Singaporean billioniare Tay Tee Peng sells East Circular Quay apartment

Singaporean billioniare Tay Tee Peng sells East Circular Quay apartment
Jonathan ChancellorMay 18, 2015

Singaporean billioniare Tay Tee Peng has sold Memocorp's East Circular Quay apartment.

It was the weekend's top sale at $3,825,000.

Having been bought in the Toaster complex at 1 Macquarie Street at $1.96 million in 1999, its price growth over the 16 years was at just over 4% a year.

The two bedroom, two bathroom sold through Morton & Morton.

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

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.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
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