Jack Ma might be building massive bungalow in S'pore: Business Times

Whoa, loads of billionaires.

Nyi Nyi Thet | July 31, 2019, 10:41 AM

Noted teacher-turned-billionaire Jack Ma might be building a house in Singapore as we speak.

This is according to a piece by The Business Times.

According to BT, rumours have been going around about an entity linked to Alibaba Group Holding chairman and co-founder Ma building a two-story bungalow at Victoria Park Close.

The previous two-decade-old bungalow in that lot had been torn down.

The previous occupants of the bungalow was a doctor couple who started divorce proceedings in 2010.

Their house was eventually sold for S$40 million.

One reason why BT couldn't outright confirm the news was that the buyer name was listed as USB Trustees, which could be a move to keep the identity of the homeowner under wraps.

BT did find out that the purchase did not require approval from the authorities, suggesting the owner is Singaporean.

They further noted that Jack Ma's wife is rumoured to be Singaporean.

Nothing confirmed yet

There's been quite a few high-profile rich people making their way to Singapore recently, including Ma's fellow Alibaba co-founder, James Sheng, who apparently dropped S$50 million on a property at Leedon Park.

But it's still a tad early to be making any conclusive statements, seeing how the property is not even going to be ready for more than a year.

Ma has long rumoured to be emigrating to other places, the most prominent of which was Hong Kong.

But in a pointed response to the rumours in 2014, Alibaba released a statement saying: "Jack Ma does not, nor will ever have any emigration plan,".

Ma himself also asserted his desire to remain in Hangzhou, China.

But if he really does buy a house at Victoria Park Close, here's what he's in for.

Does it park joy

Victoria Park Close is located near Farrer Road MRT.

Screenshot from Google Maps

The cheaper — cheaper being in the most relative terms you can think of — houses in Victoria Park Close go for around S$20 million.

In 2016, one of the houses there was apparently sold for around S$19 million, which was attributed partly to the location — it was on a downward slope.

A real estate agent Mothership talked to placed the range of prices for houses in that area between S$20 and S$50 million.

Victoria Park Close is one of the areas considered a hotspot for Good Class Bungalows (GCB).

In fact, here's a list of GCBs in Singapore.

Screenshot from URA

Holy moley.

Image from Google Maps and Chesnot/Getty Images