- Jack Ma’s wife Zhang Ying reportedly bought 3 shophouses in Singapore’s Duxton Road.
- The high-value purchase adds to other Alibaba-linked acquisitions.
- Zhang may establish a premier business in the cultural district.
Zhang Ying, the spouse of Alibaba co-founder Jack Ma, has reportedly made a significant property investment in Singapore, purchasing three shophouses on Duxton Road for S$45 million to S$50 million (US$33.5 million to US$43.9 million), according to The Business Times.
What does Zhang’s investment entail?
Located near Singapore’s Chinatown district, the shophouses boast a combined land area of 3,239 square feet and are currently undergoing renovations, including the installation of a lift.
Plans approved by the Urban Redevelopment Authority include converting the ground floor for restaurant use, while the upper floors will serve as office space.
Strategy behind the purchase
This acquisition stands out due to its pricing – exceeding the usual market rate for conservation shophouses in the area, which typically don’t surpass US$3,000 per square foot.
The deal adds to a series of high-profile property purchases by individuals connected to Alibaba in Singapore, following Ma’s reported plans to build a bungalow in 2019 and co-founder James Sheng’s US$37.2 million property acquisition in the same year.
While it’s unclear whether Zhang’s purchase signals a permanent move or investment diversification, it undoubtedly highlights a continued interest in Singapore’s real estate market from prominent Chinese figures.
This trend, coupled with the significant value attached to these shophouses, suggests Zhang may be aiming to establish a premier business venture in the heart of Singapore’s vibrant cultural district.
