Hot Pot Mogul Goes Splurging: 50 Million Dollar Bungalow Bonanza
How the Deal Unfolded
What happened over the weekend that turned a quiet suburb into a headline‑making hotspot? Shi Yonghong, co‑founder of the sizzling Sichuan hot‑pot dynasty Haidilao International, just handed over $50 million for a marble‑soaked Good Class Bungalow (GCB) at Cluny Hill.
That giant of a pad sits in the Cluny Hill GCB area—an 18,255‑square‑foot slice of luxury that works out to roughly $2,740 per square foot. Pretty priced for a 2023 Beijing‑style palace, amirite?
Who’s the Other Side of the Deal
- Dr Lee Wei Ling — Dormitory‑born daughter of the late Prime Minister Lee Kuan Yew.
- Mary‑named sister of Prime Minister Lee Hsien Loong.
When Dr. Lee sold the nest, she passed it onto a fellow billionaire. No wonder stakeholders at the Singapore Times had to do a quick check and confirm the legal transfer on September 6.
What This Means for the Hot‑Pot Empire
With this move, Shi Yonghong quietly adds a new flagship property to his portfolio, probably because he thinks, “Why not live like a king after serving up the empire’s most iconic noodles?” His next question? “Should I add a private hot‑pot so that my staff can enjoy a five‑star binge at home?”
Cheers to that! While the tea might simmer, the business is still blazing hotter than a Sichuan pot—so let’s stay tuned for more spicy updates.
Backstory of the GCBs: Who’s Who and What’s the Deal?
Picture a slice of Singapore’s high‑end real estate puzzle: the Cluny Hill GCB just went hands on.
It was originally owned by Kwa Geok Choo Pte Ltd (a.k.a. Cluny Lodge Pte Ltd), chaired by Kwa Geok Choo, the late mother of Dr. Lee. Dr. Lee himself is the sole shareholder, but you’ll still see a few familiar faces on the board.
- Li Huanwu – nephew of Dr. Lee, his brother to the famed Lee family.
- Lee Hsien Yang & Lee Suet Fern – the dynamic duo who recently listed their Caldecott Hill bungalows.
Why This Sale Rocks the GCB Scene
Dr. Lee’s new purchase means he’s now neighbors with his co‑founder – the legendary Zhang Yong. Zhang’s family already owns two GCBs in the Gallop Road/Woollerton Park area, so the new bungalow isn’t walking into the wild; it’s stepping into a family‑friendly enclave.
The Two Mouth‑watering GCBs
- The Winged House – 15,884 sq ft, formerly sold for $27 million (S$1,700 psf) in 2016. Designed by K2LD Architects, it’s so named because from a bird’s eye it looks like two giant wings. Features: two levels, a basement, 5 bedrooms, pool, terrace, and garden.
- Adjacent Freehold GCB – 21,649 sq ft, snapped up by Zhang Hanzhi (early 20s) for S$42 million (S$1,940 psf) in December 2020. It sits right next to The Winged House in a private, tree‑lined cul‑de‑sac.
So, if you’re wondering what the glitz of this location is about, it’s all about that proximity to the Zhang empire and a hidden oasis that feels like a secluded retreat. For the discerning buyer, it’s the perfect blend of luxury, privacy, and family-connection.
Wrap‑It‑Up: A Tale of Family, Fortune, and the Golden Wingbed
While Dr. Lee now owns a piece of the dream that Zhang once built, the story’s wrapped in families interlinking, real estate dynamos swapping pockets, and a backyard that could have a secret entrance to a superhero lair.
From Sichuan Kitchen to Singapore Strolls: The Haidilao Story
Picture this: three keys—only a short walk from the lush Singapore Botanic Gardens—locking onto the same golden path. Though their home bases (the GCB Areas) are a bit apart, Shi’s GCB, Zhang’s GCB, and the big family restaurant share a common love: a good cup of soup.
Origin Story: A Duo’s Dream
Back in 1994, Zhang Yong (52) and Shi Yonghong (53) teamed up with nothing but ambition and a pinch of pho. Their wives—Shu Ping for Zhang and Li Haiyan for Shi—joined the venture. The result: Haidilao, popping up in Jianyang, Sichuan, China.
The First International Jumps
- 2012 – Haidilao takes its first daring leap outside mainland China: a cozy spot in Clarke Quay, Singapore.
- 2013 – The brand steals a slice of American life from a Californian restaurant.
Global Expansion: Now, 100+ Stores in 30-Plus Countries
Today, the restaurant empire spans:
- 1,400 locations in China.
- Over 100 worldwide boutiques: Malaysia, Australia, Taiwan, the UK, Canada, South Korea, Japan, and more.
From Private to Public: The Hong Kong IPO
Take a deep breath: in September 2018, Haidilao went public on the Hong Kong Stock Exchange. Fast forward to 2021, Forbes reports an astonishing US$6.4 billion (roughly S$9 billion) in sales—a number that screams success.
Life in Singapore: A New Home
By 2018, Zhang and his crew decided to drop the scarf in Singapore, settling in for the long run. Long story short: they eventually became Singapore’s own citizens—proof that a good stew can bridge any cultural gap.
Side note: If you’re intrigued by other business adventures, hit up the link for the “37‑year‑old CEO buying $55.5 million Belmont Park GCB.”
