Jack Ma’s wife get three adjoining shophouses on Duxton Rd

The wife who is the co-founder Jack Ma of Alibaba Group has purchased three adjoining shops in Tanjong Pagar, on Duxton Road.

The Business Times understands Zhang Ying (a Singaporean) paid S$45-50 million for 70 71 72 Duxton Road. The properties, which are located on commercially-zoned land, have 99-year-leasehold tenures that began in September 1998.

Three floors and attics are available in each of the three-storey shophouses. A major refurbishment is almost completed.

Urban Redevelopment Authority approves the additions and modifications for a three-storey integrated development, which includes converting the first level from a store to a restaurant. The upper storeys are used for office purposes, and refurbishment includes a lift.

Kerry Hill Architects had been hired to revamp the shophouses by the seller – an entity associated with a Singaporean investment group. The total build-up area is about 10,700 square feet. The properties lie in the Tanjong Pagar Conservation Area.

Zhang, according to reports, paid S$4,200 up to S$4,600 each per square foot on an estimated built-up surface.

The market observers consider this range of prices to be high. Conservation shophouses have generally not been sold in Duxton for more than S$4,000 psf. However, it is worth noting that the shophouses Zhang will purchase are being renovated.

It is important to note that this buyer is (prepared) to pay more for an apartment in District 2, which is located in a relatively quiet and charming area.

Read more on : Lentoria

Ma family may intend to use asset as their own occupation. (For example, it could be used to entertain friends or associates in a private lounge. However, they might end up leasing it.

The seller purchased the three adjacent storeys for S$22.2m in separate deals. The seller bought 70 Duxton Road in 2018 for S$7.55 from Alan Choe’s former company. Choe was the former chairman and head of URA as well as Sentosa Development Corporation.

Shophouse sales slowed down dramatically in 2023’s fourth quarter. PropNex Realty published a report based caveats that indicated only 15 transactions took place in the fourth-quarter of 2023.

This was the lowest number for a quarterly since 2010. The property agent attributed the muted sale to the softening economic outlook, and also increased due diligence in the wake of the anti-money-laundering blitz that took place last August.

The seller bought No. 71 Duxton Road (for S$7.35m) from a Dr. and No. 72 (for S$7.3m) from Kwek Lee Hoon. Kwek Lee Hoon was the sister of Hong Leong Group’s executive chairman Kwek Leng Beng.

The 2023 shophouse market saw 131 deals, totaling S$1.14billion. That’s down from 191 deals, totalling S$1.63billion in 2022.

According to Caveats Data, this is the slowest sales volume for 2019. In that year, 123 Shophouses sold a combined total of S$916,000,000.


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