Jack Ma's wife bought a shophouse in the core area of Singapore and spent nearly 264 million yuan
Although Jack Ma has kept a low profile, his every move is still under public scrutiny. After the news of "Jack Ma's family celebrates the New Year in Singapore", the news of "Jack Ma's wife Zhang Ying bought a shophouse in the center of Singapore" once again appeared on the hot search.
According to Singaporean media "Business Times", Jack Ma's wife Zhang Ying bought three adjacent shophouses at 70, 71 and 72 Duxton Road in Singapore for about S$45 million ~ S$50 million (238 million ~ 264 million yuan).
Shophouses are long-established and unique houses in Singapore, most of them are two to three storeys high, the first floor is used for shops, the second and third floors can be used as residential buildings, and now the second and third floors are mostly commercial or office buildings.
Other shophouses on Duxton Road The picture is from Singapore Goon Estate
Bar on the ground floor of other shophouses on Duston Road Photo courtesy of Goon Properties, Singapore
According to statistics, there are 6,500-7,000 reserved shophouses in Singapore, most of which are located in older areas such as Tanjong Pagar, Chinatown, Telok Ayer and Amoy Street, which are more sought after by the wealthy in Southeast Asia and European and American conglomerates.
Other shophouses on Duxton Road The picture is from Singapore Goon Estate
According to The Business Times, the shophouse purchased by Teo Ying is located in the Tanjong Pagar Reserve, with a total area of 3,239 sq ft and a total floor area of 10,700 sq ft. The house is a 99-year leasehold project with a remaining lease term of 63.5 years. Each shophouse is a three-storey building with loft space.
Judging from the photos that have been circulated, the shophouse bought by Zhang Ying is full of Southeast Asian style, with a bright façade and an interior being renovated. According to the Business Times, the seller is nearing completion of the shophouse with an interior refurbishment and the installation of an elevator.
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Other shophouses on Duxton Road The picture is from Singapore Goon Estate
According to the Business Times article, the Jack Ma family may use it as a private club to entertain friends and colleagues, or they may rent out the shophouse.
A Hangzhou market source told Jian News reporter that Ma Yun's real estate is taken care of by Zhang Ying, who prefers to buy real estate, and they also have clubs in Hangzhou's real estate.
This is not the first time that the Jack Ma couple has purchased a property in Singapore. In 2019, Jack Ma purchased a 30,000 sq ft villa with 999 years of ownership in Singapore's Victoria Park Good Class Bungalow Area for S$40 million through the UBS Trust Fund.
According to The Business Times, Zhang Ying has obtained Singapore citizenship.
The Singapore shophouse that Zhang Ying bought this time is expensive. According to Halden Group, the largest shophouse transaction in Q3 2023 was three shophouses in Jalan Besar, which were transacted for $38.5 million. According to real estate consultancy Knight Frank, shophouse transactions in Singapore have reached $5,500 per square foot in 2022, double the price of the world's most expensive shopping street, Upper 5th Avenue in Manhattan, New York.
According to local media reports, the market value of shophouses in central Singapore has risen in the last year, with the average sq ft price of freehold and 999 tenure shophouses in 1st/2nd (Raffles Place and Tanjong Pagar), 7th/8th (Little India and Golden Mile) and other districts (other Central and Outside Central) rising by 23.8%, 7.1% and 32.1% year-on-year respectively. Houses in the suburbs declined, with districts 14/15 (Geylang, Joo Chiat and East Coast) down 13.2%.
According to local media in Singapore, people familiar with the matter revealed that the three shophouses were sold for S$22.2 million in 2018, and shophouses 70-72 were sold for S$7.55 million, S$7.35 million and S$7.3 million respectively. In 5 years, the shophouse has doubled in value.
The value retention performance of the shophouse purchased by Zhang Ying is expected to be good. In an interview with the media, Wong Siew Ying, head of property research and content at PropNex, said that in 2024, shophouses are considered a safe asset by many investors due to limited supply and cultural heritage value. Shophouses also have the potential to retain their value, so the market is expected to remain quite resilient. Owners who want to find space for business operations post-pandemic, as well as investors who want to add defensive assets to their portfolios, have given the most support to this market.