Daughter of Chinese nickel-steel tycoon bought Bin Tong Park GCB
The bungalow’s total build-up area is approximately 18,000 sq.ft. It features six bedrooms as well as an indoor pool of 19 meters and areas for dining, entertainment and living. Also included are a cinema, a gym and a cellar.
Xiang Yangyang (in her mid-30s) bought the house from Nitin Sibal. Sibal used to be a hedge fund manager, but now he is involved with the development of software and applications. He also owns a family office.
Sibal built his property on the same site as an old bungalow which he bought in 2020 for S$37.6 millions or S$1,338 sq ft.
Xiang Yongyang’s mother, He Xiuqin is a Singapore citizen and is based there.
The price comes out to S$2,988/sqft on land. Buyer’s dad is the chairman Tsingshan Holding Group
The daughter Xiang Guangda of China, a steel-and nickel magnate has acquired a large new bungalow in Bin Tong Park Good Class Bundalow Area.
She paid S$84million for the freehold, two-storey property with parking space for up to 10 vehicles. The price is S$2,988 each square foot for the 28,111 square foot land area.
He and Xiang Guangda were the founders behind the privately-held Tsingshan Holding Group. Tsingshan is the world’s biggest producer of nickel and stainless steel.
Xiang Guangda who is in the 60s is the head of the group. Its beginnings go back to late 1980s. In Wenzhou, a couple with family and friends invested US$100,000.
Internet news reports claim that Tsingshan was renamed Tsingshan in 1996, six years after the venture into stainless steel manufacturing.
The company’s growth was rapid, and it was aimed at reducing manufacturing costs. Tsingshan began to invest in nickel-mines in Indonesia in the early 2000s. The group created nickel and steel manufacturing facilities in Sulawesi.
Tsingshan’s strategy of using nickel as a primary component of the stainless steel helped it to further reduce the price of the stainless steel. Tsingshan opened factories in India and Zimbabwe. It is also the biggest investor in Australian Nickel Industries.
Xiang Guangda et Tsingshan were generally low-profile despite a group that has grown over the past few years. They came to the forefront in 2022 because a bet they made on nickel prices falling was incorrect.
Tsingshan’s loss was about US$1 Billion, but it emerged from the event relatively unscathed
Tsingshan’s REPT Battero Energy manufacturing unit will be floated at the Hong Kong Stock Exchange on December 20, 2023. Xiang Yangyang – who is listed in a listing prospectus of the group as a “non-executive” director – attended the listing.
Singapore’s GCB Areas contain the most prestigious landed housing, with the strictest planning conditions in order to preserve its exclusivity. For newly created bungalows located in GCB Areas, a minimum of 1,400 square metres (15,070 sq ft) is specified as the standard planning size.
The island has only around 2,700 such homes, so owning one is “rare”.
Singapore citizenship is required in most cases to purchase a landed property within a GCB Area.
