The price translated to S$2,295 per square foot (US$19,348 per square meter) based on its 37,036 square foot (3,440.7 square meters) of land area, The Business Times reported.
It was below the roughly S$110 million asking price for the property earlier last year. The deal was contracted in June 2025 and completed in September, with the vendors being Singtel chairman Lee Theng Kiat and Veronica Lim.
The nearly 13-year-old house currently on the site has two stories and a basement, along with a swimming pool and lift.
The property is adjacent to another bungalow Shi purchased in 2022 for S$50 million or S$2,740 per sq ft. Both properties sit within the Cluny Hill Good Class Bungalow Area, per Mothership.
Bungalows located in the 39 such areas across Singapore are the city-state’s most coveted form of landed housing. They are subject to strict planning conditions, including a minimum land size of 1,400 square meters and a height limit of two stories, according to the Urban Redevelopment Authority.
A view of Singapore. Photo by Pexels |
Shi and his wife, Li Haiyan, founded Haidilao alongside fellow couple Zhang Yong and Shu Ping.
The chain started as a restaurant with four tables in China’s Sichuan province and has since grown into one of the world’s best-known Chinese restaurant chains, making all four co-founders billionaires.
Zhang and Shu also own three properties on Gallop Road near the Shi family’s bungalows on Cluny Hill, which they acquired between 2016 and 2021, according to AsiaOne.
Shi and his family currently have an estimated net worth of US$2.2 billion, while Li’s fortune is estimated at US$1.5 billion, according to Forbes’ real-time data.
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