Jack Ma's wife reportedly acquires three Duxton Road shophouses for S$50M

SINGAPORE: Zhang Ying, wife of Alibaba Group co-founder Jack Ma, reportedly acquired three adjacent shophouses on Duxton Road for a sum between S$45-50 million, as per The Business Times (BT). The units, located at 70, 71, and 72 Duxton Road, are 99-year leasehold properties with 63.5 years remaining. Together, the shophouses boast a built-up area of about 10,700 sq ft or a land area of 3,239 sq ft. Market observers noted the cost per square foot ranging from S$4,200 to S$4,600, considered relatively high, attributing it to recent refurbishments. A market observer mentioned, “Moreover, this is a special buyer (who is) prepared to pay a high price for a property that is in a somewhat discreet and quaint part of District 2.” Some speculate that the Mas may intend to use the property for personal purposes, such as a private clubhouse or consider leasing it. This isn't their first venture into Singapore's real estate market; in 2019, reports surfaced of Jack Ma building a house at Victoria Park Close. Singapore, a hub for the ultra-rich, has seen other high-net-worth individuals (UHNWIs) making significant property acquisitions. In 2019, British billionaire James Dyson a three-story penthouse at Wallich Residence, occupying the topmost levels of the 64-story Guoco Tower in Tanjong Pagar. However, after just a year, he sold this property for S$62 million, a figure lower than the initial purchase price of S$73.8 million, which had set a record at the time of acquisition. In 2021, Zhang Yong, founder of Haidilao, was granted the option to buy a Gallop Road bungalow at S$42 million. The family behind Want Want, a snack food giant, acquired an entire S$293 million condominium in Orchard in the same year.

Chinese investors drive spike in Singapore’s conservation shophouse transaction, prices surpass $7,000 psf

Earlier in 2023, There have been indicators that suggest the obvious signs of the influx of the influx of ultra-wealthy families from overseas, particularly from China to Singapore. Despite Singapore’s Ministry of Home Affairs (MHA) denial claims that the city-state is set to attract nearly 3,500 HNWIs with a net worth exceeding US$1 million to become citizens this year, the local economy has since felt the impact of the influx of these HNWIs, such as the rising demand and property values. According to EdgeProp.sg, these wealthy Chinese buyers even eyeing conservation shophouses in the CBD and Chinatown, driving the transaction to spike above $7,000 psf. The Urban Redevelopment Authority (URA) has only accorded approximately 6,500 shophouses in Singapore with conservation status, making this class of property extremely rare. Shophouses are only granted “conservation status” if they possess distinctive architectural features which are of historical and cultural significance. In April 2023, a 999-year leasehold, two-storey intermediate conservation shophouse along Amoy Street was sold for $21.8 million, which is $3.112 million (16.65%) higher than its last sale in November 2022. The buyer, NC Properties, is said to be linked to Hong Kong’s New Century Group and has invested in conservation shophouses in the Telok Ayer and Circular Road neighbourhood. Liberty House, a five-storey commercial building on a 999-year leasehold site of 7,180 sq ft with a gross floor area of 28,876 sq ft, was sold for $92.2 million. The buyer is Union Property Holding, whose owner is Zhang Nie, the former Singapore head of Chinese oil trader Unipec. The price reflects $3,193 psf.