S’porean co-founder of Secretlab, 29, buys S$51 million penthouse & Good Class Bungalow – Mothership.SG – News from Singapore, Asia and around the world

S’porean co-founder of Secretlab, 29, buys S$51 million penthouse & Good Class Bungalow – Mothership.SG – News from Singapore, Asia and around the world

Ian Ang, the 29-year-old co-founder of gaming chair company Secretlab, has bought two luxury properties amounting to S$51 million in the past week, EdgeProp reports.

They are a S$36 million Good Class Bungalow (GCB) in the Caldecott Hill Estate, and a S$15 million penthouse at Leedon Residence.

Stephen Ho, the Head of Residential Resale Associates at CBRE Singapore who brokered both deals, told EdgeProp that the purchases were made after a “two-year search and much consideration.”

Both properties were purchased at record prices, EdgeProp notes.

Good Class Bungalow

Photo via Google Maps Street View

Ang’s GCB plot sits at approximately 2,176 sqm and comes with a sloping terrain, according to EdgeProp.

Ho said that the property commands an unblocked view of the surrounding greenery, as well as Marina Bay Sands and the city’s skyline in the distance.

The entrepreneur was also attracted by the privacy and tranquility of the location.

GCBs are in a class of their own, different from bungalows.

In Singapore, the property needs to be of a specific size and location criteria before it qualifies as a GCB.

There are currently 39 areas recognised as Good Class Bungalow Areas (GCBAs). Besides Caldecott Hill Estate, a few other addresses include Cluny Hill, Nassim Road, and Eng Neo Avenue.

Additionally, the land plot size must be at least 1,400 sqm, with the size of the bungalow not exceeding 40 per cent of the plot.

EdgeProp reports that Ang plans to demolish and rebuild the existing structure, a double-storey detached house built in 1940.

However, the process is estimated to take at least three years due to constraints brought about by the pandemic, which is why Ang also bought a penthouse for his current living arrangements.

Leedon Residence penthouse

Photo via Zeyu Zhang/Google Maps

On the other hand, the penthouse is a 651 sqm, five-bedroom triplex in the vicinity of Holland Village and Bukit Timah.

Similarly, the unit affords panoramic views of its surroundings, and is one of the only two units at the condominium to do so, Ho revealed.

The purchase comes with perks like a roof terrace with a lap pool, as well as a private lift.

Ang intends to renovate the place before moving in, and when the GCB is completed, the penthouse can also serve as an investment property to be rented out, Ho said.

Photo via Secretlab’s Facebook page

Secretlab was founded in 2015, when the idea of selling gaming chairs at S$300+ might seem insane — at first.

Now, its chairs go for S$500 to more than S$1,000 each.

Ang co-founded it with friend Alaric Choo, whom he had met through strategy video game Starcraft II.

Then 23 years old, he dropped out of school to start the business, investing S$50,000 with Choo.

The duo broke even in a month.

Last year, the company sold its one millionth chair, turning in a profit of S$45 million in FY2020, according to Tech in Asia.

 Top image via Ian Ang’s Facebook page, Fengsheng Wang/Google Maps, Google Maps Street View

This content was originally published here.

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