Zhang Ying, the spouse of Jack Ma, co-founder of Alibaba Group, has reportedly acquired three adjacent shophouses along Duxton Road for an estimated S$45-50 million.
As reported by The Business Times, the Singaporean citizen purchased units located at 70, 71, and 72 Duxton Road, all of which are 99-year leasehold properties with 63.5 years remaining.
Collectively, the shophouses boast a built-up area of around 10,700 sq ft, occupying a land area of 3,239 sq ft.
The calculated price per square foot falls within the range of S$4,200 to S$4,600, which, according to market experts, is considered relatively high. The recent refurbishment of the shophouses may contribute to the elevated price, and the unique buyer’s willingness to pay a premium for a property situated in a discreet and charming part of District 2 was highlighted by a market observer.
A shophouse investor suggested that the Mas might intend to use the property for personal use, such as a private clubhouse for entertaining friends and associates, or they could opt to lease the property.
This isn’t the family’s first venture into Singaporean real estate. In 2019, it was reported that Jack Ma was constructing a residence at Victoria Park Close. Singapore continues to attract ultra-high-net-worth individuals (UHNWIs), with other notable figures, such as James Dyson and the Zhang Yong family, making significant property investments in the city-state.