow with a land area of 15,121 sq ft.

First Resources family buys four Nassim Road bungalows (2023)​

The family behind Singapore-listed palm oil group First Resources scooped up four Nassim Road bungalows in the span of a few months in 2023.

Singaporean members of the Indonesian Fangiono family bought a trio of GCBs from Cuscaden Peak Investments for $206.7 million. Cuscaden Peak Investments was formerly known as Singapore Press Holdings before its May 2022 privatisation.

Separately, another Singaporean member of the family bought a fourth bungalow on the same street from a low-profile property investor, at $88 million. The combined price of all four properties neared $295 million.

Haidilao tycoon buys Cluny Hill GCB (2022)​

Mr Sean Shi paid $50 million for the freehold property.PHOTO: ST FILE
Mr Sean Shi, a co-founder of China’s largest hotpot chain Haidilao International, bought a Cluny Hill GCB from the late Dr Lee Wei Ling – the daughter of founding prime minister Lee Kuan Yew and sister of Senior Minister Lee Hsien Loong – in 2022.

Mr Shi paid $50 million for the freehold property.

The price worked out to $2,740 per square foot (psf) for the 18,255 sq ft land area. At the time, this was less than that for similar properties in the area, as market watchers said property in the Cluny Hill GCB area could fetch around $3,000 to $4,000 psf.

The property is located in the vicinity of Haidilao chairman and co-founder Zhang Yong’s Gallop Road GCB. Both properties are within walking distance of the Singapore Botanic Gardens.

Failed crypto fund co-founder Zhu Su bags Yarwood GCB (2022)​

Mr Zhu Su, co-founder of disgraced crypto fund Three Arrows Capital, bought the $48.8 million GCB in Yarwood Avenue in March 2022.PHOTO: ST FILE
Mr Zhu Su, the co-founder of disgraced crypto fund Three Arrows Capital (3AC), bought a $48.8 million GCB in Yarwood Avenue in March 2022.

The bungalow was used as an urban farm managed by a company co-founded by Mr Zhu’s wife, Ms Evelyn Tao, who conducted guided tours and private dining sessions at the site from early 2023.

In 2020, Ms Tao purchased a GCB in Dalvey Road, near the Singapore Botanic Gardens, for $28.5 million. She sold it for $51 million in 2024, despite a court-imposed freeze on some of the couple’s assets.

Ms Kelly Chen, the wife of 3AC co-founder Kyle Davies, bought a bungalow in Ridout Park area in 2021, which was last reported to be in the process of being sold for $37 million.

Nanofilm founder’s wife buys GCB from Sinar Mas co-founder (2021)​

Ms Jin Xiao Qun, the wife of Singapore-listed Nanofilm Technologies International’s founder Shi Xu, purchased a Nassim Road GCB for $128.8 million.

The seller in the deal was Ms Sukmawati Widjaja, who co-founded Sinar Mas Group with her late father Eka Tjipta Widjaja.

E-commerce platform Stamped.io founder picks up Cluny Hill GCB (2021)​

Mr Tommy Ong reportedly splashed $63.7 million on a GCB at 2 Cluny Hill in 2021.PHOTO: SCREENGRAB FROM GOOGLE MAPS
Mr Tommy Ong, the founder of Singapore-based e-commerce marketing platform Stamped.io, reportedly splashed $63.7 million on a GCB at 2 Cluny Hill in 2021.

Mr Ong’s purchase of the property at $4,291 psf for 14,844 sq ft of land marked a landmark deal for 2021 – a year that recorded two GCB sales at more than $4,000 psf.

It surpassed a previous record GCB psf price set by Ms Jin when she bought the Nassim Road GCB.

Hedge fund founder picks up Chinatown shophouses at $25m (2021)​

The Dalio Family Office paid $25.5 million for the units at 44 and 46 Club Street.PHOTO: SCREENGRAB FROM GOOGLE MAPS
Mr Ray Dalio, founder of prominent hedge fund firm Bridgewater Associates, snapped up two shophouses in Club Street in the historic Chinatown area in 2021.

