Wife of Alibaba co-founder Jack Ma reportedly buys 3 Duxton Road shophouses for about S$50 million
The houses have 63.5 years left on their lease.Ilyda Chua |
Zhang Ying, the wife of Alibaba Group co-founder Jack Ma, has reportedly paid S$45-50 million for three adjoining shophouses along Duxton Road.The Business Times reported that the Singapore citizen bought the units at 70, 71, and 72 Duxton Road, which are 99-year leasehold sites with 63.5 years left.
In total, the built-up area of the shophouses adds up to approximately 10,700 sq ft, or a land area of 3,239 sq ft.
Price on the high side
The math works out to around S$4,200 to S$4,600 per square foot, which according to market observers is on the high side, BT noted.
However, the shophouses have been recently refurbished, which may have contributed to the higher price.
“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,” a market observer told BT.
A shophouse investor suggested that the Mas may have intended for the asset to be for their own occupation — for instance as a private clubhouse to entertain friends and associates.
Or they could just lease the property instead.
A hotspot for the ultra-rich
This isn't the family's first foray into purchasing property in Singapore.
In 2019, Ma was reported to be building a house at Victoria Park Close.
As a hotspot for the world's ultra-rich, plenty of other UHNWIs — ultra-high-net-worth individuals — have set up shop in Singapore too.
In 2019, billionaire inventor James Dyson bought a Bukit Timah bungalow for S$45 million.
In 2021, the family of Zhang Yong, Haidilao's founder, was granted the option to purchase a Gallop Road bungalow at S$42 million.
And in 2021, the family behind snack food giant Want Want snapped up an entire S$293 million condominium in Orchard.
