Haidilao’s Co‑Founder Scoops Up a $50 Million Cluny Hill Bungalow
Why This Deal Is the Talk of the Town
Shi Yonghong—the hot‑pot powerhouse behind Haidilao—just paid a cool $50 million to buy a Cluny Hill Good Class Bungalow (GCB) from Dr. Lee Wei Ling, daughter of the late founding Prime Minister Lee Kuan Yew.
On September 6th, the deal went from “unofficial” to legally binding. The bungalow sits on 18,255 sq ft of land, which works out to roughly $2,740 per square foot. That’s the gold‑standard price for a “redevelopment‑ready” property.
What’s Inside the Bungalow?
- It’s a classic Cluny Hill home—think Victorian charm meets Singapore luxury.
- Previously owned by tech entrepreneur Tommy Ong in 2021; it was still under construction then, boasting six bedrooms and a swimming pool.
- The location is walking distance from the Singapore Botanic Gardens—perfect for morning jogs or leisurely strolls.
Why The Price’s So High?
Property consultant Karamjit Singh explains: “The $2,740 per sq ft reflects the buyer still needs to invest in redevelopment—costs can run into $10 million or more.” He goes on to say that the rebuilt property would likely be worth at least $60 million, translating to a more market‑aligned price of around $3,200–$3,300 per sq ft.
Shi’s Power Play
- After the purchase, he and his family landed the 87th spot on Forbes China’s Richest list last year, with a net worth of $4.1 billion (S$5.8 billion).
- He brings over 20 years of experience in the food industry and management from Haidilao, and is a director of at least 10 Singapore‑incorporated firms.
- His move places him right beside the chairman Zhang Yong’s own GCB in Gallop Road—a neighborhood that is basically a mini‑real estate battleground for GCB aficionados.
Bottom Line
In short, Shi Yonghong’s $50 million bungalow acquisition isn’t just a real estate win—it’s a statement. A blend of heritage (thanks to Lee family ties), luxury (the Cluny Hill allure), and sheer financial muscle has turned this property into a headline that’ll keep the Singaporean elite chattering for years to come. And, let’s be honest, who doesn’t love a good Chinese family drama with a splash of hot‑pot flavor?
