Bin Tong Park home purchased by the daughter of a Chinese steel and nickel tycoon for S$84million
The buyer’s father, who is chairman of Tsingshan Holding Group – one of the largest stainless steel and nickel producers in the world – owns the property.
The daughter of China’s steel and nickel magnate Xiang Guangda is now the proud owner of a brand new bungalow located in Bin Tong Park Good Class (GCB) Area, Singapore.
The two-storey property has parking for eight to ten cars
She paid S$84m. The price is S$2,988 a square foot on a land area of 28111 square feet.
The bungalow has a basement and a built-up total of approximately 18,000 square feet. The bungalow has six bedrooms, as well as a pool measuring 19 metres and living, dining, and entertainment areas. A wine cellar, theatre and gym are also included.
Xiang Yangyang is a woman in her 30s who bought the property off Nitin Sibal. Sibal is a former hedge-fund manager and is now involved in software and application development. He has a private office.
Sibal constructed the property in 2020 on the site of the old bungalow that he purchased for S$37.6 Million or almost S$1,338 per sq. ft.
Xiang Yayang, and her mother He Xiuqin are Singaporeans and are believed to be based in Singapore.
He and Xiang Guangda are the founders and owners of Tsingshan Holding Group. This privately-held company is one of the world’s largest producers of stainless steel and nickel.
Xiang Guangda is the group’s Chairman. He is in his 60s. The group’s history dates back to the late 80s when a couple started a small company in Wenzhou that produced car windows and doors. They raised about US$100,000.000 from friends and family.
According to Internet news articles, in 1992 the company began manufacturing stainless steel. Six years later it was renamed Tsingshan.
The company expanded rapidly and focused on reducing the costs of manufacturing stainless steel
Tsingshan began investing in nickel mines of Indonesia in the 2000s. The group established nickel and stainless-steel manufacturing complexes on Sulawesi.
This strategy, which relies heavily on nickel in the production process of stainless-steel, helped Tsingshan further reduce its production costs. Tsingshan has also established factories in India, Zimbabwe. The company is the largest shareholder of Nickel Industries, an Australian company.
Xiang Guangda, and Tsingshan have kept a low-profile despite the expansion of the group over the years. They were thrust into the spotlight in 2022 after a group bet that nickel prices will fall was wrong.
Tsingshan suffered a loss of about US$1 billion from this trade, but was relatively unharmed by the incident
The Hong Kong Stock Exchange will list Tsingshan’s lithium-ion batteries manufacturing unit REPT Battero Energy in December 2023. Xiang Yangyang attended the listing. He is listed in the prospectus as a non executive director of the company.
The 39 gazetted GCB Areas, which are Singapore’s most exclusive landed housing form, have strict planning requirements to maintain their exclusivity and character. The minimum size of a plot for newly built bungalows within GCB Areas is 1,400 sq m or 15,070 square feet.
Owning one of the 2,700 properties is a “rare” opportunity.
In general, one must be a Singaporean citizen in order to purchase a landed estate within a GCB Area.
