Home / Business and Economy / Hao Mart Founder Halts GCB Foreclosure Amid Lawsuit
Hao Mart Founder Halts GCB Foreclosure Amid Lawsuit
29 Oct
Summary
- Hao Mart founder halted foreclosure of his good class bungalow.
- Tan and wife sue OG and a shareholder's husband for $57.5 million.
- The lawsuit claims an 'unusual' $66.2 million loan caused financial loss.
Hao Mart founder Tan Kim Yong has successfully halted the foreclosure proceedings on his prestigious good class bungalow (GCB) located at Jervois Hill in Tanglin. This significant development follows a substantial lawsuit initiated in January 2026 by Tan and his wife, Teo Siew Ling.
The couple is pursuing legal action against OG, a former landlord and department store operator, and Adam Nicholas Emilianou, the husband of a shareholder. Their claim amounts to $57.5 million. The core of their argument centers on an alleged "unusual" loan of $66.2 million, which they assert resulted in considerable financial losses.
Adding to the legal entanglement, OG has also initiated its own claim. The department store operator is seeking $6.6 million from Hao Mart for outstanding rent. The GCB, identified as properties at 17 and 19 Jervois Hill, has thus become the focal point of this multi-million dollar dispute.
