Family member of Haidilao co-founder buys Cluny Hill bungalow for $85m

A family member of hotpot chain Haidilao's co-founder Shi Yonghong bought a freehold bungalow at Cluny Hill that came with a hefty price tag of $85 million, reported the Business Times (BT).

The bungalow is located next to the one owned by Shi that was bought for $50 million in 2022 from Dr Lee Wei Ling, daughter of Singapore's founding Prime Minister Lee Kuan Yew.

Dr Lee died in 2024.

Notably, both properties are in the Cluny Hill Good Class Bungalow Area.

The $85 million transacted price was lower than the asking price of $110 million, reported BT, citing market watchers who said that Good Class Bungalow (GCB) owners have lowered their price expectations in recent years.

The Shi family's latest GCB purchase was contracted in June last year and completed in September, with the entire plot of 37,036 sq ft costing $2,295 psf — lower than the $2,740 psf that Shi paid for Dr Lee's property.

The bungalow is around 13 years old, has two storeys and a basement, a swimming pool and a lift. 

Based on AsiaOne's checks, another GCB sold in the Cluny Hill area went for $3,434 psf in 2024.

Haidilao co-founder redeveloping his GCB

Shi, 57, is reportedly redeveloping the 18,255 sq ft property he purchased from Dr Lee, and is turning it into a two-storey bungalow with an attic, a basement and a swimming pool.

According to Forbes, Shi has a net worth of $2.2 billion.

The 2 Cluny Hill bungalows owned by the Shi family are also located nearby to the three properties owned by fellow Haidilao co-founders, Shu Ping and Zhang Yong, at Gallop Road which were acquired between 2016 and 2021.

[[nid:736341]]

dana.leong@asiaone.com