Razer's Tan Min-Liang in early stage of buying GCB in Third Avenue

GAMING company Razer co-founder and chief executive Tan Min-Liang is in the early stage of buying a Good Class Bungalow (GCB) along Third Avenue for S$52.8 million.

The price works out to S$1,706 per square foot on the freehold land area of 30,954 sq ft.

The property is a short distance from the Sixth Avenue MRT station.

The transaction is at the option-grant stage.

Bungalows in the 39 gazetted GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions stipulated by the Urban Redevelopment Authority (URA) to preserve their exclusivity and low-rise character.

One generally has to be a Singapore citizen to be allowed to acquire a landed property in a GCB Area.

Mr Tan made his fortune through Razer which he co-founded in 2005 with fellow gamer Robert Krakoff. The company, headquartered in Singapore and the US, rode on the success of its gaming mouse and gained a cult-like following.

An initial public offering in November 2017 in Hong Kong raised HK$4.1 billion (S$710 million) for the company and made Mr Tan a billionaire at age 40.

Razer had a market value of HK$17.8 billion as of Friday. In March, it posted net profit of US$5.6 million for its FY2020 ended December, marking its first year of profitability since it went public.

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