Ceo Bioskin Mathilda Koh Pays 14155 Mil Bungalow Cove Drive
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Mathilda Koh, the CEO and founder of Bioskin, a successful homegrown beauty salon, has recently acquired a bungalow in the exclusive waterfront enclave of Sentosa Cove. According to a recent caveat lodged on September 2, Koh paid a hefty sum of $14.155 million, equivalent to $1,777 per square foot (psf) for the lavish property.
The bungalow, built in 2011, is situated on a 99-year leasehold land, spanning over 7,968 square feet. It boasts a stunning swimming pool and offers an unobstructed view of the prestigious Sentosa Golf Club’s Tanjong Golf Course, with the sparkling CBD skyline as a backdrop. The previous owner had purchased the bungalow for $12.5 million ($1,569 psf) in April 2012.
In July 2023, another bungalow along Cove Drive was sold for over $20 million or close to $2,600 psf, although the sale was not reflected in a caveat.
Koh’s purchase at $1,777 psf is considered extremely attractive, especially in an upscale neighborhood like Sentosa Cove. She is not new to the area, owning multiple properties in Sentosa Cove. In 2006, she purchased her first bungalow plot on Lakeshore View, overlooking Sentosa Cove’s Serapong Golf Course. After residing there for five years, she reportedly sold it for a staggering $26 million ($2,922 psf) in late June 2013, generating a profit of $18 million.
Koh’s timely sale came just two days before the total debt servicing ratio (TDSR) framework was announced on June 28, 2013, and implemented the following day. Subsequently, Koh acquired a 10,198 sq ft waterfront bungalow at Cove Way in October 2013, for $17.5 million ($1,716 psf).
In 2019, Koh purchased a 2,336 sq ft unit at the luxurious Seascape condominium, paying just $3.1 million ($1,327 psf) for a seafront three-bedroom unit, well below the previous owner’s purchase price of $6.26 million ($2,682 psf). This property is currently held for investment purposes.
Before Koh, another bungalow deal that caught the eye was a vacant bungalow plot at 69 Ocean Drive, which went under the hammer for $20 million or a whopping $1,355 psf in July this year. The property was first listed for an auction in April at $27.1 million ($1,386 psf) but was withdrawn after failing to secure a buyer. It was put up again in May at $26.5 million ($1,355 psf) and was subsequently sold for over $20 million. The previous owner, Su Baolin, was one of the ten individuals arrested and charged in the $3 billion money laundering case in Singapore. Su had paid a staggering $39.3 million ($2,012 psf) for the property, as per a caveat lodged in March 2021.
Down Ocean Drive, another Balinese-style bungalow on an 8,675 sq ft site facing the sea, was sold for $16 million ($1,844 psf) in February this year, as per a lodged caveat. In December last year, a bungalow on a 6,555 sq ft site at Pearl Island, facing the waterway, was sold for $13.66 million ($2,084 psf). This deal was brokered by Bruce Lye, co-founder, and managing partner of SRI.
Mathilda Koh’s recent acquisition comes after multiple other bungalow sales in Sentosa Cove, over the past two years. However, the owners of these properties did not lodge a caveat with URA, and hence, the sales were not reflected.
According to SRI’s Lye, “following the implementation of property cooling measures in April 2023, and the money laundering case last year, wealthy Singaporeans who recognize the value and long-term potential of Sentosa Cove have emerged as the primary buyers of luxury homes on the island.”
Koh’s purchase of the bungalow at Cove Drive for $14.155 million ($1,777 psf) in early September (Source: EdgeProp Landlens)
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