Billionaire Jack Ma may be developing a two-story bungalow in the Victoria Park Good Class Bungalow Area, a Singapore newspaper reported.
According to rumors, an entity linked to Alibaba Group Holding chairman and co-founder Jack Ma is building a two-story bungalow with a basement and swimming pool in Singapore's Victoria Park Good Class Bungalow (GCB) area. A two-decade-old bungalow (pictured above) used to occupy the site but has since been pulled down.
The house being built sits on an almost 30,000 sq ft, elevated and regular-shaped 999-year leasehold site in Victoria Park Close, according to the «Business Times» (behind paywall). The signboard at the site lists the design architect as Hong Kong-based Philip Liao and Partners, along with other consultants, but information on the property owner cannot be found.
Beneficiary Likely a Singaporean
Checks by local newspaper suggested that the purchase of the Victoria Park Close property did not need approval from the authorities, which signals that the beneficiary of the trust is likely to be a Singapore citizen. Jack Ma's wife, Zhang Ying, is believed to be a Singapore citizen.
The newspaper also recently reported that Alibaba co-founder James Sheng, who is also known as Sheng Yifei, bought a bungalow in Leedon Park, also a GCB Area, last year for S$50 million. He is a Singapore citizen.
