Bin Tong Park house purchased by S$84m daughter of Chinese steel and nickel magnate
The bungalow is built on a basement with a total area of 18,000 sq ft. Six bedrooms are included, along with a 19 metre pool, living, dining and entertaining spaces. There is also a wine room, a theater and a fitness center.
Xiang Yangyang in her mid-30s bought the property of Nitin Sibal. Sibal was a former manager at a hedge fund and now works in the business of software development. He also has his own family office.
Sibal purchased the land for S$37.6m or S$1,338/sqft in 2020.
Xiang Yongyang and He Xiuqin’s mother are Singapore citizens, and it is believed that they are based here.
He is the founder of Tsingshan Holding Group. It is a privately owned company that produces stainless steel, nickel and other metals.
Xiang Guangda in his sixties is the chairman of this group. The history of the group dates back to late 1980s. A couple in Wenzhou started a small car door and window business with a capital of about US$100,000.
The company started manufacturing stainless steel in 1992. Six years after, it changed its name to Tsingshan.
The company has grown rapidly with the goal of lowering manufacturing costs for stainless steel. Tsingshan invested in nickel mining in Indonesia during the 2000s. The group built nickel and stainless steel production complexes in Sulawesi.
Nickel is an important component of stainless steel production. Tsingshan was able to reduce production costs by using this strategy. Tsingshan set up factories also in India and Zimbabwe. Tsingshan is the largest shareholder in Australian Nickel Industries.
Xiang Guangda & Tsingshan kept a low public profile despite their group’s growth over the years. In 2022, however, the group was thrust into the spotlight when they lost a large bet on the nickel price.
Tsingshan lost about US$1billion on this trade but emerged from it relatively unscathed
Tsingshan’s REPT Battero Energy lithium-ion manufacturing unit was listed on the Hong Kong Stock Exchange in December 2023. Xiang Yangyang was present at the listing ceremony. She is listed as a Non-Executive Director of the Group in the listing prospectus.
Singapore’s GCB Areas have the most prestigious landed homes, and strict planning rules are in place to ensure their exclusivity. Planning norms for newly constructed bungalows in GCB Areas include a minimum lot size of 1,400 sq m (15,070 sq ft).
There are only around 2,700 of these properties on the entire island.
Singapore citizens are generally required to own a landed home in a GCB Area
The price is S$2,988 per square foot on land. The buyer’s father is the Chairman of Tsingshan Holding Group. One of the biggest stainless steel and Nickel producers in the World.
The daughter of China born steel-and-nickel tycoon Xiang Guangda now owns a large, brand-new bungalow at Bin Tong Park Good Class Bundalow Area (GCB).
She paid S$84m for the freehold two-storey house, with enough parking space to park 8-10 cars. On a land size of 28,111 sq ft, the price comes out to S$2,988/psf.
