Haidilao chairman’s son granted Option to Purchase for Gallop Road bungalow

January 6, 2021

Reserved for purchase only by Singapore citizens, bungalows within the 39 gazetted Good Class Bungalow (GCB) Areas are Singapore’s most prestigious form of landed housing. Image: A GCB on Gallop Road via Google Street View

The son of Haidilao hotpot chain co-founder Zhang Yong has been granted an option to purchase a bungalow at Gallop Road for $42 million, reported The Business Times (BT).

The price works out to $1,940 per sq ft (psf) based on the freehold site’s area of 21,647 sq ft.

Market watchers noted that the $1,940 psf on land alone reflects the price hike in Good Class Bungalow (GCB) Areas.

In fact, it is much higher compared to the $1,700 psf that the family paid for a bungalow located right next to the site. Dubbed the Winged House, the bungalow was designed by K2LD Architects and occupies a 15,884 sq ft freehold site. It was around four years old when the family acquired it in 2016.

Recommended article: 10 Landed Property Homes Under 2 Million (P.S. Some Are Freehold!)

Ranked as Singapore’s richest by Forbes, Zhang and his wife, Shu Ping, has an estimated net worth of US$19 billion (S$25 billion) as at August 2020.

He is chairman and executive director, while Shu is non-executive director and also co-founder at Haidilao International Holding. The couple and their son, who is in his early-20s, are all Singapore citizens, said BT.

Bungalows within the 39 gazetted GCB Areas are Singapore’s most prestigious form of landed housing. They come with strict planning conditions to preserve their low-rise character and exclusivity.

Although anyone can purchase a non-landed private home in the city-state, only Singapore citizens are allowed to buy a landed property within a GCB Area.

Suggested read: 4 Landed Property Projects in Singapore That Are 4 Million and Below

The GCB market has witnessed brisk activity, buoyed by acquisitions by naturalised Singapore citizens and wealthy local families who continue to buy GCBs for their children as well as their grandchildren.

GCB buyers also include the newly rich whose businesses benefitted from the current crisis, said market watchers.

Other recent transactions within the GCB Areas include a Cluny Hill bungalow, which was transacted for $38.6 million or $2,315 psf, showed URA Realis data. A bungalow at Lermit Road was sold for $34.75 million or $2,000 psf and another in Mount Echo Park was transacted for $32 million or $1,712 psf, said BT.

Looking for a property in Singapore? Visit PropertyGuru’s Listings, Project Reviews and Guides.

POST COMMENT

You may also like these articles

Caldecott Hill GCB up for sale

The property is situated directly across MacRitchie Reservoir Park and is about 800 metres away from the Caldecott MRT Station, which will become an interchange when it links to the soon-to-be operati

Continue ReadingOctober 6, 2020

King Albert Park GCB on sale for $45.5mil

The 36,446 sq ft freehold property in District 21 features five bedrooms, a swimming pool and a basement, and is priced at $45.5 million or around $1,248 per sq ft (psf). Image: Google Street ViewA

Continue ReadingOctober 21, 2020

GCB transaction volume, prices to increase in 2021

Demand for GCBs is expected to increase next year. Real estate agents are bullish of the Good Class Bungalow (GCB) segment’s outlook, expecting transaction volumes and prices to increase next year,

Continue ReadingDecember 28, 2021