A family member linked to Haidilao co-founder Shi Yonghong has reportedly purchased a second luxury bungalow in Singapore’s prestigious Cluny Hill enclave for S$85 million.
According to Business Times‘ report, the freehold property sits directly beside another bungalow previously acquired by Shi in 2022 from Lee Wei Ling for S$50 million.
Both homes are located within the exclusive Cluny Hill Good Class Bungalow Area (GCBA), one of Singapore’s most sought-after luxury residential districts.
The latest acquisition was reportedly transacted below its earlier asking price of S$110 million in 2025, reflecting softer pricing expectations among some owners in Singapore’s ultra-luxury landed housing market.
Property Deal Completed In 2025
The transaction was reportedly contracted in June 2025 and officially completed in September the same year.
Based on the land size of approximately 37,036 square feet, the purchase worked out to around S$2,295 per square foot. This is lower than the estimated S$2,740 per square foot paid for the neighbouring bungalow purchased from Lee Wei Ling several years earlier.
The newly acquired property is believed to feature a two-storey detached house with a basement, private swimming pool, and lift. The residence is said to be around 13 years old.
Its sellers were reportedly former Singtel chairman Lee Theng Kiat and Veronica Lim.
Meanwhile, redevelopment works are already underway on the adjacent property previously purchased from Lee Wei Ling. Plans reportedly include a rebuilt two-storey bungalow complete with an attic, basement, and swimming pool.
Cluny Hill Remains One Of Singapore’s Most Exclusive Addresses
The Cluny Hill area has increasingly become associated with wealthy Chinese business families and ultra-high-net-worth individuals.
The Shi family’s homes are also located near several Gallop Road properties linked to fellow Haidilao co-founders Shu Ping and Zhang Yong.
Singapore currently has only 39 designated Good Class Bungalow Areas, widely regarded as the highest tier of landed residential housing in the country. These properties typically occupy large land plots and are tightly regulated to preserve exclusivity and low-density living.
Under Singapore regulations, buyers generally need to be Singapore citizens before being allowed to purchase landed homes within GCB zones, although exemptions can occasionally be granted under special approval frameworks.
The latest multimillion-dollar deal highlights continued demand for Singapore luxury real estate despite broader market caution and cooling measures affecting parts of the property sector.