Grace Wee Jingsi, the youngest child of United Overseas Bank Ltd. CEO Wee Ee Cheong, is buying the so-called good quality bungalow on Ford Avenue.
Singapore’s luxury real estate market grinds to a halt amid a money laundering investigation
Singapore’s luxury real estate market grinds to a halt amid a money laundering investigation
Still, the wealth class, which numbers about 2,800, is extremely coveted by the ultra-wealthy. The March transaction price is greater than double that of a rather larger residence in the world, which sold in 2019 for A$17 million.
The deal also comes amid a renewed deal with where the Wee family’s $10.6 billion fortune will likely be dispersed following the death of its patriarch Wee Cho Yaw in February. According to Bloomberg estimates, Grace’s father, Ee Cheong, became the richest of the late Wee’s children, with a fortune of $4.6 billion.
Grace, a former consultant at Boston Consulting Group, now runs a health club in Singapore and, like Ee Cheong’s two other sons, shouldn’t be actively involved in UOB’s banking business. Grace didn’t reply to an emailed request for comment.
Choo was CEO of Keppel from 2009 to 2013, when the corporate still owned the world’s largest drilling rig manufacturer, a unit he also led before becoming CEO. His time at Keppel was marred by a scandal involving illegal payments the corporate made to officials at Brazilian state-controlled oil company Petroleo Brasileiro SA. Choo didn’t reply to a request for comment sent via LinkedIn.
The unit ultimately agreed to pay $422 million to finish a U.S. investigation into the illegal payments. Keppel, backed by state investor Temasek Holdings Pte, sold its oil rig last yr as a part of a significant restructuring. That same yr, Singapore’s anti-corruption agency announced its decision to not charge unnamed executives allegedly involved within the case, citing insufficient evidence.
