The CEO of TikTok is reportedly in talks to buy a S$86m bungalow in Singapore
Shou Zi Chew, the 38-year-old who became TikTok's new CEO in May, is expected to rebuild the bungalow, which appears to be old and dilapidated.
The property is in the Queen Astrid Park area of Singapore'saffluent 10th district, known for its upscale residential estates and top-tier schools. The lot spans 31,800 square feet and is currently occupied by an older, run-down bungalow. According to the Times, Chew is expected to redevelop the existing house. Chew did not immediately respond to Insider's request for comment, and a TikTok spokesperson declined to comment on the CEO's reported purchase.
The home is considered a "good class bungalow" - the most coveted type of housing in Singapore, which is only found in certain areas and must have a land area of at least 15,000 square feet.Buyers are drawn to Queen Astrid Park for its air of exclusivity, according to local broker Bruce Lye.
Katie Warren/InsiderIf it goes through, the sale would be the most expensive ever in Queen Astrid Park, according to Bruce Lye, the cofounder and managing partner at Singapore Realtors Inc."It sets a new benchmark for the area," Lye told Insider, adding that buyers are drawn to Queen Astrid Park for its exclusivity. "You just don't see many transactions happening in that area because it's very rare for people to sell." headtopics.com
Queen Astrid Park in Singapore.Katie Warren/InsiderIn addition to the location, the selling points of Chew's reported new property are its size and the fact that it's relatively level, which will make it easier for the CEO to build a new bungalow on the land, Lye said.
Good class bungalows are a hot commodityChew, 38, is not the only millionaire tech entrepreneur to snap up a good class bungalow in Singapore this summer. Read more: Yahoo Singapore »
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Another foreign born is buying GCB, a piece of heritage, but Singaporeans are queuing years for BTO! That’s how Singapore become, not looking after its own anymore. leehsienloong PAPSingapore ProgressSgParty wpsg ChannelNewsAsia tocsg MothershipSG allsgstuff yourSDP