Family of Singapore’s richest billionaire, a co-founder of hotpot chain Haidilao, buys freehold bungalow for $42m
Richest Billionaire Buys Freehold Bungalow
SINGAPORE – The family of Singapore’s richest billionaire, a co-founder of Sichuan hotpot chain Haidilao, is purchasing a freehold decent class bungalow (GCB) in Gallop Road at the most exorbitant cost per square foot for the area.
According to records seen by The Straits Times, the choice to purchase the 21,649 sq ft bungalow, located a short distance from the Singapore Botanic Gardens, was granted to Mr. Zhang Hanzhi at $42 million on Dec 22.
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This works out to $1,940 psf, which analysts say is the greatest cost per square foot paid for a GCB in that area.
Mr. Zhang Hanzhi is the child of Mr. Zhang Yong, the chairman of Haidilao International Holding, which opened up to the world in Hong Kong in September 2018.
Mr. Zhang Yong Richest Billionaire, a naturalized Singapore resident, beaten Forbes’ Singapore’s Richest rundown in 2020 for a second straight year.
He has combined total assets of US$19 billion (S$25 billion) with his better half Shu Ping, co-founder and overseer of Haidilao. She made the Forbes’ rundown last year as well.
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Mr Zhang Yong- Richest Billionaire Buys Freehold Bungalow
The Gallop Road property is located close to Mr. Zhang Yong’s current bungalow, which was purchased at $1,700 psf or $27 million of every 2016.
Named The Winged House, the 15,884 sq ft freehold bungalow was planned by K2LD Architects in the shape of two wings.
Ms. Carin Puah, ranking executive (capital markets) of real estate agency JLL Singapore, said $1,940 psf was a record cost for the Gallop Road area last year.
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“They are paying for the privacy of the location, as the two bungalows are located in a circular drive,” she added.
Yet, she also noticed that there were at least three GCB transactions in different areas that were done at $2,000 psf and above last year.
Ongoing transactions inside the GCB areas incorporated a Cluny Hill bungalow, which was transacted for $38.6 million or $2,315 psf.
A GCB at Chatsworth Park was transacted last month at $44 million, which translates to $2,082 psf based on land area, and a bungalow at Lermit Road was sold for $34.75 million or $2,000 psf.
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“There’s market talk that the family was searching for a greater plot GCB, however supply is restricted… Most GCB purchasers like to purchase the 21,000 sq ft and larger plots, as you can develop to 17,000 sq ft,” Mr. Samuel Eyo, managing head of Lighthouse Property Consultants, said regarding Mr. Zhang Yong and his family.
Bungalows in the 39 gazetted GCB areas are the most renowned form of landed lodging in Singapore, with severe planning conditions stipulated by the Urban Redevelopment Authority to save their eliteness and low-ascent character.
Market watchers say bungalow activity and the conclusion has improved, as certain ventures, particularly those in web-based business and tech, have done well amid the pandemic, and as more foreigners are setting up family offices here, which looks good for GCB demand.
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According to Bloomberg, Ms. Shu Ping, the sole shareholder, and overseer of Sunrise Capital Management have opened a family office in Singapore to help manage her wealth.
Family offices are organizations created to run the finances of the world’s overly rich, giving caution and personalized administrations past those offered by private banks.
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