The Dalio Family Office paid $25.5 million for the units at 44 and 46 Club Street.

Mr Dalio announced the opening of a Singapore family office in 2020 to run his investments and philanthropy in the region.

Taiwanese family behind Want Want buys Orchard condo tower (2021)​

Two members of the Taiwanese family behind snack food giant Want Want China Holdings paid $293 million for the entire Eden Tower of the development at 2 Draycott Park.PHOTO: SCREENGRAB FROM GOOGLE MAPS
All 20 units of a freehold luxury condominium development in the Orchard area were snapped up by the Tsai family of Want Want cracker fame.

Two members of the Taiwanese family behind snack food giant Want Want China Holdings paid $293 million for the entire Eden Tower of the development at 2 Draycott Park.

Secretlab CEO bags GCB and penthouse (2021)​

Mr Ian Ang, CEO and co-founder of Secretlab, bought a GCB in the Caldecott Hill area for $36 million in 2021.PHOTO: ST FILE
Mr Ian Ang, co-founder of gaming chair company Secretlab, bought two luxury properties for $51 million in the span of just one week.

In 2021, the Secretlab CEO reportedly acquired a $36 million GCB at 27 Olive Road in the Caldecott Hill Estate. That same week, he bought a $15 million triplex penthouse at Leedon Residence near the Singapore Botanic Gardens. THE BUSINESS TIMES

From Haidilao tycoon to Jack Ma’s wife: Billionaires who bought 8-figure Singapore properties​

Demand is likely to persist as more of the ultra-rich and family offices locate here, in line with Singapore’s push to be a wealth hub.PHOTOS: ST FILE, SCREENGRAB FROM GOOGLE MAPS
UPDATED Jun 03, 2025, 03:50 PM
SINGAPORE - Singapore’s top-end real estate has been a must-have for billionaires and multi-millionaires seeking a safe haven amid a tanking US dollar and dark clouds over global markets.
Demand is likely to persist as more of the ultra-rich and family offices locate here, in line with the Republic’s push to be a wealth hub. Realstar Premier’s managing director Julian Yip said more buyers are also emerging from the crypto sector, likely driven by the industry’s recent performance.
When money is no object, Singapore’s good class bungalows (GCBs) – of which there are only about 2,700 – seem to be the most coveted.
Mr Steve Tay, executive director of Steve Tay Real Estate, said buyers see this rarefied segment as a long-term wealth preservation hedge against short-term volatility.
Here are some notable Singapore property purchases snapped up by the super-rich in recent years:

Public Bank founder’s daughter signs record deal for Tanglin GCB (2025)​

Ms Diona Teh, daughter of the late Public Bank founder Teh Hong Piow signed a $93.9 million deal for a Tanglin Hill GCB in 2025.
The new GCB spans 2,756 sq m, with two storeys, and has a 25 m pool with a tanning deck, walk-in wine chiller and an 18-seater theatre.

Koufu founder’s sons snap up Caldecott Hill GCB (2025)​

In May 2025, two sons of Mr Pang Lim and his wife Ng Hoon Tien were in a deal to buy a Caldecott Hill GCB site for $58 million. Mr Pang and Ms Ng are the founders of food and beverage company Koufu Group.
The GCB has a freehold land area of 39,276 sq ft containing two bungalows separated by a low wall.
One bungalow has two storeys and a garden, with the other has two storeys, an attic and a swimming pool.
The property was previously bought in the 1960s by Mr Chan Kok Kwan, a famous diamond merchant, and housed three generations of his family.

Wilmar chairman’s nephew snags Astrid Hill GCB (2024)​

In 2024, Mr Glenn Kuok, a nephew of Wilmar International chairman and chief executive Kuok Khoon Hong, bought a $49 million bungalow in Astrid Hill with his mother, Ms Lee Yong Lah.

