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with private berthSentosa Cove reboots its development potential with sale of two properties at Cove Drive and Ocean DriveSentosa Cove reaches new price levels with record-high sales of two bungalows
Singaporean entrepreneur Mathilda Koh, known for being CEO and founder of homegrown beauty salon Bioskin, has just made a significant purchase at Sentosa Cove. Koh has acquired a bungalow at Cove Drive – the waterfront residential enclave of Sentosa Cove – for a total of $14.155 million ($1,777 psf). The bungalow was purchased through a caveat lodged on September 2nd, 2023.The property boasts a 99-year leasehold site measuring 7,968 sq ft, complete with a swimming pool. What sets this bungalow apart is the uninterrupted view of the award-winning Sentosa Golf Club’s Tanjong Golf Course and the CBD skyline beyond. It was previously bought by its previous owner for $12.5 million ($1,569 psf) back in April 2012.A bungalow along Cove Drive was sold in July 2023 for over $20 million, equivalent to close to $2,600 psf. However, no caveat was lodged for that transaction. The recent purchase by Koh at $1,777 psf is deemed “very attractive”.She is no stranger to the luxuries of Sentosa Cove, as she is reported to own multiple properties within the enclave. In 2006, she bought her first bungalow plot at Lakeshore View. This 8,898 sq ft bungalow lot overlooks Sentosa Cove’s Serapong Golf Course and was bought for $2,922 psf. After residing there for five years, she reportedly sold it for $26 million in late June 2013, making a profitable $18 million on the sale.The timing of her sale was spot-on, as four months later, the total debt servicing ratio (TDSR) loan framework was announced on June 28, 2013, and was implemented the following day. In October of the same year, Koh bought another bungalow at Cove Way for $1,716 psf on a 10,198 sq ft waterfront site.The year 2019 saw Koh’s purchase of a 2,336 sq ft unit at luxury condo Seascape. She paid $3.1 million ($1,327 psf) for the seafront, three-bedroom unit. This was considerably lower than the $6.26 million ($2,682 psf) paid by the previous owner. The unit is reportedly held as an investment.Mathilda Koh’s recent purchase at Cove Drive is far from being the only prominent deal. Another bungalow at 69 Ocean Drive was sold for over $20 million in July 2023. OCBC had put the property up for auction twice before finally attaining a buyer. The first time was in April, at the asking price of $27.1 million ($1,386 psf). A second attempt in May at $26.5 million ($1,355 psf) also failed, but the bungalow was eventually sold for over $20 million.While Ocean Drive spreads down the coastline from Sentosa Cove, a Balinese-style bungalow was sold for $16 million in February. A bungalow on a smaller 6,555 sq ft waterfront site at Pearl Island was sold in December for a respectable $13.66 million.Bruce Lye, co-founder and managing partner of SRI, has apparently closed both these deals. A bungalow at Lakeshore View on an 8,401 sq ft site was sold for an eye-opening $22 million ($2,619 psf) in November 2023. As a whole, Sentosa Cove has seen a number of bungalows change hands over the past two years. However, the owners have not lodged caveats with the Urban Redevelopment Authority (URA), meaning these sales do not appear in official records.”Following the property cooling measures in April 2023 and the money laundering case in August last year, wealthy Singaporeans who see the value and long-term potential in Sentosa Cove have emerged as the biggest buyers of luxury homes on the island,” according to SRI’s Lye.