A property in the Cluny Hill good class bungalow (GCB) area, Singapore has recently gained much attention. It was previously owned by former Singapore Prime Minister, Lee Kwan Yew’s daughter, Dr Lee Wei Ling.
However, after a rather lucrative sale on 6th September, the much valued property now belongs to none other than Haidilao (海底捞)’s co-founder, Shi Yonghong (施永宏) aka Sean Shi!
Sean legally acquired ownership of the freehold GCB on Tuesday, 6th September. According to news reports, the Haidilao co-founder spent S$50 million (~RM161 million) on his purchase. His new property has a land size of 18,255 square feet. As such, each square feet roughly costs around S$2,740 (~RM8845).
According to The Straits Times, the property was completed on 6th June. It is located in the neighbourhood of fellow Haidilao co-founder and CEO Zhang Yong’s GCB in Gallop Road. And, it is also within walking distance of the Singapore Botanic Gardens. Currently, there is an old bungalow on the land.
However, the chief executive of property consultancy Delasa, Karamjit Singh claims the buyer will need to invest in redevelopment and estimates its cost to be S$10 million or more. Karamjit attributes the needed investment to the property’s $2,740 psf price. “(Redevelopment) would bring the value of the rebuilt property to at least $60 million, which will translate to between $3,200 and $3,300 psf, which is more in line with the market,” he told The Straits Times.
For those not in the know, GCBs are expensive bungalows on highly valued Singapore properties. GCBs usually represent wealth and status while providing a property with privacy, freedom and scenery. Homeowners are also free to add plenty of amenities and installations as there is plenty of land space.