- According to Singapore’s Business Times, TikTok CEO Shou Zizhou is negotiating to purchase a US$64 million bungalow in Singapore.
- The 38-year-old Chew became TikTok’s chief executive officer in May after joining the parent company ByteDance as the chief financial officer.
- The CEO is expected to redevelop this seemingly old and dilapidated bungalow.
- For more stories, please visit Business Insider.
TikTok’s new CEO Zhou Shouzi The “initial stage” of buying a house in Singapore According to the Business Times, the price is S$86 million, or approximately US$63.5 million.
The property is located in the Queen Astrid Park area of Singapore Wealthy tenth district, Is famous for its high-end residential areas and first-class schools. The plot covers an area of 31,800 square feet and is currently occupied by a dilapidated bungalow. According to the Times, Zhou is expected to redevelop the existing houses. Chew did not immediately respond to Insider’s request for comment, and a TikTok spokesperson declined to comment on the acquisition reported by the CEO.
Home is considered “First class bungalow“-The most coveted house type in Singapore, which can only be found in certain areas and must have a land area of at least 15,000 square feet.
Bruce Lye, the co-founder and managing partner of Singapore Real Estate Brokers, said that if successful, the deal would be the most expensive transaction ever in Queen Astrid Park.
“It sets a new benchmark for the area,” Lye told Insider, adding that the uniqueness of Queen Astrid Park attracted buyers. “You just don’t see many transactions happening in that area because people rarely sell.”
Lye said that apart from the location, the selling point of the new property reported by Chew is the fact that it’s size and relative level, which will make it easier for the CEO to build a new bungalow on this land.
High-quality bungalows are a hot commodity
This summer, 38-year-old Chew is not the only millionaire tech entrepreneur who has snapped up high-quality bungalows in Singapore.
In July, Anthony Tan, the CEO of the ride-sharing app Grab, Spent about 30 million dollars to buy a high-quality bungalow In the nearby Bintang Park.A few weeks ago, the 28-year-old CEO of game company SecretLab Spent nearly 27 million US dollars to buy a high-end bungalow In Catic Mountain. In May, Lye facilitated Sale of high-quality bungalows for US$47 million Technology entrepreneurs to Cluny Hill, less than a 10-minute drive from Queen Astrid Park.
“The trend we are seeing now is that when these technicians buy, most of them are buying for their profession,” Lai said.
“They want to put this [land] It’s really long-term and build the house of their dreams,” Ley added.
only Two other nice bungalows It is currently listed for sale in Queen Astrid Park, one of which is priced at about 63 million U.S. dollars, and the other can be priced upon request.
Chew is a Singaporean, he is Hired as Chief Financial Officer After serving as the CFO of Xiaomi Technology for several years, he joined TikTok’s parent company ByteDance in March. In May, Zhou was appointed as the new CEO of TikTok, succeeding Kevin Meyer, Had only played a role for three months before him Resign in August 2020 There are rumors that it may acquire TikTok and threaten then President Donald Trump Ban application.
According to his LinkedIn profile, Zhou studied economics at University College London before entering Harvard Business School. He and his wife Vivian Kao-who also attended Harvard Business School- Have lived in London, Hong Kong and Beijing According to the South China Morning Post, before returning to Singapore.
