KUALA LUMPUR (Jan 7): The family of Singapore's richest man is buying a freehold good class bungalow (GCB) (pictured)  in Gallop Road at the highest price per square foot for the area, reported The Straits Times (ST).

The Singapore based daily reported that “the option to purchase the 21,649 sq ft bungalow… was granted to Zhang Hanzhi at S$42 million (about RM130 million) on Dec 22.”

This is about S$1,940 psf and according to property analysts, is “the highest price per square foot paid for a GCB in that area”.

According to the same report, Zhang Hanzhi is the son of Zhang Yong, the chairman of Haidilao International Holding.

The senior Zhang is a naturalised Singapore citizen and Forbes has listed him at the top of Singapore's Richest list in 2020 for a second straight year.

His combined net worth is US$19 billion (RM76.21 billion) with his wife Shu Ping.

Carin Puah, senior director (capital markets) of real estate agency JLL Singapore, told ST that S$1,940 psf was a record price for the Gallop Road area last year.

"They are paying for the privacy of the location, as both bungalows are located in a cul de sac," she explained.

The daily also stated that the Gallop Road property is located next to the family’s existing bungalow, which was purchased at S$1,700 psf or S$27 million about four years ago.

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