The son of Haidilao hotpot chain co-founder Zhang Yong was granted the option to buy a bungalow on Gallop Road for S $ 42 million, the Business Times reported today (Jan. 6).
The pricing is S $ 1,940 per square foot (psf) based on the land area of 21,647 square feet.
This costs a lot more than the other family bungalow which is right next to the property.
The bungalow with the name Winged House was designed by K2LD Architects and is located on a plot of land of 15,884 m². It was around four years old when the family purchased it in 2016.
Zhang and his wife Shu Ping, ranked Singapore's richest by Forbes, have an estimated net worth of $ 19 billion ($ 25 billion) as of August 2020.
He is the chairman and executive director while Shu is the non-executive director and co-founder of Haidilao International Holding.
The couple and their son, who is in his early 20s, are all Singapore citizens. It's worth noting that only Singapore citizens are allowed to purchase property in a Good Class Bungalow (GCB) area.
Many other wealthy entrepreneurs have also bought GCBs in Singapore.
Last year, the founder of Dyson bought a bungalow on Cluny Road overlooking the Botanical Gardens for S $ 41 million.
This is the billionaire's second property in Singapore after his lavish purchase of Singapore's most expensive and largest penthouse in the Wallich Residence for S $ 73.8 million.
Alibaba co-founder James Sheng, a citizen of Singapore, also bought a bungalow on Leedon Park for S $ 50 million.
In addition, it is reported that Alibaba's co-founder Jack Ma may be building – not buying – a two-story bungalow in Victoria Park Close near MRT Farrer Road.
Selected image source: Forbes / Google Street View