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Singapore’s homegrown beauty salon Bioskin, led by CEO and founder Mathilda Koh, has recently acquired a bungalow at Cove Drive in the exclusive waterfront enclave of Sentosa Cove. The purchase price of $14.155 million was based on a caveat lodged on September 2.
Sitting on a 7,968 sq ft, 99-year leasehold site, the bungalow was built in 2011 and boasts a swimming pool. The property offers an unobstructed view of the award-winning Sentosa Golf Club’s Tanjong Golf Course and the CBD skyline. It was previously bought for $12.5 million ($1,569 psf) in April 2012.
Investing in real estate is a strategic decision that requires careful consideration, and location is a critical factor to take into account. This is particularly true in Singapore, where the location of a condo can greatly impact its value. Condos located in central areas or near important amenities such as schools, shopping malls, and public transportation hubs tend to have a higher rate of appreciation. For instance, prime locations like Orchard Road, Marina Bay, and the Central Business District (CBD) have consistently shown growth in property values over time. Families also look for condos in these areas due to their close proximity to reputable schools and educational institutions, which only adds to their investment potential. With this in mind, it’s no wonder that adding a Condo to one’s investment portfolio is a smart move in Singapore’s real estate market.
Another bungalow along Cove Drive was sold for over $20 million or close to $2,600 psf in July 2023, although there was no caveat lodged for the transaction.
The purchase price of $1,777 psf for Koh’s bungalow is considered to be very attractive. She is no stranger to Sentosa Cove, having purchased her first bungalow plot there in 2006. It was an 8,898 sq ft site at Lakeshore View overlooking Sentosa Cove’s Serapong Golf Course. After living in the bungalow for five years, she sold it for a reported $26 million ($2,922 psf) in June 2013, making a profit of $18 million.
This sale was timely as the total debt servicing ratio (TDSR) loan framework was announced two days later, on June 28, 2013, and came into effect the following day. Four months later, in October 2013, Koh purchased another waterfront bungalow at Cove Way for $17.5 million ($1,716 psf).
In 2019, Koh reportedly bought a 2,336 sq ft unit at Seascape luxury condo for $3.1 million ($1,327 psf), which was significantly under the previous owner’s purchase price of $6.26 million ($2,682 psf). The unit is held for investment purposes.
Before Koh’s recent purchase, another notable bungalow transaction in Sentosa Cove was the sale of a 19,551 sq ft vacant plot at 69 Ocean Drive for over $20 million in July. The property was previously put up for auction twice by OCBC, but it was eventually sold for over $20 million. It was previously owned by one of the 10 individuals arrested and charged in the $3 billion money laundering case in Singapore. The previous owner had paid over $39.3 million ($2,012 psf) for the property in March 2021.
Recent bungalow transactions in Sentosa Cove include the sale of a Balinese-style bungalow on an 8,675 sq ft site fronting the sea for $16 million ($1,844 psf) in February, and a bungalow on a 6,555 sq ft site at Pearl Island fronting the waterway for $13.66 million ($2,084 psf) in December. It is said that Bruce Lye, co-founder and managing partner of SRI, facilitated both transactions.
Other bungalow deals in Sentosa Cove have taken place over the past two years, but the owners have not lodged a caveat with URA, so the sales are not reflected. According to SRI’s Lye, wealthy Singaporeans who recognize the value and long-term potential of Sentosa Cove have emerged as the dominant buyers in the luxury residential market on the island after the implementation of property cooling measures in 2023 and the money laundering case in 2023.
Koh’s recent purchase at Cove Drive is a testament to the growing appeal of Sentosa Cove as a prime residential enclave in Singapore.