Family of Haidilao co-founder buys 2nd Cluny Hill bungalow for S$85 million

A family member of Haidilao co-founder Shi Yonghong apparently bought an S$85 million freehold bungalow in Cluny Hill, Business Times reported.

The property is next to the one that Shi bought from Lee Wei Ling in 2022 for S$50 million.

Lee, who died in 2024, was the daughter of Singapore’s first prime minister Lee Kuan Yew.

Both bungalows are located in the Cluny Hill Good Class Bungalow Area (GCBA).

Price lowered

The transacted price of S$85 million for the property is apparently lower than the asking price of S$110 million in 2025.

Analysis by market watchers suggests that Good Class Bungalow (GCB) owners have lowered price expectations over the past couple of years.

The deal was contracted in June 2025 and completed in September that year.

This works out to S$2,295 per square foot (psf) on a land area of 37,036 square feet (sq ft).

This is less than the S$2,740 per sq ft that Shi, also known as Sean Shi, paid for Lee’s bungalow, which sits on higher ground.

House about 13 years old

The existing house on the site is about 13 years old

It has two storeys and a basement, a swimming pool and a lift.

Its vendors were Singtel chairman Lee Theng Kiat and Veronica Lim.

Other house being redeveloped

Shi is redeveloping the 18,255 sq ft site he bought from Lee into a two-storey bungalow with a basement, an attic and a swimming pool.

The Shi family’s Cluny Hill bungalows are also close to the three properties in Gallop Road owned by fellow Haidilao co-founders, Shu Ping and Zhang Yong, a married couple.

Bungalows located in the 39 GCBAs are the most prestigious form of landed housing in Singapore.

To acquire a landed property in a GCBA, one generally has to be a Singapore citizen.