Ian Ang, CEO and co-founder of the gaming chair manufacturer Secretlab just bought two luxury properties last week worth $ 51 million.
According to Edge property, The 28-year-old spent the money on a good-class bungalow (GCB) at 27 Olive Road in Caldecott Hill for $ 36 million, and a three-bed penthouse at Leedon Residence for $ 7 million, for $ 15 million.
They are based on warnings filed on June 24 and 28. The property is owned and located in the main districts.
A spokesman who mediated both transactions on Ian’s behalf, Stephen Ho, vice president of residential services at CBRE Singapore, said the purchase was not an impulse purchase, but was made after a two-year search and long deliberation.
GCB sits on a plot of 23,424 square meters with a sloping terrain. It offers a 270-degree view of Caldecott Hill, Mount Pleasant and Singapore Polo Club.
If one squints into the distance, one can also see Marina Bay Sands and the city.
According to the broker, the main move on the site is an unblocked view of the greenery and the sky. Privacy and location are also a plus.
The $ 36 million GCB exceeds $ 1,537 per square foot, setting a new high for the Caldecott Hill estate.
Ian is said to be planning to demolish and renovate an existing two-story detached house built in 1940 and is currently choosing an architect.
In the meantime, Ian will be used in the penthouse, while he waits for the new GCB to be ready. Construction will take at least three years, given the longer construction schedule due to the downtime of the Covid-19.
According to Stephen, the Leedon Residence penthouse will be used for investment purposes such as renting in the future.
Secretlab’s success is on the rise
The highlight of Covid-19 saw more people working from home, and with it the surge in sales of gaming chairs by Secretlab.
Born and raised, the gaming manufacturer in Singapore has been making waves around the world. It was founded by former professional players Ian and Alaric Choo with their own capital in 2014. The company is then became profitable in just a year.
In 2019, Heliconia Capital Management – a subsidiary of Singapore’s state-owned investment company Temasek Holdings – invested in a minority stake that reportedly gave Secretlab’s total estimate at over $ 200 million.
The company’s award-winning chairs cost approximately $ 500 to $ 600 apiece, and video game enthusiasts and non-gamers are thrilled.
Secretlab annually produces more than 300,000 chairs that are sold in over 60 countries.
The majority of the company’s sales come from North America, which accounts for over 50 percent of total sales. Meanwhile, the Singapore market occupies five percent of the pie.
Last year, Ian was also named Singapore’s EY Entrepreneur of the Year, making him the youngest winner in the history of the awards since they started 18 years ago.
Credit for featured images: EY
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