Banking Heiress Billionaire Grace Wee Jingsi Acquires $29 Million Singapore Mansion

Grace Wee Jingsi, the youngest daughter of United Overseas Bank Ltd.’s CEO, Wee Ee Cheong, is set to purchase a luxurious $29 million mansion, capitalizing on a temporary dip in Singapore’s high-end real estate market. According to property filings from March, Wee is buying a prestigious “good class bungalow” located on Ford Avenue.

The mansion is currently co-owned by Choo Chiau Beng, a former CEO of Keppel Ltd., and Singapore’s non-resident ambassador to Brazil. Choo purchased the 19,500-square-foot property in 2007, the records indicate.

This sale follows a sluggish 2023 for Singapore’s luxury property market, which was impacted by a high-profile money laundering scandal and rising interest rates. Transactions involving good class bungalows, a highly sought-after property category with approximately 2,800 units, hit their lowest point since 1996, according to CBRE Group Inc.

Despite the market downturn, these properties remain in high demand among the ultra-wealthy. The price of the March transaction is more than double the amount paid for a slightly larger nearby mansion, which sold for S$17 million in 2019.

The purchase comes at a time of renewed interest in the future of the Wee family’s $10.6 billion fortune following the death of its patriarch, Wee Cho Yaw, in February. Grace’s father, Ee Cheong, now the wealthiest among Wee Cho Yaw’s children, has an estimated net worth of $4.6 billion.

Grace, who previously worked as a consultant at Boston Consulting Group and currently manages a wellness club in Singapore, is not actively involved in the family’s banking operations, similar to her two brothers. She did not respond to requests for comment.

Choo, who led Keppel from 2009 to 2013, when it was still the world’s largest oil rig builder, faced controversy during his tenure due to illegal payments made by the company to Brazilian officials. Keppel later agreed to a $422 million settlement to resolve a U.S. investigation into the matter. Choo also declined to comment on the sale.

In a major restructuring last year, Keppel sold off its oil rig business. Singapore’s anti-corruption agency decided not to pursue charges against executives allegedly involved in the bribery scandal, citing a lack of sufficient evidence.

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