Just when it seemed the Haidilao founders had already secured their place within Singapore’s ultra-luxury property scene, the family of co-founder Shi Yonghong has added another trophy home to their portfolio, joining fellow co-founder Zhang Yong in consolidating their presence within the prestigious District 10.
Also known as Sean Shi, Shi Yonghong’s family recently acquired a second Good Class Bungalow (GCB) along Cluny Hill for $85 million, adding to the neighbouring GCB they purchased in 2022. Here’s what we know about the latest addition to their luxury real estate collection.
Haidilao co-founder’s family acquires second Cluny Hill GCB
The Shi family’s first GCB.
Image adapted from: Google Maps
What makes the deal especially notable is that their second GCB sits right beside the family’s existing Cluny Hill property, purchased in 2022 for $50 million. That neighbouring bungalow was previously owned by the late Dr Lee Wei Ling, daughter of Singapore’s founding Prime Minister Lee Kuan Yew.
The newly acquired freehold 2-storey bungalow spans about 37,000sqft and comes with a basement, swimming pool and private lift. Previously owned by Singtel chairman Lee Theng Kiat and his wife Veronica Lim, this stretch of Cluny Hill has seen some of Singapore’s most notable residents.
Agreements were signed in June 2025, with the transaction completing in September 2025, at roughly $2,295psf, lower than the $2,740psf paid for their first GCB in 2022. Interestingly, the 13-year-old bungalow was sold below its original asking price of $110 million, eventually closing around 23% lower than the initial figure.
With the latest purchase, the Shi family now owns a pair of side-by-side GCBs within one of Singapore’s most exclusive neighbourhoods, further establishing their presence in Cluny Hill.
Why Cluny Hill remains one of Singapore’s most exclusive GCB enclaves
It’s no surprise that multiple Haidilao co-founders have planted roots in this luxurious corner of Singapore. Located beside the Singapore Botanic Gardens, a UNESCO World Heritage Site, Cluny Hill offers greenery, heritage charm, and convenient access to the city centre.
Image credit: K2LD
The Shi family isn’t the only Haidilao co-founder drawn to the neighbourhood. Just a 2-minute drive away, Gallop Road is home to Zhang Yong and Shu Ping, co-founders of Haidilao and Singapore’s 10th richest individuals. The couple owns 3 bungalows in the area, forming a discreet enclave of homes owned by China’s F&B billionaires.
For the ultra-wealthy, GCBs are prized as both status assets and long-term wealth planning, thanks to their scarcity and freehold tenure. Combined with Cluny Hill’s prestige and limited supply, demand within the enclave has remained consistently strong.
Shi Yonghong’s family’s new GCB
Plans are reportedly underway to redevelop the Shi family’s first Cluny Hill property. The 18,255sqft estate previously acquired from Dr Lee is expected to make way for a 2-storey bungalow featuring an attic, basement, and swimming pool, mirroring their newly acquired neighbouring GCB.
The latest purchase further cements the Haidilao founders’ growing presence within Singapore’s ultra-exclusive residential market. With neighbouring GCBs now under the Shi family’s ownership and fellow co-founders just minutes away along Gallop Road, Cluny Hill is becoming one of Singapore’s most closely watched billionaire enclaves.
For more GCB reads:
- Shi Yonghong’s $50m Cluny Hill GCB
- Zhang Yong’s award-winning Gallop Road GCB
- 15 stunning GCBs in Singapore
Cover image adapted from: Business Times, Google Maps
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