In High-Rise Happy Singapore, a Luxury Single-Family Home Bucks the Trend
A local couple tore down their bungalow to create a four-story, seven-bedroom house for a total cost of $4.2 million
4 min
A single-family home is the exception to the rule in high-rise Singapore, where most of the city-state’s 5.5 million residents live in apartments. So when it came time for Mark Tan and Stella Gwee to trade in their starter bungalow for something larger and grander, they decided to stay put, tear down and begin again on their rare 1/10th-acre lot.
In 2009, Tan, now 48, and Gwee, 46, paid 2.2 million Singapore dollars, or about US$1.6 million, for their original 1,500-square-foot house, located in a single-family enclave in Singapore’s North-East region. The couple then spent $2.6 million to replace the three-bedroom, semidetached structure, built in a Balinese-fusion style, with a four-story, seven-bedroom brick house that combines Asian and Western elements across 7,400 square feet.
In all, Tan and Gwee have invested just over $4.2 million in their new home. Multi-bedroom Singapore homes of a similar size could sell now for twice that.
The couple—Gwee works with her husband, a local entrepreneur—began demolition in 2020, relocating with their two children, Xavier, now 17, and Andrea, 13, to a nearby rental for the two years of construction. The family, along with dogs Furry and Brownie, moved into the finished house in early 2022.
The new home’s standout feature is a landscaped vertical courtyard, rising nearly 40 feet. “A lot of Singaporeans won’t sacrifice the space to build a courtyard like this,” says Tan, a Singapore native, who grew up nearby.
Enclosed by a skylight, the space is outfitted at the top with a large industrial fan 8 feet in diameter that is powerful enough to ventilate a factory floor. Made by Southern California’s MacroAir, the fan helps the family keep cool in Singapore’s year-round tropical weather. It is part of a $74,000 climate-control system that allows every room individual air-conditioning units.
The flora-rich courtyard, featuring an indoor koi pond and fronted by an open-air outdoor swimming pool, opens to the street at its base between the pool and the pond. The house can be closed off and revert entirely to air conditioning on especially hot days.
The open-plan first floor includes living and dining areas, and has space enough for a Steinway piano for music student Andrea. The second floor is given over to a mahjong room that doubles as a guest bedroom and a study. The bedrooms are on the third floor. The fourth floor serves as a penthouse recreation room for the kids and their friends.
The elevator makes for easy transitions, but Tan says his health-conscious wife takes the stairs.
Windows and terraces orient the house around the courtyard. Designing an expansive vertical courtyard was a challenge, says the couple’s architect Han Loke Kwang, principal in Singapore’s HYLA Architects, which specializes in upscale single-family projects (or landed properties, as locals call them). Immense vertical spaces like this are seen in commercial structures but are unusual in a residential setting, says Han.
The goal in the Tan-Gwee home, he says, was “to make sure the scale of the courtyard wasn’t overwhelming.”
Foliage—chosen to flourish in the courtyard’s shaded conditions and kept fresh with an elaborate irrigation system—and the koi pond help ornament the space. The pond gives the first floor a waterfront feel.
The couple spent $148,000 on the pool and pond areas. Tan filled the pond with $59,000 worth of top-dwelling adult koi, mostly imported from Japan, and several bottom-dwelling freshwater stingrays, costing $22,000.
Singapore, which is smaller than Los Angeles County, is a blending of cultures, bringing together East Asian, South Asian and European influences. The Tan-Gwee home has a decidedly cosmopolitan flair, combining Italian designer furniture, British and Canadian lighting, kitchen appliances from Germany’s Miele, and bathroom details inspired by vacations in Dubai and the Maldives.
The fortresslike facade, which preserves the privacy of the home, is in keeping with Asian residential models, says Han.
Many of Han’s clients have two kitchens—an open area for Western-style cooking and a closed-off Asian-style cooking space with wok stations, requiring extra ventilation. While finishing the house, Tan and Gwee decided to forgo the planned Asian kitchen, converting it into a kitchen terrace equipped with an $11,000 barbecue.
Back inside, the kitchen was outfitted with a steam oven, two conventional ovens of different sizes and a built-in Miele coffee machine.
These are booming times in Singapore. The city-state now has a per capita GDP of more than $91,000, higher than anywhere else in Asia and one of the world’s strongest residential markets.
Overall residential real-estate prices rose 7.5% between the second quarters of 2022 and 2023, with those of landed residences increasing by 9.4% in the same period, says Nicholas Keong, senior director of Knight Frank’s Singapore affiliate. Also, Singapore came in first in Knight Frank’s Prime Global Rental Index—far exceeding London, New York, Monaco and Tokyo—with rent prices rising 28% in 2022.
The couple seem to have exhausted their wish list. When you have everything from three ovens to a stingray budget, there isn’t much left. What about a home spa? “No sauna here,” counters Tan, who relies on the primary bedroom’s three air conditioners to maintain comfort. “It’s already too hot in Singapore.”
OTHER COSTS
Foundation and framing: $589,400
Electrical work: $148,000
Designer Lighting: $74,000
Elevator: $88,400
Kitchen (including appliances): $222,000
Bathrooms (7): 148,000
Brickwork/masonry: $222,000
Glazing, including windows and sliding glass doors: $222,000
Landscaping, including indoor plants and irrigation: $73,700
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From making unpopular decisions to learning when to listen, leaders from five businesses reveal what nobody prepared them for — and how running a company has challenged their expectations.
Technology and semiconductor shares fell sharply as investors questioned the debt financing the AI infrastructure boom and confronted higher rates and Chinese competition.
