Singaporean billionaire Tay Tee Peng sells in Dover Heights

Singaporean billionaire Tay Tee Peng has snappily sold one of his family's Sydney assets.

Tay, ranked Singapore's 25th richest in the latest Forbes rich list, sold the Dover Heights property which comes with panoramic ocean views.

It last traded in April 2000 for $1,175,000. It had been listed for 16 March auction with Ballard Property's Will Manning suggesting about $4 million, but that was well before it was snapped up late last week.

Tay Tee Peng has commercial properties through his private investment company Memocorp, including Suncorp Plaza which was bought for $395 million in 2011.

The Tay family is known throughout Asia for its chain of affordable OG department stores, started in Indonesia as shirtmaker Ocean Garments.

They own a Wentworth Street, Point Piper home that was bought through McGrath agent James Dack in 2012 for $4.25 million.

They also own three townhouses on The Serpentine at Kensington, bought by Memocorp between 1993 and 2007 in the Raleigh Park development.