Jack Ma’s wife buys 3 shophouses in Tanjong Pagar (2024)​

Ms Zhang Ying, a Singaporean, paid $45 million to $50 million for the units at 70, 71 and 72 Duxton Road.PHOTO: SCREENGRAB FROM GOOGLE MAPS
Three adjoining shophouses in Tanjong Pagar were bought by Ms Zhang Ying, wife of Alibaba Group co-founder Jack Ma.
Ms Zhang, a Singaporean, paid $45 million to $50 million for the units at 70, 71 and 72 Duxton Road.
The three properties stand on commercial-zoned sites and have 99-year leasehold tenures starting from September 1988, with a balance of around 63.5 years. They each have three floors and an attic, with a combined plot of 3,239 sq ft.
Ms Zhang is believed to have also bought a GCB in the Astrid Park area via a trust for more than $80 million in 2023.

Wife of Sea’s Forrest Li bags couple’s second bungalow (2024)​

Ms Ma Liqian, wife of Mr Forrest Li, who owns New York-listed Sea, was in 2024 said to be buying an old GCB next to one that her tech billionaire husband acquired years earlier.
Ms Ma’s purchase of the $42.5 million bungalow is the couple’s second GCB in Gallop Road, near the Singapore Botanic Gardens. Both properties are part of the Gallop Road/Woollerton Park GCB Area.
The property was sold by the children of the late Dr Gordon Ku, who founded the Kidney Dialysis Foundation. Mr Li and his wife are Singapore citizens, though Mr Li hails from Tianjin.
More on this Topic
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Wee family scion scoops up multi-million-dollar mansion from ex-Keppel CEO (2024)​

Mr Grant Wee, formerly known as Grace Wee, who is the grandchild of the late UOB patriarch and banking veteran Wee Cho Yaw, was said to be buying a $39.5 million GCB in Ford Avenue, off Holland Road, in 2024.
Mr Grant Wee is the youngest child of UOB CEO Wee Ee Cheong, Mr Wee Cho Yaw’s eldest son.
The co-owner of the 19,500 sq ft mansion was Mr Choo Chiau Beng, the former CEO of the company now called Keppel and Singapore’s non-resident envoy to Brazil.
Subsequently in 2024, Mr Wee Boo Tee, a nephew of Mr Wee Cho Yaw bought a $23 million two-storey bungalow with a land area of 15,121 sq ft.

First Resources family buys four Nassim Road bungalows (2023)​

The family behind Singapore-listed palm oil group First Resources scooped up four Nassim Road bungalows in the span of a few months in 2023.
Singaporean members of the Indonesian Fangiono family bought a trio of GCBs from Cuscaden Peak Investments for $206.7 million. Cuscaden Peak Investments was formerly known as Singapore Press Holdings before its May 2022 privatisation.
Separately, another Singaporean member of the family bought a fourth bungalow on the same street from a low-profile property investor, at $88 million. The combined price of all four properties neared $295 million.

Haidilao tycoon buys Cluny Hill GCB (2022)​

Mr Sean Shi paid $50 million for the freehold property.PHOTO: ST FILE
Mr Sean Shi, a co-founder of China’s largest hotpot chain Haidilao International, bought a Cluny Hill GCB from the late Dr Lee Wei Ling – the daughter of founding prime minister Lee Kuan Yew and sister of Senior Minister Lee Hsien Loong – in 2022.
Mr Shi paid $50 million for the freehold property.
The price worked out to $2,740 per square foot (psf) for the 18,255 sq ft land area. At the time, this was less than that for similar properties in the area, as market watchers said property in the Cluny Hill GCB area could fetch around $3,000 to $4,000 psf.
The property is located in the vicinity of Haidilao chairman and co-founder Zhang Yong’s Gallop Road GCB. Both properties are within walking distance of the Singapore Botanic Gardens.

