Jack Ma’s spouse is reported to have bought three adjacent shops on Duxton Road
Kerry Hill Architects, a Singaporean property investment group-affiliated entity, was hired to revamp the shophouses. The total area of the shops is 10,700 square feet. These properties are situated in the Tanjong Pagar Conservation Area.
Zhang’s reported price for the three shophouses is between S$4,200-S$4,600 per sq. foot (psf), depending on the built-up area.
Market observers consider that this price range is on the high end, as conservation shophouse deals have rarely exceeded S$4,000 on built-up areas in the Duxton region. The shophouse trio Zhang has purchased will have been newly refurbished.
The buyer is also a unique individual who is willing to pay a premium for a home in a quaint and discrete part of District 2
According to a shophouse investor, the Ma family could have intended the asset as their own occupation. Use it as a private bar to entertain friends and associates. The property could be leased.
The seller bought the three adjoining shops for S$22.2m in 2018 through separate deals. It purchased 70 Duxton Road, owned by Alan Choe – a former URA chairman and Sentosa Development Corporation chairman – for S$7.55million.
The seller purchased 71 Duxton Road at S$7.35 million, from a physician, and No. 72 at S$7.3M from Kwek Lee Hoon. She is the sister to Hong Leong Group executive Chairman Kwek Leng Beng.
Shophouse transactions slowed dramatically in the fourth quarter 2023. PropNex Realty’s caveats-based report, released last month, showed that only 15 shops were sold in the 4th quarter of 2023. That is a 60% decline from the 37 sales in Q3 in 2023.
It was the lowest figure for a quarter since 2010. The property agency has attributed the low sales to a softening economy and increased due diligence in the wake of the August 2013 anti-money laundering operation.
The shophouse market in 2023 recorded 131 transactions worth approximately S$1.14billion. This is a decline from 2022’s 191 deals, which totaled S$1.63billion.
The caveats data shows that this was the lowest sales volume for 2019 since 123 shops sold a combined total of S$916m.
The wife of Alibaba Group’s co-founder Jack Ma, has purchased three adjacent shops on Duxton Road near Tanjong Pagar.
The Business Times understands Zhang Ying to be a Singaporean who paid S$45-$50 million between 70, 71 & 72 Duxton Road. The properties are in commercial zones with 99 year leasehold tenures, starting September 1988. There is a 63.5-year balance term.
Each shophouse has three floors, plus an attic. It is situated on 3,239 sq ft of land. Major refurbishment is almost complete.
Urban Redevelopment Authority has given approval for addition and alteration work for an integrated project consisting of three shophouses. First floor use will change from shop to restaurant. The upper levels will be used as offices and the refurbishment will include a new lift.
