Co-founder of hot pot chain Haidilao, Shi Yonghong, has spent $50 million to purchase a Cluny Hill good class bungalow (GCB).
And he purchased it from none other than Dr Lee Wei Ling, the daughter of the late founding prime minister Lee Kuan Yew.
According to The Straits Times, Shi (also known as Sean Shi) legally acquired ownership of the freehold GCB in Cluny Hill on Sept 6.
The property is located in the neighbourhood of Haidilao chairman and co-founder Zhang Yong’s GCB in Gallop Road. Both properties are within walking distance of Singapore Botanic Gardens.
An old bungalow currently sits on the land and with a land size of 18,255 sq ft, the price of $50 million works out to $2,740 per sq ft.
Karamjit Singh, chief executive of property consultancy Delasa told The Straits Times that “the $2,740 psf price reflects that the buyer will need to invest in redevelopment, which can cost $10 million or more”.
“That would bring the value of the rebuilt property to at least $60 million, which will translate to between $3,200 and $3,300 psf, which is more in line with the market,” he said.
The last sale of a Cluny Hill GCB was in April 2021 and bought by local tech entrepreneur Tommy Ong. The bungalow was under construction then and reported to have six bedrooms and a swimming pool.
Shi, the new owner of Lee’s Cluny Hill GCB, and his family ranked 87th in Forbes’ China’s Richest list last year, and has a net worth of US$4.1 billion (S$5.8 billion).
He has over 20 years of food industry and management experience within the Haidilao Group under his belt and serves as a director of at least 10 Singapore-incorporated firms.