Singaporean Mathilda Koh, who is the CEO and founder of homegrown beauty salon Bioskin, has made headlines as she recently purchased a bungalow in Sentosa Cove. Located at Cove Drive, the waterfront residence was bought for $14.155 million, at a rate of $1,777 per square foot. This purchase was based on a caveat lodged on September 2.
Built in 2011, the bungalow is situated on a 99-year leasehold site with an area of 7,968 square feet and features a swimming pool. It boasts an unobstructed view of the award-winning Sentosa Golf Club’s Tanjong Golf Course and the CBD skyline. The previous owner acquired the property for $12.5 million ($1,569 psf) in April 2012.
Notably, in July 2023, another bungalow along Cove Drive was sold for over $20 million, which amounted to close to $2,600 psf. However, there was no caveat lodged for this transaction.
Koh’s recent acquisition at $1,777 psf was considered a very attractive deal. She already owns multiple properties in Sentosa Cove, having purchased her first bungalow plot in 2006. This plot, which overlooks Sentosa Cove’s Serapong Golf Course, spans 8,898 square feet and was purchased for $1,716 psf.
In 2013, after living in her newly built bungalow for five years, Koh sold it for $26 million, which was equivalent to $2,922 psf. It was a timely sale as the Total Debt Servicing Ratio (TDSR) loan framework was announced just two days later, on June 28, 2013, and kicked in the following day. Subsequently, in October 2013, Koh invested in another property – a 10,198 square-foot waterfront bungalow at Cove Way, which she purchased for $17.5 million ($1,716 psf).
In 2019, it is believed that Koh invested in a 2,336 square-foot unit at Seascape luxury condo, paying $3.1 million, which amounted to $1,327 psf. This was significantly lower than the $6.26 million ($2,682 psf) paid by the previous owner. The purpose of this purchase was for investment.
Before Koh’s purchase at Cove Drive, the sale of a 19,551 square-foot vacant bungalow plot at 69 Ocean Drive for over $20 million in July was considered the most significant transaction. The property was put on auction twice by OCBC, but it was only during the second auction that a buyer was identified. The first time the bungalow was put on auction by Edmund Tie, it was priced at $27.1 million ($1,386 psf), and it was withdrawn after failing to find a buyer. However, it was then relisted for $26.5 million ($1,355 psf) in May, and it was eventually sold for over $20 million. According to the caveat, the previous owner, Su Baolin, had purchased the bungalow for over $39.3 million ($2,012 psf) in March 2021. The transaction took place before Su was arrested and charged in the $3 billion money laundering case in Singapore.
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Investing in a condo in Singapore comes with numerous advantages, one of which is the potential for capital appreciation. The country’s strategic position as a global business hub, combined with its strong economic fundamentals, creates a constant demand for real estate. Over the years, property prices in Singapore have exhibited a consistent upward trend, particularly in prime locations where condos are situated. Savvy investors who enter the market at the right time and hold onto their condo for the long term can reap substantial capital gains.
In February, a Balinese-style bungalow along Ocean Drive changed hands at $16 million, which was equivalent to $1,844 psf. Another bungalow along Pearl Island with an area of 6,555 square feet was sold for $13.66 million in December, which amounted to $2,084 psf. Bruce Lye, who is the co-founder and managing partner of SRI, was responsible for brokering both deals.
In late 2023, the transaction that was considered the most notable was the sale of a bungalow at Lakeshore View, which spans 8,401 square feet. It was sold for $22 million ($2,619 psf) in November.
Despite several other bungalow transactions taking place in Sentosa Cove over the past two years, the owners have not lodged any caveat with URA. As a result, these sales are not reflected.
Following the implementation of property cooling measures in April 2023 and the money laundering case in August last year, SRI’s Lye believes that wealthy Singaporean buyers who recognize the value and long-term potential of Sentosa Cove have emerged as the primary buyers of luxury homes in the area.