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A family member of hotpot chain Haidilao’s co-founder Shi Yonghong bought a freehold bungalow at Cluny Hill that came with a hefty price tag of $85 million, reported the Business Times (BT).<\/p>\n
The bungalow is located next to the one owned by Shi that was bought for $50 million in 2022 from Dr Lee Wei Ling, daughter of Singapore’s founding Prime Minister Lee Kuan Yew.<\/p>\n
Dr Lee died in 2024.<\/p>\n
Notably, both properties are in the Cluny Hill Good Class Bungalow Area.<\/p>\n
The $85 million transacted price was lower than the asking price of $110 million, reported BT, citing market watchers who said that Good Class Bungalow (GCB) owners have lowered their price expectations in recent years.<\/p>\n
The Shi family’s latest GCB purchase was contracted in June last year and completed in September, with the entire plot of 37,036 sq ft costing $2,295 psf \u2014 lower than the $2,740 psf that Shi paid for Dr Lee’s property.<\/p>\n
The bungalow is around 13 years old, has two storeys and a basement, a swimming pool and a lift.\u00a0<\/p>\n
Based on AsiaOne’s checks, another GCB sold in the Cluny Hill area went for $3,434 psf in 2024.<\/p>\n
Shi, 57, is reportedly redeveloping the 18,255 sq ft property he purchased from Dr Lee, and is turning it into a two-storey bungalow with an attic, a basement and a swimming pool.<\/p>\n
According to Forbes, Shi has a net worth of $2.2 billion.<\/p>\n
The 2 Cluny Hill bungalows owned by the Shi family are also located nearby to the three properties owned by fellow Haidilao co-founders, Shu Ping and Zhang Yong, at Gallop Road which were acquired between 2016 and 2021.<\/p>\n
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