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Accident – Death – Obituary News : : 1. Ray Dalio Club Street Shophouses
2. Bridgewater Founder Club Street Property Buyer
Bridgewater Associates founder Ray Dalio has recently acquired two shophouses in Singapore, joining the league of billionaires investing in the city-state. The Dalio Family Office purchased the properties at 44 and 46 Club Street for around S$25.5 million. The shophouses are currently undergoing renovations and are expected to be completed next year. The surge in shophouse sales in Singapore has attracted high-net-worth investors, with notable purchases by individuals like Jack Ma’s wife, Zhang Ying. Despite stricter regulations, the commercial shophouse market remains appealing to investors, with sales projected to reach between S$1.1 billion and S$1.2 billion for the rest of 2024.
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Ray Dalio Joins Billionaires Buying Shophouses in Singapore
Bridgewater Associates founder Ray Dalio has recently made headlines for his multimillion-dollar purchase of two shophouses in Singapore. His family office, the Dalio Family Office, acquired the properties at 44 and 46 Club Street in 2021 for approximately S$25.5 million, according to sources cited by Financial Times.
Renovation Underway
The shophouses are currently undergoing renovation, with completion expected next year. The Singapore managing director of the Dalio Family Office, Tan Mae Shen, is listed as the developer on a development approval issued by the government at the end of 2023.
In a report by The Straits Times in 2021, it was revealed that Arcc Holdings and its chief executive Tony Chen sold the two 999-year leasehold shophouses to a foreign-based family office for a total of S$25.5 million, translating to S$3,935 per square foot.
Expanding Presence in Singapore
Ray Dalio established a family office in Singapore in 2020 to oversee his investments and philanthropic endeavors in the region. The move reflects a growing trend of high-net-worth individuals and family offices investing in Singapore’s real estate market.
Increasing Interest in Shophouses
Shophouse sales in Singapore have been on the rise, attracting more high-net-worth investors. In February, Zhang Ying, the wife of Alibaba founder Jack Ma, was reported to have purchased three adjoining shophouses on Duxton Road in the Tanjong Pagar area for an estimated S$45 million to S$50 million.
According to a report by property consultancy Knight Frank, shophouse sales surged by 52.2% to S$169.1 million in the first quarter of 2024 compared to the previous quarter. The report highlighted a total of 20 shophouse transactions in Q1, with six deals signed above S$10 million.
Optimistic Outlook
Knight Frank projects the sales volume of shophouses in Singapore to range between S$1.1 billion and S$1.2 billion for the remainder of 2024. Despite concerns surrounding money laundering investigations and increased stamp duties for foreign property buyers, investor interest in commercial shophouses remains strong.
The average price of a shophouse in Singapore has seen significant growth over the past decade, with sales reaching a record high of S$1.9 billion in 2021. This trend indicates a positive outlook for the shophouse market in the coming years.
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