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

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.