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Haidilao’s Other Co-Founder Shi Yonghong Snaps Up $50M GCB On Cluny Hill

20 September 2022 | BY

Now both Haidilao founders Zhang Yong and Shi Yonghong are proud owners of Good Class Bungalows in Singapore.

$50M GCB

There’s no denying that steamboats are like kryptonite to many Singaporeans, and having a meal at Haidilao, specifically, is an experience in itself. The hotpot brand’s popularity has resulted in many successes for the brand such as an explosion of outlets islandwide, and huge monetary gains for its two co-founders.

Earlier in June, we covered Haidilao co-founder Zhang Yong’s 2 Good Class Bungalows in Singapore, worth nearly $70M combined. Now, Haidilao’s other co-founder, Shi Yonghong, is making waves in Singapore’s property market with his purchase of a GCB for a whopping $50M. 

Price aside, what’s also notable about his recent purchase is who he purchased it from: Dr Lee Wei Ling, otherwise known as the daughter of the late Mr Lee Kuan Yew.

Here’s what we know about the sale:

$50M GCB at Cluny Hill

$50M GCB
Image adapted from: Google Maps

According to reports online, the sale and transfer of ownership was made official just a couple of weeks ago, on 6th September. The GCB is located along Cluny Hill, which is just next to the Bukit Timah side of the Botanic Gardens. 

One of the main reasons this area is so highly coveted for its properties is because of its location. For one, it’s right next to the Singapore Botanic Gardens, which is a renowned site given its UNESCO heritage status and how many in the property market consider it as prime housing land. In case you’re unfamiliar with the area, this is where quite a number of highly-priced GCBs are found.

zhang yong gcb
Zhang Yong’s $42M GCB.
Image credit: K2LD

Speaking of Gallop Road, what you might find interesting to know is that the GCB that Shi just bought is not too far away from his fellow Haidilao co-founder’s home. Fellow co-founder Zhang Yong’s family owns 2 GCBs along Gallop Road – the first of which is a $27M GCB purchased back in 2016, and the other a $42M GCB just next door, purchased by his son.

$50M GCB
Image adapted from: Google Maps

Shi’s newest acquisition sits on a land size of about 18,255sqft, which translates to a purchase price of around $2,740 psf. With all things considered, this is certainly not the most expensive property purchase we’ve seen in recent history, given that the going price for properties in the vicinity trend towards the $3,200 psf price range. For instance, a GCB in Cluny Hill was sold back in May 2021 for an eye-watering $4,291 psf.

$50M GCB
The exterior of 16 Cluny Hill.
Image adapted from: Google Maps

One of the possible reasons for the lower-than-usual price might be due to the need for a considerable amount of renovation of the area. From what can be seen from the street view, all that sits on the plot of land is an old one-storey bungalow; a stark contrast from the exquise and awe-inspiring homes in the vicinity. It’s likely that Shi will redevelop the entire site, possibly demolishing the current house and building a brand new one in its place.

Check out our coverage on some other noteworthy GCB purchases in recent times:

Cover Image adapted from : Google Maps

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