Recently made a large property purchase at Sentosa Cove is Singaporean entrepreneur Mathilda Koh, CEO and owner of the well-known cosmetic boutique Bioskin. Koh filed a caveat for a luxury villa along Cove Drive on September 2, acquiring it for $14.155 million and converting roughly into $1,777 per square foot (psf). Koh’s most recent acquisition confirms her presence in the premium real estate market; this waterfront residential enclave is well-known for its exclusive homes.
Originally constructed in 2011, the bungalow occupies a 7,968 square foot leasehold area. Among its unique qualities are a swimming pool and a clear view of the award-winning Tanjong Golf Course from Sentosa Golf Club, framed against the arresting Central Business District (CBD). Reflecting the ongoing attraction and increasing value of properties in Sentosa Cove, the former owner, who paid $12.5 million ($1,569 psf) for the property in April 2012, has now sold it for more.
This is not at all Koh’s first venture into the Sentosa Cove property scene. Her close relationship to this place began in 2006 when she bought her first bungalow lot at Lakeshore View, a sought-after location with expansive vistas of the Serapong Golf Course of Sentosa Cove. Measuring 8,898 square feet, the land became the residence of a brand-new cottage Koh resided in for five years before listing for $26 million ($2,922 psf) in June 2013. Given Koh allegedly got an amazing $18 million from the deal, this selling turned out to be a masterstroke. Her timing was perfect; two days after her sale, the government unveiled the Total Debt Servicing Ratio (TDSR) framework to drastically change the real estate scene by reducing too high borrowing.
After her 2013 successful sale, Koh made another audacious decision. She bought a waterfront bungalow at Cove Way for $17.5 million ($1,716 psf) in October of the same year, so augmenting her portfolio of luxury residences. Koh’s love of first-rate real estate didn’t stop there. She paid $3.1 million ($1,327 psf) for a 2,336 square foot unit in the opulent Seascape condo in 2019. Especially, this was far less than the $6.26 million ($2,682 psf) spent by the former owner, highlighting her talent for closing good transactions in a cutthroat market. Since then, Koh has kept this condo as investment property, therefore diversifying her real estate holdings.
Koh’s recent purchase at Cove Drive has attracted interest not only for cost but also for the backdrop of the adjacent market. In July 2023 another home on Cove Drive sold for more than $20 million, or close to $2,600 psf. There was no exception made for this transaction, though, so some information remained under wraps. Still, given the area’s rising desirability and great demand among wealthy purchasers, Koh’s acquisition of $1,777 psf is thought to be “very attractive.”
Sentosa Cove has lately witnessed several well-publicized sales. One particularly good bargain was the purchase of a 19,551 square foot vacant house lot at 69 Ocean Drive. Two auctions of the property preceded a July 2023 sale for around $20 million. Su Baolin, the former owner, was among the people engaged in the large $3 billion money laundering scheme involving Singapore. Su spent more than $39.3 million ($2,012 psf) for the property in March 2021, hence the selling marks a notable decline in price.
Further deals have quietly occurred elsewhere in Sentosa Cove. For instance, in February 2023 a Balinese-style villa along Ocean Drive sold for $16 million ($1,844 psf), on an 8,675 square foot plot. Another noteworthy transaction took place in December 2022 when a 6,555 square foot home on Pearl Island, fronting the canal, changed hands for $13.66 million ($2,084 psf). Reflecting a consistent demand for top houses in the neighbourhood, more recently in November 2023 a cottage on an 8,401 square foot property at Lakeshore View sold for $22 million ($2,619 psf).
Luxury residences in Sentosa Cove draw rich purchasers even with a sequence of cooling policies implemented in April 2023 and the well-publicized money laundering case. Rich Singaporeans, who understand the long-term worth of Sentosa Cove, have become the main purchasers, hence fuelling the island’s luxury property market. Bruce Lye of SRI notes With Koh’s most recent purchase, Sentosa Cove is obviously still among the most sought-after locations in Singapore for individuals wishing to make high-end real estate investments.
