The family of the co-founder hotpot chain Haidilao, is purchasing at the highest price per square foot transacted for the region a freehold site good class bungalow (GCB) over at Gallop Lane.
Mr. Zhang Hanzhi was given a $42 million option to buy the 21,649 sq ft bungalow, situated near to the Singapore Botanic Gardens.
This transaction works out to be $ 1,940 psf, which is the highest price charged for a GCB in that area per square foot.
The purchase is done by Mr Zhang Hanzhi, whom is the son of president of Haidilao International Holding, Mr Zhong Yong.
For a second straight year in 2020, Mr. Zhang Yong, a naturalized Singapore resident, topped Forbes’ Singapore’s Richest list.
He and his spouse, Shu Ping, co-founder and director of Haidilao, have a combined net worth of US$19 billion (S$25 billion). She also made the Forbes list last year.
Next to the current bungalow of Mr Zhang Yong, which was purchased at $1,700 psf or $27 million in 2016, is the Gallop Road house.
Dubbed The Winged Home, in the form of two wings, K2LD Architects designed the 15,884 sq ft freehold bungalow.
Ms Carin Puah, senior director (capital markets) of JLL Singapore real estate agency, said $1,940 psf last year was a record price for the Gallop Road sector.
But she also noticed that in other regions, there were at least three GCB transactions that were conducted last year at $2,000 psf and above.
A GCB was sold last month at $44 million at Chatsworth Park, which translates to $2,082 psf based on land area, and a bungalow was sold at Lermit Road for $34.75 million or $2,000 psf.
Most GCB buyers like to purchase larger GSB plot of about 21,000sf and more, as you can build up to 17,000 sq ft,”There’s news that the Zhang family were looking for a GCB with a bigger plot land size, though supply is limited, especially for GCB.. Most GCB buyers like to explore 21,000 sq ft and larger plots, as you can build up to 17,000 sq ft,”There is market talk that the family was looking for a larger plot GCB, but supply is restricted…
The most prestigious type of landed housing in Singapore is the bungalows in the 39 Gazetted GCB areas, with strict planning conditions laid down by the Urban Redevelopment Authority to maintain their exclusivity and low-rise character.
Market watchers say the operation and sentiment of bungalows has improved, as some industries have done well in the midst of the pandemic, particularly those in e-commerce and tech.
Ms Shu Ping, Sunrise Capital Management’s sole shareholder and director, has set up a family office here in Singapore to help handle her money.
Family offices are organizations formed to handle the super-rich world’s finances, offering discretion and customized services beyond those provided by private banks.