[SINGAPORE] A family member of Haidilao co-founder Shi Yonghong is understood to have bagged a freehold bungalow in Cluny Hill for S$85 million.<\/p>\n
The property is next to the one that Shi, also known as Sean Shi, bought for S$50 million in 2022 from Dr Lee Wei Ling, the daughter of Singapore\u2019s founding prime minister Lee Kuan Yew. Dr Lee died in 2024.<\/p>\n
Both properties are in the Cluny Hill Good Class Bungalow Area (GCBA).<\/p>\n
The price paid for the Shi family\u2019s latest bungalow purchase \u2013 the deal was contracted in June 2025 and completed in September \u2013 works out to S$2,295 per square foot (psf) on a land area of 37,036 square feet (sq ft).<\/p>\n
This is lower than the S$2,740 psf that Shi paid for Dr Lee\u2019s property, which sits on higher ground.<\/p>\n
Moreover, the site area for the second Cluny Hill bungalow that the Shi family has bought includes a long strip of land, with a width similar to those of surrounding roads, at the back of the house.<\/p>\n
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This land can be used for leisurely walks or put to other recreational uses \u2013 but not redeveloped into residential space, agents said.<\/p>\n
The existing house on the site, which is about 13 years old, has two storeys and a basement. It comes with a swimming pool and a lift. The vendors were Singtel chairman Lee Theng Kiat and Veronica Lim.<\/p>\n
Sellers becoming more realistic<\/h2>\n
The S$85 million transacted price is lower than the asking price of about S$110 million earlier last year for the property.<\/p>\n