Singapore Bungalow: Billionaire's Granddaughter Pays $19 Million

Photo: Bloomberg

A major transaction has been recorded in Singapore’s luxury housing market: a private home in a prestigious area was sold for 25 million Singapore dollars ($19 million). The property falls under the rare Good Class Bungalow (GCB) category, which requires special government approval for acquisition, according to Bloomberg.

The buyer is Mimi Yuliana Maeloa, granddaughter of the late billionaire Eka Tjipta Widjaja—founder of the Indonesian conglomerate Sinar Mas—and daughter of Sukmawati Widjaja (Oei Siu Hoa), who holds a leadership role in the family business. The 767-square-meter residence is located on Chatsworth Avenue, near the Orchard Road retail district. The deal was finalized in June, based on property records.

Maeloa is a Singapore citizen. She previously worked at investment banks including Goldman Sachs, and since 2010 has served as director of Top Global Ltd, a real estate company tied to the Widjaja family. In 2022, she also founded and began managing the family office SW Global Management Pte.

The seller was Raymond Fie, CEO of a Singapore-based consumer electronics and office supply distributor. His name appears in corporate and land records. Neither party has commented on the transaction details.

The house is classified as a Good Class Bungalow—an exclusive and strictly regulated form of landed property in Singapore. Only about 2,800 such homes exist nationwide. They are situated in Singapore’s most prestigious residential zones, known for high privacy and stringent planning restrictions. Foreigners must obtain government approval to purchase a GCB.

Prices for such properties remain sky-high. In early 2025, a bungalow in the Tanglin Hill area was sold to an heir of a Malaysian banking dynasty for 93.9 million SGD. The price per square foot reached 6,197 SGD—twice the rate of the Chatsworth Avenue home. Neither Maeloa nor Fie provided public comment.

Interest in ultra-luxury properties in Singapore remains strong. In June 2025, at least four apartments were sold at prices above 10 million SGD ($7.84 million). However, several high-end projects have struggled. For example, W Residences Marina View, located in the central business district and developed by IOI Properties with Marriott’s involvement, had only two units reserved out of 683. Prices start at 1.8 million SGD ($1.32 million), with square foot rates from 3,200 SGD ($2,500). Five-bedroom penthouses are listed from 11.6 million SGD.

A similar pattern is seen at Skywaters Residences, developed by Perennial Holdings and Alibaba Group. Over a year since its launch, only two of 190 apartments have been sold—one for 47.3 million SGD and another for 30.9 million. Developer City Developments Ltd. remains cautious: despite plans for 246 units and serviced apartments at Newport Residences, the sales launch date has not yet been announced.

According to Savills, in Q1 2025 the average price of premium non-landed units stood at 2,612 SGD per square foot ($2,038), only 0.6% above Q4 2024. Knight Frank also reports deceleration: Q1 prices in core central regions grew by just 0.6% quarterly and 1.7% year-on-year, while suburban growth was higher.

Analysts attribute the slowdown to multiple factors. In 2023, Singapore doubled the property purchase tax for foreigners—from 30% to 60%—reducing the buyer pool and increasing price sensitivity. Most premium properties are still under construction, and penalties for backing out of deals make buyers more cautious. Developers are reluctant to lower prices, still targeting wealthy locals and resident expats, who face significantly lower tax rates.

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