Grab CEO’s Family Buys a Good Class Bungalow for S$40 Million

The pandemic may have proven to be adverse for most entrepreneurs, but it seems that co-founder and CEO of Grab, Anthony Tan, is still managing to make ends meet.

After all, you don’t usually buy a Good Class Bungalow when you’re flat broke… right?

Grab CEO’s Family Buys a Good Class Bungalow for S$40 Million

According to reports, the family, Tan has procured a spot in the coveted Bin Tong Park Good Class Bungalow (GCB) Area in Singapore.

And lest you’re wondering about the purchase amount, it stands at a whopping S$40 million.

We can only dream.

According to the Business Times (BT), the area is situated in District 10. No, not a neighbouring district of Katniss Everdeen’s, but an actual affluent spot right here in Singapore, near Holland Village and Leedon Park.

In addition, Good Class Bungalows here are said to be surrounded by massive spaces of greenery. Scenic spots also include Singapore’s highest hill, horse race tracks, nature reserves and open parks.

Apparently, the newly bought property was owned by a doctor, and a deal had actually been made a few months ago.

The finalisation of the contract, however, only occurred now.

The couple is believed to have intentions of redeveloping the property.

The GCB, a property that’s fundamentally considered to differ from routine bungalows, boasts a freehold land area of 21,637 square feet.

It was purchased at S$1,849 per square foot.

Background

For those unaware, Tan, 39, is actually born in Malaysia, and to the Tan Chong Motor family, no less.

Despite his affluent background, however, he chose to make a name for himself in 2012, by co-founding the now-massive Singapore-based ride-hailing and delivery start-up Grab.

In 2015, he won the hand of Chloe Tong, the daughter of Edge Media Group owner Tong Kooi Ong, and also became a Singapore citizen the following year.

According to reports, Grab isn’t done with monopolising the Singaporean ride-hailing market.

It’s set to go public in the U.S. at a staggering US$39.6 billion (S$53 billion), a feat expected to occur in the fourth quarter of 2021.

The deal is also expected to fast track Tan’s net worth to US$829 million. He is currently valued at  USS$380 million (S$514 million).

Grab’s Incredible Comeback

At the end of October 2020, Grab announced that their group revenue (Grab, GrabFood, etc) has already recovered to over 95% of pre-Covid-19 levels.

According to an emailed newsletter to employees, the President of Grab Ming Maa said that Grab is recovering steadily with the entire group’s revenue recovering by 95% of pre-Covid-19 level revenues in the third quarter of 2020.

Of these, the food delivery business performed the best, accounting for more than 50% of the total revenue, which isn’t surprising considering that Singapore’s the foodie nation.

This is incredible considering how just months ago, they were struggling with a sudden drop in ride-hailing demand.

They even had to let go of under 5 per cent of their employees, a figure estimated to be around 360 Grabbers.

Featured Image: Facebook (Grab); Google Maps