Bin Tong Park bungalow bought by daughter of Chinese nickel-steel tycoon
Xiang Yongyang is a Singaporean citizen, as is her mother He Xiuqin. They are based in Singapore.
He and Xiang Guangda founded the privately owned Tsingshan Holding Group. The group is one the world’s largest stainless steel producers and nickel producers.
Xiang Guangda (in his 60s) is the group chairman. Its origins date back to the 1980s when a married couple, with the help of family and friends, started a business in Wenzhou making car windows and door.
Internet news reports state that in 1992, Tsingshan began producing stainless steel. Six year later, it was renamed Tsingshan.
The company was growing rapidly as it focused on lowering the manufacturing costs of stainless steel
Tsingshan made investments in nickel mines throughout the 2000s. The group has set up nickel- and stainless-steel-manufacturing complexes at Sulawesi.
Nickel is a crucial component in the manufacture of stainless, and Tsingshan used this strategy to further lower the cost of production. Tsingshan established factories in India as well as Zimbabwe. It is also the largest shareholder in Australian Nickel Industries.
Xiang Guangda & Tsingshan remained relatively low-key despite the growth of the group. The group’s bet, that nickel prices would drop, was proven wrong in 2022.
Tsingshan, despite suffering a loss of US$1billion from this transaction, emerged relatively untouched from the experience.
Tsingshan’s REPT Battero Energy unit, which manufactures lithium ion batteries, will be listed on Hong Kong Stock Exchange by December 2023. Xiang Yangyang who is listed on the listing prospectus as a group non-executive, attended the ceremony.
Singapore’s GCB Areas include the most exclusive form of landed property, the bungalow. To preserve the exclusivity and low rise character of these bungalows, strict planning regulations are enforced. As part of the planning standard for newly-created bungalows, a minimum land size of 1,570 square feet or 1,400 square meters is required.
Only 2,700 homes of this type are located on the island
Singapore Citizens are required to buy a landed house in a GCB Area.
The price of this land is S$2,988/sqft. The father of the buyer is the chairman at Tsingshan Holding Group. This company is one of world’s largest producers of stainless steel, nickel and other metals.
The daughter Xiang Guangda, a Chinese-born steel and nickel magnate, has purchased a new large bungalow in Bin Tong Park Good Class Bundalow Area.
She paid S$84 Million for a two-storey, freehold property that has space for 8 to 10 cars. The price works out at S$2,988 for every square foot (psf), which is the area of land that measures 28,111 square feet.
The bungalow with its basement has an area built up of around 18,000 sq. ft. It has six bedrooms and a 19-metre swimming pool. There are also living, eating and entertainment areas. The house also has a wine-cellar, a theatre, and a gymnasium.
Xiang Yangyang who is in mid-30s purchased the property from Nitin Sibal who was a former Hedge Fund Manager who worked in the Software and Applications Development business. He also runs a family business.
Sibal bought the land in 2020 for S$37.6million or S$1,338psf.
