PETALING JAYA: Diona Teh Li Shian, daughter of the late Tan Sri Teh Hong Piow, the founder of Public Bank, has purchased a Good Class Bungalow currently under construction in Singapore’s Tanglin Hill for S$93.9 million (RM310.8 million), setting a record price per square foot for a luxury mansion in the city-state.
The transaction set a record price of about S$6,197 per square foot. The Business Times first reported on the deal in July.
According to Bloomberg News, Good Class Bungalows are among the most sought-after properties in Singapore, where land is limited, with only around 2,800 available and ownership mainly restricted to locals.
The purchased bungalow is near Orchard Road’s shopping district and several embassies, sitting on a 1,408-square-metre (15,150-square-foot) plot.
Teh did not immediately respond to a query sent by Bloomberg News, while a spokesperson for Public Bank declined to comment.
The report said Meir Homes, a local developer of Good Class Bungalows, is building the mansion on the plot, which was acquired for S$30 million in 2022, according to property records. Its principal Sebestian Soh declined to comment.
The new two-storey house with a basement has a total floor area of 2,756 square metres. It will include Japanese oak in its interior and imported materials from Europe, as well as stone cladding on the outside, according to marketing materials seen by Bloomberg News. The property will also have a 25-metre pool with a tanning deck, a walk-in wine chiller and an 18-seat theatre.
The younger Teh, a Singapore citizen, is one of four children of the late Teh. She has been a public face of the family since the patriarch died in 2022.
Public Bank has since grown into Malaysia’s second-biggest lender by market value. The family still controls over a fifth of the bank’s shares, according to data compiled by Bloomberg.
