Singapore’s luxury real estate market has reached a new milestone with the record-breaking sale of a Good Class Bungalow (GCB) in Tanglin Hill. Banking heiress Diona Teh Li Shian, daughter of Public Bank founder Teh Hong Piow, has acquired the prestigious property for S$93.9 million, setting a new per-square-foot price record. The transaction underscores the resilience of Singapore’s high-end property sector, driven by ultra-high-net-worth individuals seeking exclusivity and prime real estate investments.
Record-Breaking Good Class Bungalow Sale
Diona Teh’s purchase of the Tanglin Hill GCB has set a new benchmark in Singapore’s luxury housing market, with the transaction price translating to S$6,197 per square foot. This surpasses previous GCB records, including the 2023 sale of three Nassim Road properties at approximately S$4,500 per square foot. With only 2,800 GCBs in Singapore and ownership primarily restricted to citizens, these properties remain among the most coveted in the nation.
Prime Location and Exclusive Amenities
The newly acquired GCB sits on a 15,150-square-foot plot near Orchard Road and several embassies. Once completed, the two-story mansion will boast a 2,756-square-meter floor area, featuring luxurious elements such as a 25-meter swimming pool with a tanning deck, an 18-seat private theatre, and a walk-in wine chiller. The home’s interior will be adorned with high-end finishes, including Japanese oak and imported European materials, ensuring an opulent living experience.
Developer and Property Background
Meir Homes, a leading Singaporean developer specializing in high-end GCBs, is overseeing the construction of the Tanglin Hill residence. The developer initially acquired the land for S$30 million in 2022 and has since designed the new mansion to reflect the elite standards of Singapore’s premier residential districts. The Business Times first reported the early stages of the deal in July, highlighting the increasing demand for ultra-luxury homes in Singapore.
Diona Teh’s Growing Public Profile
As a Singaporean citizen, Diona Teh meets the strict ownership criteria for GCBs. She is one of four children of the late Teh Hong Piow, the founder of Malaysia’s second-largest bank, Public Bank. Since her father’s passing in 2022, Teh has taken a more visible role in the family’s business and philanthropic efforts. The Teh family maintains a significant 20% stake in Public Bank, further cementing their financial influence in the region.
Singapore’s Resilient Luxury Property Market
Despite global economic uncertainties, Singapore’s ultra-high-end real estate market remains strong. Analysts note that demand for GCBs continues to rise, driven by a combination of local wealth accumulation and strategic cross-border investments. The Tanglin Hill transaction is part of a broader trend where affluent Malaysian families are increasingly investing in Singapore’s prime real estate market, reinforcing the city-state’s appeal as a financial and lifestyle hub.
Transparency Concerns in High-Value Transactions
While high-profile GCB transactions occasionally make headlines, many remain private. Bloomberg previously reported that nearly half of all GCB transactions in 2024 lacked property caveats, allowing buyers to maintain confidentiality. While this discretion benefits wealthy investors, it also raises concerns about market transparency and regulatory oversight in Singapore’s high-value real estate sector.
Conclusion:
The S$93.9 million sale of the Tanglin Hill Good Class Bungalow marks a significant moment in Singapore’s luxury property market. Diona Teh Li Shian’s record-breaking purchase highlights the continued demand for exclusive real estate among ultra-high-net-worth individuals. With construction underway, the property is set to become one of Singapore’s landmark residences, reinforcing the city-state’s status as a top destination for premier real estate investments.
