Million Dollar
Homes

Amid a downturn in Singapore's upscale real estate market, Grace Wee Jingsi, the youngest child of United Overseas Bank Ltd. CEO Wee Ee Cheong, is acquiring a S$39.5 million ($29 million) residence, according to property documents seen by Bloomberg News. The mansion, located at Ford Avenue, is described as a "good class bungalow" and is co-owned by former Keppel Ltd. CEO Choo Chiau Beng.

The purchase comes after a sluggish 2023 for Singapore's luxury property market, marked by a significant money laundering scandal and high interest rates. Despite this, demand remains high for such properties, of which there are approximately 2,800. The deal also coincides with renewed attention on the distribution of the Wee family's $10.6 billion wealth following the passing of patriarch Wee Cho Yaw in February.

Grace Wee, a former consultant at Boston Consulting Group, is not directly involved in UOB's banking operations, unlike her father and brothers. Choo Chiau Beng, who served as Keppel's CEO from 2009 to 2013, faced a scandal involving unlawful payments made by the company to representatives of Petroleo Brasileiro SA, leading to a $422 million settlement in the US.

In a significant reorganization last year, Keppel sold off its oil rig division with the support of state investor Temasek Holdings Pte. Singapore's anti-graft bureau announced that it would not be charging anonymous executives allegedly implicated in the case due to inadequate evidence.