Considerably, many are unable to earn anywhere near $42 million within their entire lifetimes. It is, after all, a substantial amount that’s several times the grand prize of the Hong Bao Draw.
But the Haidilao family, evidently, does not belong under this particular demographic.
And so it’s hardly surprisingly how they would have the free will and intent to shell out a cool $42 million on a bungalow – one that many will probably never get to experience living in.
HDL Family Reportedly Buying $42 Million House Near Botanic Garden at Record Price
The family of Singapore’s richest billionaire is all set to purchase a freehold good class bungalow (GCB) in Gallop Road…
And reportedly at the highest price per sq ft (psf) for the area too.
Lest you’re unaware, the title of Singapore’s richest billionaire belongs to Mr Zhang Yong, the founder of the Haidilao International Holding Ltd restaurant group.
Together with his wife Shu Ping, co-founder and director of Haidilao, they have a combined net worth of US$19 billion (S$25.02 billion).
Yes, we’re talking about billion: B, not M.
The option to buy the 21,649 sq ft bungalow – which is near the Singapore Botanic Gardens – was granted to their child, Mr Zhang Hanzhi, on 22 December 2020.
The stipulated price was at a staggering $42 million – which works out to $1,940 psf, the purported highest price psf paid for a GCB in that particular vicinity.
Family Estates
Apparently, the Gallop Road property is situated right next to Mr Zhang Yong’s bungalow, which was bought at $1,700 psf (or $27 million) back in 2016.
Known as The Winged House, the 15,884 sq ft freehold bungalow was developed by K2LD Architects, and designed in the form of two wings.
Just for comparison’s sake, a typical 5-room HDB flat is about 1,184 sqft.
According to experts in the industry, the family were looking for a bigger plot GCB – one that comes with privacy.
“They are paying for the privacy of the location as both bungalows are located in a cul de sac,” said Ms Carin Puah, senior director (capital markets) of real estate agency JLL Singapore.
Mr Samuel Eyo, managing director of Lighthouse Property Consultants, said: “There’s market talk that the family were looking for a bigger plot GCB, but supply is limited… Most GCB buyers like to buy the 21,000 sq ft and larger plots, as you can build up to 17,000 sq ft.”
Apparently, bungalows in the 39 gazetted GCB areas are considered to be the “most prestigious form” of landed property here in Singapore.
The Urban Redevelopment Authority had reportedly implemented stringent planning conditions, in order to preserve the “exclusivity” and “low-rise character” of these select properties.
Haidilao
The Coronavirus pandemic had affected numerous businesses adversely, and Haidilao was no different.
Back in February 2020, it was reported that China’s Citic Bank and AIBank will be lending 2.1 billion yuan (US$298.77 million) to the hotpot chain to tide over the crisis.
At that point, the restaurant chain is believed to have already received 810 million yuan (SGD$165.44 million) from the banks.
But with vaccinations on the way, it looks like Haidilao’s fortunes may soon look up again.
And of course, who can forget that Chinese New Year is coming?
Featured Image: humphery / Shutterstock.com
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