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Tuesday, September 27, 2022
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SUPER RICH HAIDILAO CO-FOUNDER, BUYS LEE KUAN YEW’S DAUGHTER’S HOUSE FOR $50M

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.

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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.

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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.

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