Haidilao Family To Buy Bungalow At Gallop Road For S$42M
Hotpot chain co-founder Haidilao’s son Zhang Yong has been given an option to buy a bungalow in Gallop Road for $ 42 million, The Business Times reported today (Jan.6 ).
The price is S $ 1,940 per square foot (lb / ft2) based on the freehold site area of 21,647 square feet.
It costs a lot more than the S $ 1,700 psf than the family’s other bungalow, located right next to the site.
Dubbed the Winged House, the bungalow was designed by K2LD Architects and occupies a 15,884 square foot freehold site. He was around four years old when the family acquired him in 2016.
Ranked among the richest in Singapore by Forbes, Zhang and his wife, Shu Ping, have an estimated net worth of US $ 19 billion ($ 25 billion) as of August 2020.
He is chairman and executive director, while Shu is a non-executive director and also co-founder of Haidilao International Holding.
The couple and their son, who is around 20, are all citizens of Singapore. It should be noted that only Singaporean citizens are allowed to purchase land property in a Good Class Bungalow Zone (GCB).
Many other wealthy entrepreneurs have also bought GCBs in Singapore.
Last year, the founder of Dyson bought a bungalow on Cluny Road, opposite the Botanical Gardens, for S $ 41 million.
This is the billionaire’s second property in Singapore after his lavish purchase of Singapore’s most expensive and largest penthouse at the Wallich Residence for $ 73.8 million.
Alibaba co-founder James Sheng, who is a citizen of Singapore, also bought a bungalow along Leedon Park for $ 50 million.
Additionally, it is reported that Jack Ma, co-founder of Alibaba, may be building – not buying – a two-story bungalow in Victoria Park Close, near Farrer Park MRT.
Featured Image Credit: Forbes / Google Street View
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