The son of Haidilao hotpot chain co-founder Zhang Yong has been granted an option to purchase a bungalow at Gallop Road for S$42 million, reported The Business Times today (Jan 6).
The price works out to S$1,940 per sq ft (psf) based on the freehold site’s area of 21,647 sq ft.
This costs way higher than the S$1,700 psf that the family’s other bungalow, which is located right next to the site.
Dubbed the Winged House, the bungalow was designed by K2LD Architects and occupies a 15,884 sq ft freehold site. It was around four years old when the family acquired it in 2016.
Ranked as Singapore’s richest by Forbes, Zhang and his wife, Shu Ping, has an estimated net worth of US$19 billion (S$25 billion) as at August 2020.
He is chairman and executive director, while Shu is non-executive director and also co-founder at Haidilao International Holding.
The couple and their son, who is in his early-20s, are all Singapore citizens. It is worth noting that only Singapore citizens are allowed to buy a landed property within a Good Class Bungalow (GCB) area.
Many other wealthy entrepreneurs have also bought GCBs in Singapore.
Last year, Dyson founder bought a bungalow on Cluny Road, facing Botanic Gardens, for S$41 million.
This is the billionaire’s second property in Singapore following his lavish purchase of Singapore’s most expensive and biggest penthouse at the Wallich Residence for S$73.8 million.
Alibaba co-founder James Sheng, who is a Singapore citizen, also bought a bungalow along Leedon Park for S$50 million.
Additionally, it is reported that fellow Alibaba co-founder Jack Ma might be building — not buying — a two-storey bungalow at Victoria Park Close, which is near Farrer Road MRT.
Featured Image Credit: Forbes / Google Street View