21-2-2024 (SINGAPORE) Zhang Ying, the wife of Jack Ma, co-founder of Alibaba Group, has reportedly purchased three adjoining shophouses along Duxton Road in Singapore. According to The Business Times, the Singapore citizen acquired the units located at 70, 71, and 72 Duxton Road. These properties are 99-year leasehold sites with approximately 63.5 years remaining.
The total built-up area of the shophouses is approximately 10,700 square feet, with a land area of 3,239 square feet. Market observers noted that the price per square foot ranges from S$4,200 to S$4,600, which is considered relatively high. However, the shophouses have recently undergone refurbishment, which may have contributed to the higher price.
One market observer mentioned that the buyer is a “special buyer” willing to pay a premium for a property situated in a discreet and charming part of District 2. It is speculated that the Mas may intend to use the asset for their personal use, such as a private clubhouse to entertain friends and associates, or they could choose to lease the property.
This is not the first time the family has invested in Singaporean real estate. In 2019, Jack Ma was reported to be constructing a house at Victoria Park Close. Singapore has become a popular destination for ultra-high-net-worth individuals (UHNWIs) around the world. In 2019, billionaire inventor James Dyson purchased a bungalow in Bukit Timah for S$45 million. In 2021, the family of Zhang Yong, the founder of Haidilao, obtained the option to acquire a Gallop Road bungalow for S$42 million. Additionally, in the same year, the family behind snack food giant Want Want purchased an entire condominium in Orchard for a staggering S$293 million.
