The daughter of a Chinese nickel billionaire purchased a multimillion-dollar mansion in Singapore, adding to the list of wealthy people seizing buying opportunities during the market lull.
Xiang Yangyang, the daughter of Xiang Guangda, who owns Tsingshan Holding Group Co., the world’s largest nickel and stainless steelmaker, agreed to buy the 2,612 sqm (28,111 sq ft) house in the country’s Bin Tong Park enclave, according to a property record seen by Bloomberg News.
She paid $84 million for the property, a person familiar with the matter said, requesting not to be named because the information is private. The transaction was completed in mid-April.
The younger Xiang, who is a Singapore citizen according to property records, didn’t respond to a message seeking comment. Tsingshan didn’t immediately respond to a request for comment.
The purchase adds to a handful of deals softening the downturn in Singapore’s luxury property market. Coveted by the uber rich, the city state’s so-called good class bungalows have been hit by high interest rates and a major money laundering investigation.
In recent months, some have taken advantage of the slowdown in the market. The wife of Sea Ltd.’s billionaire co-founder Forrest Li acquired a mansion for US$31 million ($42.5 million) and a scion of Singapore’s richest banking dynasty also dived in.
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The Business Times, which earlier reported the latest transaction, said that the property was bought from Nitin Sibal, a former hedge fund manager involved in the software and applications development business. He bought the land on which the mansion sits for $37.6 million in 2020.
