China

Alibaba Founder Jack Ma Allegedly Building A Two-Storey Bungalow Near Farrer Road MRT

Singapore seems to be a hotspot for the world’s richest to buy a property.

Most recently, billionaire Sir James Dyson bought two properties in Singapore.

The first was Singapore’s biggest penthouse at Tanjong Pagar, which was valued at over $100 million.

Two weeks later, the Dyson founder bought a bungalow facing Botanic Gardens, which is speculated to cost over $41 million.

Alibaba co-founder James Sheng, who is a Singapore citizen, also recently bought a bungalow along Leedon Park for $50 million.

Today, The Business Times reported that fellow Alibaba co-founder Jack Ma might be building — not buying — a house in Singapore.

victoria park close singapore
Screenshot from Google Maps

This said house refers to a two-storey bungalow at Victoria Park Close, which is located near Farrer Road MRT.

According to BT, an entity linked to Ma is behind the redevelopment of the bungalow.

The bungalow will apparently feature a basement and swimming pool, and is slated to be ready by the fourth quarter of next year, according to an on-site signboard.

Previous Bungalow Was Sold For $40M

Victoria Park Close is one of the Good Class Bungalows (GCB) areas in Singapore, and properties in that area cost between $20 million and $50 million.

victoria park close bungalow
The previous bungalow which used to occupy the lot

A 20-year-old bungalow used to stand at the almost 30,000 square-feet lot, but it has since been torn down.

It was previously occupied by a doctor couple, and was later sold for $40 million in 2017 following their divorce.

BT reported that the bungalow’s buyer is listed as USB Trustees. It added that the purchase did not require approval from the authorities, suggesting that the owner is Singaporean.

Jack Ma’s wife, Zhang Ying, is believed to be a Singaporean citizen.

Amidst Ma’s emigration rumours, Alibaba has quelled it and released a statement in 2014 stating that “Jack Ma does not, nor will ever have any emigration plans.”

Ma himself has also asserted on several occasions that he wishes to remain in Hangzhou, China.

 

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