Singapore retail tycoon’s son seeks $83 million mansion sale

Mansions in Singapore. (Photo: Bryan van der Beek/Bloomberg)
Mansions in Singapore. (Photo: Bryan van der Beek/Bloomberg)

By Low De Wei

(Bloomberg) — A scion of the Tang family behind one of Singapore’s iconic department store chains is seeking to sell his mansion for S$83 million ($62 million), amid an upswing in transactions for the the city-state’s most prestigious properties.

The so-called good class bungalow, which sits on more than 0.7 acres of land, was listed by realtor Knight Frank for sale Friday. It’s located in Victoria Park, a wealthy area near the Botanic Gardens, and has covered parking, eight bathrooms and a swimming pool.

The property is owned by Tang Wee Kit, according to a filing seen by Bloomberg News. He’s the son of the late Tang Choon Keng, better known as CK Tang. The China-born tycoon established an iconic department store in Singapore’s main shopping belt, Orchard Road, which still operates there today.

Singapore has seen mansion sales increase lately following a lull that was triggered by rising interest rates and a major money laundering investigation. Recent purchasers include the wife of Sea Ltd.’s billionaire founder Forrest Li, an heir of Chinese metal tycoon Xiang Guangda, and a scion of Singapore’s richest banking dynasty.

The younger Tang, according to business filings, is the managing director of Tang Holdings Pte, an investment holding firm that has various property investments in Singapore and is a majority owner of CK Tang Ltd., which runs the Orchard department store and another outlet in the city’s south.

A spokesperson for CK Tang Ltd. declined to comment while Knight Frank didn’t respond to an emailed request for comment.

©2024 Bloomberg L.P.