Heiress to Chinese metal tycoon acquires $62M Singapore mansion

By Linh Le   April 29, 2024 | 05:00 pm PT
Xiang Yangyang, daughter of Chinese nickel magnate Xiang Guangda, has acquired a mansion in Singapore’s Bin Tong Park enclave, spanning 2,612 square meters, for S$84 million (US$62 million).
A villa with a swimming pool. Illustration photo by Pexels

A villa with a swimming pool. Illustration photo by Pexels

As per Bloomberg News, the sale, completed in mid-April, was confirmed through a source familiar with the transaction who wished to remain anonymous due to the private nature of the deal.

Citing The Business Times, AsiaOne reported that the property purchased by Xiang Yangyang is a two-storey freehold capable of accommodating eight to 10 cars. The mansion includes six bedrooms, along with living, dining, and entertainment areas, and features a 19-meter swimming pool, a wine cellar, a theater, and a gym.

It was previously owned by Nitin Sibal, an ex-hedge fund manager with a background in software and applications development. Sibal had acquired the land for the mansion in 2020 for S$37.6 million.

Xiang Yangyang, who is reportedly in her 30s, and her mother hold Singaporean citizenship.

Her father, 66-year-old Xiang Guangda, is the proprietor of Tsingshan Holding Group Co., the world’s leading producer of nickel and stainless steel. As of April 27, Forbes estimated his net worth to be US$4.6 billion.

This acquisition by the heiress is part of an ongoing trend of notable real estate transactions in Singapore. Earlier this month, Liqian Ma, wife of billionaire Forrest Li, founder of Sea, the largest internet company in Southeast Asia, is reportedly finalizing the purchase of a mansion in the city state for US$31 million.

Grace Wee Jingsi, the youngest daughter of UOB chief executive Wee Ee Cheong, also initiated the acquisition of a high-end bungalow on Ford Avenue for S$39.5 million in March.

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