Jack Ma’s wife reportedly buys 3 shophouses in Singapore

Jack Ma / Photo credit: Alibaba

Zhang Ying, spouse of Alibaba Group co-founder Jack Ma, has purchased three shophouses on Duxton Road in Singapore, The Business Times reported.

A Singapore citizen, Zhang bought units at 70, 71, and 72 Duxton Road, a neighborhood close to Singapore’s Chinatown district.

The shophouses cover a land area of 3,239 square feet and are currently being refurbished, which includes a lift installation. Singapore’s Urban Redevelopment Authority has approved the renovation, which will convert the ground floor for restaurant use and the upper floors into office space.

The transaction amount is reported to be between S$45 million and S$50 million (US$33.5 million to US$43.9 million). This pricing is above the usual market rate for conservation shophouses in the area, The Business Times highlighted, which typically do not surpass US$3,000 per square foot.

In 2019, Ma reportedly planned to build a two-story bungalow at Victoria Park Close in Singapore at an unknown price. It’s unclear whether the plans have come into fruition.

In the same year, James Sheng, another Alibaba co-founder, had also purchased a US$37.2 million dollar property in Leedon Park after becoming a Singapore citizen.

See also: What’s Lazada’s future after hefty job cuts? Insiders tell us

Currency from Singapore dollar to US dollar: US$1 = S$1.34.