In a high-profile real estate transaction, a prominent shipping entrepreneur has purchased an opulent bungalow in Singapore’s coveted Leedon Park Good Class Bungalow Area for a staggering S$45.8 million, translating to S$2,929 per square foot based on its expansive 15,636 square feet of freehold land.

This luxurious two-storey residence, built just 14 years ago, features a well-appointed basement and is brimming with upscale amenities. Developed by renowned bungalow investor George Lim, the property previously changed hands in October 2012 for S$33 million, marking then a record high of S$2,111 psf for a bungalow in this prestigious GCB Area.

The estate showcases five en-suite bedrooms, including a lavish master suite with an adjoining study. The ground floor boasts a spacious dining area with a patio, a stylish living room, and an entertainment room alongside a dedicated games room. The meticulously planned basement offers a media room, a wine cellar, a gymnasium, and facilities for relaxation, including steam and sauna rooms. For added convenience, the home is equipped with a lift and features a shimmering swimming pool.

The affluent buyer is reportedly Guo Ningbo, a 47-year-old entrepreneur and co-founder of Pioneer Logistics Holdings, a leading ship owner and operator specializing in bulk carriers and oil tankers. The company, established in 2019, was founded alongside his business partner, Xue Bing. Guo's experience in the shipping industry is well-respected, having previously held an executive position at Winning International Group, a prominent name in shipping and global bauxite supply. Meanwhile, Xue has a strong background, having worked with Cosco's dry bulk shipping division.

Since its inception, Pioneer Logistics has expanded rapidly, venturing into container shipping markets with the establishment of Pioneer Line in late 2020. The group has since diversified into various other shipping ventures, including subsidiaries focusing on tanker operations and ship management services.

Singapore’s Good Class Bungalows, particularly those in the 39 gazetted GCB Areas, are renowned for their exclusivity, with strict regulations ensuring their low-rise character and luxurious lifestyle appeal. The minimum land plot requirement for new bungalows in these areas is set at 1,400 square meters (approximately 15,070 sq ft). There are only about 2,700 such bungalows within these prestigious enclaves, and prospective buyers often need Singapore citizenship to purchase landed properties there.

Notably, Xue Bing himself made headlines in 2022 when he bought a bungalow in the Cornwall Gardens GCB Area for nearly S$40.5 million, further solidifying the duo's status within Singapore’s elite real estate circles.

With the recent acquisition, Guo Ningbo joins a select group of affluent property owners in one of Asia’s most sought-after residential landscapes, signaling ongoing demand and investment potential in Singapore’s high-end real estate market.