Diona Teh Li Shian, the Singaporean daughter of late Malaysian banking magnate Teh Hong Piow, has purchased a Good Class Bungalow (GCB) in the prestigious Tanglin Hill area for S$93.9 million.
The transaction sets a new record for GCB land sales in Singapore, with the purchase price translating to S$6,197 per square foot.
According to Bloomberg, this exceeds the previous record of approximately S$4,500 per square foot, which was set in 2023 through the sale of three GCBs along Nassim Road.
The property, currently under development by Meir Homes, occupies a 15,150 square foot plot and was acquired for S$30 million in 2022.
It is located near Orchard Road and is part of an elite housing category with only about 2,800 GCBs available across Singapore.
GCB ownership is typically limited to Singaporean citizens. Bloomberg reports that Teh holds Singaporean citizenship, thereby meeting this criterion.
The upcoming two-storey mansion will feature a total floor area of 2,756 square metres and is designed to include luxury amenities such as a 25-metre pool with tanning deck, an 18-seater theatre, and a walk-in wine chiller.
The Business Times earlier reported that the house will also offer six bedrooms and garage space for more than a dozen vehicles.
The home’s interior is set to feature high-end finishes, including Japanese Oak and materials imported from Europe, aligning with the standards expected of GCB developments in Singapore’s prime districts.
Diona Teh is one of four daughters of Teh Hong Piow, who founded Public Bank Bhd., a Malaysian financial institution.
The bank, headquartered in Kuala Lumpur, is currently Malaysia’s second-largest lender. The Teh family reportedly maintains a 20% stake in the bank, according to Bloomberg.
Following the death of her father in 2022, Diona Teh has emerged as the public face of the family.
Her name has been associated with philanthropic and financial initiatives in both Malaysia and Singapore.
While the price tag has captured attention for its record-breaking status, the deal also underscores continued interest among ultra-high-net-worth individuals in Singapore’s luxury property segment.
Market analysts have noted that high-end residential property in Singapore remains resilient despite broader economic uncertainties.
The sale is also indicative of continued cross-border wealth movements, with individuals from affluent Malaysian families making strategic investments in Singapore’s real estate sector.
The purchase by Teh adds to a growing trend of high-profile transactions within Singapore’s exclusive GCB areas, which include Nassim, Cluny, and Chatsworth Park, alongside Tanglin Hill.
Such transactions often remain private, as Bloomberg previously noted that nearly half of GCB transactions in 2024 lacked property caveats—legal filings that record ownership and ensure transparency.
This trend allows buyers to keep transactions hidden from public scrutiny, raising concerns about oversight in the high-value property market.
However, when disclosed, these transactions offer rare insights into the preferences and investment choices of Asia’s ultra-wealthy families.
The Tanglin Hill area, where the bungalow is located, is among the most desirable addresses in Singapore, offering both exclusivity and proximity to the central business district.
With construction still underway, the property is expected to join a list of landmark residences in Singapore’s luxury housing market once completed.