Billionaire Scion Pays $19 Million for Singapore Bungalow | Company Business News

(Bloomberg) — A granddaughter of the late Indonesian billionaire Eka Tjipta Widjaja has purchased one of Singapore’s highly coveted bungalows for S$25 million ($19 million).

Mimi Yuliana Maeloa bought the house covering almost 767 square meters (8,256 square feet) on Chatsworth Avenue, according to a property filing in late June seen by Bloomberg News. The house is near the country’s main Orchard Road shopping belt.

Maeloa, a Singapore citizen, is the daughter of Sukmawati Widjaja, also known as Oei Siu Hoa. Widjaja is one of the children of the late tycoon, who built a multi-billion dollar empire with businesses spanning paper and pulp to financial services before his death in 2019.

Maeloa formerly worked at investment banks including Goldman Sachs Group Inc., and has been a director since 2010 at Top Global Ltd, one of the property firms run by her clan. She’s also the director of a family office registered in 2022, known as SW Global Management Pte, according to corporate filings seen by Bloomberg News.

The bungalow is being sold by Raymond Phee, who’s the chief executive officer of a local distributor of electrical appliances and stationery among various other roles, according to property and corporate filings. 

Maeloa and Phee didn’t respond to requests for comment.

The home is located in a so-called good class bungalow area, designated for opulent mansions. There are only about 2,800 of these properties, making them highly sought after by the ultra rich. Foreigners face major hurdles to acquire them, including a need for government approval. 

Some homes can fetch eye-watering prices. A mansion in Tanglin Hill sold for S$93.9 million earlier this year to a Malaysian banking scion. That set a new record of S$6,197 per square foot, more than twice the rate for the Chatsworth property.

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