Failed crypto fund co-founder Zhu Su bags Yarwood GCB (2022)​

[IMG width="860px" alt="Three Arrows Capital co-founder Zhu Su and his family own at least two good class bungalows in Singapore, one in Yarwood Avenue (pictured).
"]https://cassette.sphdigital.com.sg/...136511683a47ad1d4dec858d02d21e181750400[/IMG]
Mr Zhu Su, co-founder of disgraced crypto fund Three Arrows Capital, bought the $48.8 million GCB in Yarwood Avenue in March 2022.PHOTO: ST FILE
Mr Zhu Su, the co-founder of disgraced crypto fund Three Arrows Capital (3AC), bought a $48.8 million GCB in Yarwood Avenue in March 2022.
The bungalow was used as an urban farm managed by a company co-founded by Mr Zhu’s wife, Ms Evelyn Tao, who conducted guided tours and private dining sessions at the site from early 2023.
In 2020, Ms Tao purchased a GCB in Dalvey Road, near the Singapore Botanic Gardens, for $28.5 million. She sold it for $51 million in 2024, despite a court-imposed freeze on some of the couple’s assets.
Ms Kelly Chen, the wife of 3AC co-founder Kyle Davies, bought a bungalow in Ridout Park area in 2021, which was last reported to be in the process of being sold for $37 million.

Nanofilm founder’s wife buys GCB from Sinar Mas co-founder (2021)​

Ms Jin Xiao Qun, the wife of Singapore-listed Nanofilm Technologies International’s founder Shi Xu, purchased a Nassim Road GCB for $128.8 million.
The seller in the deal was Ms Sukmawati Widjaja, who co-founded Sinar Mas Group with her late father Eka Tjipta Widjaja.

E-commerce platform Stamped.io founder picks up Cluny Hill GCB (2021)​

Mr Tommy Ong reportedly splashed $63.7 million on a GCB at 2 Cluny Hill in 2021.PHOTO: SCREENGRAB FROM GOOGLE MAPS
Mr Tommy Ong, the founder of Singapore-based e-commerce marketing platform Stamped.io, reportedly splashed $63.7 million on a GCB at 2 Cluny Hill in 2021.
Mr Ong’s purchase of the property at $4,291 psf for 14,844 sq ft of land marked a landmark deal for 2021 – a year that recorded two GCB sales at more than $4,000 psf.
It surpassed a previous record GCB psf price set by Ms Jin when she bought the Nassim Road GCB.

Hedge fund founder picks up Chinatown shophouses at $25m (2021)​

The Dalio Family Office paid $25.5 million for the units at 44 and 46 Club Street.PHOTO: SCREENGRAB FROM GOOGLE MAPS
Mr Ray Dalio, founder of prominent hedge fund firm Bridgewater Associates, snapped up two shophouses in Club Street in the historic Chinatown area in 2021.
The Dalio Family Office paid $25.5 million for the units at 44 and 46 Club Street.
Mr Dalio announced the opening of a Singapore family office in 2020 to run his investments and philanthropy in the region.

Taiwanese family behind Want Want buys Orchard condo tower (2021)​

Two members of the Taiwanese family behind snack food giant Want Want China Holdings paid $293 million for the entire Eden Tower of the development at 2 Draycott Park.PHOTO: SCREENGRAB FROM GOOGLE MAPS
All 20 units of a freehold luxury condominium development in the Orchard area were snapped up by the Tsai family of Want Want cracker fame.
Two members of the Taiwanese family behind snack food giant Want Want China Holdings paid $293 million for the entire Eden Tower of the development at 2 Draycott Park.

Secretlab CEO bags GCB and penthouse (2021)​

Mr Ian Ang, CEO and co-founder of Secretlab, bought a GCB in the Caldecott Hill area for $36 million in 2021.PHOTO: ST FILE
Mr Ian Ang, co-founder of gaming chair company Secretlab, bought two luxury properties for $51 million in the span of just one week.
In 2021, the Secretlab CEO reportedly acquired a $36 million GCB at 27 Olive Road in the Caldecott Hill Estate. That same week, he bought a $15 million triplex penthouse at Leedon Residence near the Singapore Botanic Gardens. THE BUSINESS TIMES

 

[k1976]

All evidence point to SG is really a safe haven and global elites have full confidence in MIW Good Governance de woh?

Sinki really 有福了?