Haidilao family gets option to buy S$42m bungalow in Gallop Road

An option to purchase was granted last month to the son of Haidilao chairman Zhang Yong

Kalpana Rashiwala

Published Wed, Jan 6, 2021 · 05:50 AM

Singapore property

Singapore

THE family of the Haidilao hotpot chain co-founder Zhang Yong is in the initial stages of buying a bungalow in Gallop Road next to the family's existing villa.

BT understands that an option to purchase the property was granted last month to Mr Zhang's son at S$42 million. This works out to S$1,940 per square foot based on the freehold land area of 21,647 sq ft. On the site is an old house that is ripe for redevelopment.

Market watchers note that reflecting the price rise in Good Class Bungalow (GCB) Areas, the S$1,940 psf on land alone in the latest deal is much higher than the S$1,700 psf the family paid in 2016 for the next door bungalow which was about four years old at the time. It sits on 15,884 sq ft of freehold land. Dubbed The Winged…