Elon Musk is exploring a potential merger between Tesla and SpaceX, a deal that could reshape the future of AI, robotics, autonomous vehicles and space technology. With a combined valuation potentially reaching $3.5 trillion, the move could bring Musk’s vision of an interconnected technology ecosystem closer to reality, although a deal remains uncertain.
5 min
Elon Musk has engineered ties between Tesla TSLA 3.41%increase; up pointing triangle and SpaceX SPCX 7.79%increase; up pointing triangle that are hard to break, and now he wants to fuse them together permanently.
Musk has run both Tesla and SpaceX concurrently over the past two decades, using a schedule that dictated which days he spent focused on each business.
The companies have often shared resources and personnel, signaling their close ties. Last year, SpaceX looked into creating a spacesuit for Tesla’s humanoid robot Optimus, a person familiar with the matter said. Tesla last week showed off its new Roadster, a vehicle featuring SpaceX rocket thrusters that it hopes to soon bring to market.
And in recent months, Musk has repositioned both companies by expanding beyond their core operations toward a shared mission centered on artificial intelligence.
The world’s richest man on Tuesday signaled his interest in tying up SpaceX and Tesla, marking what would be the biggest corporate merger of all time. Because he serves as chief executive of SpaceX and Tesla, Musk said committees of independent directors at both companies are evaluating a possible deal, adding that a transaction might not come to fruition.
The committees will likely evaluate, with lawyers and bankers, how each company would fare in a potential deal and how a deal might best be structured. They then present their conclusions to their respective boards, who typically vote on whether to proceed.
“It’s an odd Kabuki dance where two groups of people are talking and I can’t be in the conversation,” Musk told SpaceX investors on Tuesday in response to an analyst’s question about a potential deal.
For Musk, the merger supports his vision of a world full of autonomous cars, humanoid robots and weekly rocket launches, as well as the data centers and satellites required to keep the whole thing running.
Some investors and analysts said they expect a transaction would be structured as an all-stock deal, with SpaceX potentially paying a modest premium for Tesla shares.
SpaceX, which has a market value of about $2 trillion, said it is seeing sharp growth in revenue across its businesses, which include operating data centers, launching rockets and operating satellite networks such as the internet service Starlink. Tesla is valued at about $1.5 trillion and is expanding its operations beyond its automotive and energy business. Shares in both companies traded higher following the news Tuesday.
Musk’s substantial ownership stakes in both companies, along with voting control at SpaceX, has enabled him to set the deal in motion. Analysts and investors said the deal will probably face regulatory scrutiny internationally, though some see Musk’s close relationship with the Trump administration as an asset to getting approval.
Blurred lines
The companies haven’t said which directors are on the special committees evaluating a potential deal. Several SpaceX and Tesla board members have either personal or business ties to Musk. And like Musk, venture capitalist Ira Ehrenpreis sits on both boards.
In a filing this week, Tesla outlined millions of dollars in business agreements with SpaceX and its subsidiaries last year, including $143 million in car sales to SpaceX, $3.3 million in advertising that it bought on the social-media platform X and $430 million in revenue from the sale of Megapack batteries for SpaceX’s data centers.
The companies also split the cost of resources including the use of Musk’s SpaceX jet and the bill for his personal security, which he runs through a private company.
Employees at both companies routinely move between companies to work on special projects, and some executives have dual roles, including Charles Kuehmann, vice president of materials engineering at both SpaceX and Tesla, and Ashok Elluswamy, the vice president of AI software at Tesla who runs a joint venture with SpaceX called Digital Optimus.
Over the years, Musk has launched new startups within his empire, including brain-implant company Neuralink, underground-tunnel developer the Boring Company and xAI, the AI startup that merged with SpaceX in February.
It is that AI business that Musk thinks can serve a market worth tens of trillions of dollars, justifying the need for a merger.
The business case goes like this: Tesla is developing robotaxis and robots, which it calls “physical AI.” SpaceX is working on the back end of physical AI: the data-center capacity and internet connection required for those robotaxis and robots to operate continuously.
“I don’t see what the value of Tesla is if it’s not merged with SpaceX,” said investment adviser Ross Gerber, a former Tesla bull turned critic invested in both companies. “If they don’t merge, the brains of everything that runs Tesla is owned by another company.”
On top of it all, both companies face constraints on the supply chains they need to make this world a reality, particularly when it comes to chips. To address this, Musk earlier this year announced a joint venture between Tesla, SpaceX and Intel to design and manufacture chips in Texas. “The most epic chip-building exercise by far,” he has said.
Musk at the wheel
For Musk, a merger would also solve two problems: demands on his attention and his lack of control at Tesla.
Tesla for years was Musk’s only public company, a status that came with greater scrutiny. There, Musk reports to a public board, as well as individual investors who make up around 30% of Tesla’s voting power, according to FactSet.
The question of Musk’s attention became a particular focus for investors and the board in recent years after he acquired Twitter in 2022 and launched xAI in 2023, and again in 2025 as he spent time in Washington, D.C., running the Department of Government Efficiency in the early months of President Trump’s second term.
As Tesla’s car business suffered in 2025, Musk threatened to take his AI ambitions outside the company if he wasn’t granted 25% voting control. Last November, Tesla shareholders approved a new pay package for Musk, which created a path for him to vastly expand his stake.
As of Sept. 30, Musk owned a roughly 20% stake in Tesla, according to the company’s proxy filing.
The SpaceX IPO gave Musk a different path. When SpaceX went public in June, the deal’s structure enabled him to have more than 80% voting power at the company—so much that he can’t be fired and decisions can’t be made without his support.
If SpaceX acquires Tesla, he will likely stay in control.
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