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Shi Yonghong, the co-founder of the popular hotpot chain Haidilao International, bought a Good Class Bungalow (GCB) at Cluny Hill belonging to Lee Wei Ling, who is the late Prime Minister Lee Kuan Yew's daughter, for a cool S$50 million.
Transferred ownership on Sep. 6
The Straits Times (ST) reported that the GCB was previously owned by Kwa Geok Choo Pte Ltd.
The company has been renamed Cluny Lodge Pte Ltd, where Lee is the sole shareholder. Her nephew Li Huanwu, who is Lee Hsien Yang's second son, is one of the directors.
Based on the legal transfer documents that ST obtained, the ownership of the GCB changed hands from Lee to Shi on Sep. 6.
Besides being the co-founder of Haidilao International, Shi is the chair of Yihai International Holding, which produces hotpot seasonings and sauces.
His family has a net worth of US$4.1 billion (S$5.7 billion) and is ranked 87th on Forbes' China's Richest 2021 list.
Their new purchase is within walking distance of the family's two other bungalows. One in Gallop Road, and the other is the Winged House next door.
Those two properties sit on around 35,000 sq ft of freehold land.
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Top image screenshot from Google Maps