Haidilao co-founder, billionaire Shi Yong Hong, bought the house of Lee Wei Ling, daughter of late former PM Lee Kuan Yew, for a whopping $50 million on 6 September.
The ownership of the good class bungalow (GCB) at Cluny Hill was transferred for the billionaire on 6 September.
Shi is the co-founder of Haidilao, and also the chairman of Yihai International Holding, a spin-off of Haidilao International, and also the director of 10 firms in Singapore surrounding the Haidilao brands.
The $50 million property, measures 18,255 square feet, was sold at about $2,740 per square feet, but given the market prices of the GCB properties at the Cluny Hill area, it could be sold for between $3,000 to $4,000 psf.
This essentially means that the price that Shi paid for the property is considered a relative bargain, and should he resell the property, he could see his investment increase by about 1.5 times.
And should he redevelop the property, he could bring the value of the property to about $60 million, at least; and he would make a profit with a sale of $3,300 psf.
The previous large GCB sale in the Cluny Hill area was in April last year, with a bungalow being bought for $63.7 million by Tommyu Ong, a local businessman.