Billionaire Jack Ma’s wife spends $37M on three shophouses in Singapore

By Minh Hieu   February 22, 2024 | 11:24 pm PT
Billionaire Jack Ma’s wife spends $37M on three shophouses in Singapore
The shophouses at 70, 71, and 72 Duxton Road, Singapore. Photo by Clifton Partners
Chinese billionaire Jack Ma’s wife Zhang Ying bought three adjoining shophouses near Singapore’s Chinatown area for around US$37.1 million.

The three properties, located at 70, 71, and 72 Duxton Road, collectively span 300 square meters, which translate to a price of $123,333 per square meter, the Business Times reported.

This is nearly four times pricier than similar shophouses on Duxton Road, a well-known dining hub in Singapore, which are usually listed at below $32,280 per square meter.

These three-floor buildings are currently undergoing a renovation.

Post-construction, the ground floor of these establishments will be transformed into a restaurant, while the upper floors will be utilized as office space.

Zhang, a naturalized Singapore citizen, is currently the director of the three firms that own the adjoining shophouses, Bloomberg reported.

She played a crucial role in Chinese tech giant Alibaba, having borrowed $1.4 million to start the company and helped run it during its early stages.

As of February 22, Jack Ma, Alibaba’s co-founder, has a net worth of $24.8 billion, according to Forbes.

Aside from Ma, other Chinese billionaires have shown interests in Singapore’s real estate in recent years.

This includes hot pot chain Haidilao co-founder Yonghong Shi, who spent millions of dollars to acquire premium properties near the Singapore Botanic Gardens last year.

go to top