She paid $84 million for the property, a person familiar with the matter said, requesting not to be named because the information is private. The transaction was completed in mid-April.
The younger Xiang, who is a Singapore citizen according to property records, didn’t respond to a message seeking comment. Tsingshan didn’t immediately respond to a request for comment.
The purchase adds to a handful of deals softening the downturn in Singapore’s luxury property market. Coveted by the uber rich, the city state’s so-called good class bungalows have been hit by high interest rates and a major money laundering investigation.
In recent months, some have taken advantage of the slowdown in the market. The wife of Sea Ltd.’s billionaire co-founder Forrest Li acquired a mansion for US$31 million ($42.5 million) and a scion of Singapore’s richest banking dynasty also dived in.
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The Business Times, which earlier reported the latest transaction, said that the property was bought from Nitin Sibal, a former hedge fund manager involved in the software and applications development business. He bought the land on which the mansion sits for $37.6 million in 2020.
