Ceo Bioskin Mathilda Koh Pays 14155 Mil Bungalow Cove Drive
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Mathilda Koh, founder and CEO of homegrown beauty salon Bioskin, has recently acquired a bungalow in Sentosa Cove’s prestigious waterfront enclave on Cove Drive. The property was purchased for $14.155 million ($1,777 per square foot) on September 2, as recorded by a lodged caveat.
Built in 2011, the bungalow sits on a 99-year leasehold site of 7,968 square feet and boasts a swimming pool. It offers a breathtaking view of the award-winning Tanjong Golf Course at Sentosa Golf Club and the CBD skyline. The previous owner had bought the property in 2012 for $12.5 million ($1,569 per square foot).
In July 2023, another bungalow in the same area was sold for over $20 million, or close to $2,600 per square foot. However, a caveat was not lodged for this transaction.
Koh’s purchase at $1,777 per square foot is considered a great deal. She already owns multiple properties in Sentosa Cove, having purchased her first bungalow plot in 2006. The 8,898-square-foot lot at Lakeshore View offered a stunning view of Serapong Golf Course and was purchased for $26 million ($2,922 per square foot). After residing in it for 5 years, Koh sold it for a reported $26 million in June 2013, earning a profit of $18 million.
The timing of Koh’s sale was perfect as it took place just 2 days before the implementation of the total debt servicing ratio (TDSR) loan framework. In October 2013, she bought a waterfront bungalow on Cove Way for $17.5 million ($1,716 per square foot).
In 2019, Koh acquired a 3-bedroom unit at Seascape luxury condo, covering 2,336 square feet. She is said to have paid $3.1 million ($1,327 per square foot), much lower than the previous owner’s purchase price of $6.26 million ($2,682 per square foot). The unit is held for investment purposes.
Before Koh’s recent purchase on Cove Drive, another high-profile deal in the area was the sale of a 19,551-square-foot vacant bungalow plot at 69 Ocean Drive for over $20 million in July. This property was auctioned by OCBC twice, with the second auction being successful after the price was lowered to $26.5 million ($1,355 per square foot). It was previously owned by Su Baolin, one of the 10 individuals arrested and charged in a $3 billion money laundering case in Singapore. Su had bought the property for over $39.3 million ($2,012 per square foot) in March 2021.
In February, another bungalow with a Balinese-style design and located along Ocean Drive was sold for $16 million ($1,844 per square foot). A bungalow on Pearl Island measuring 6,555 square feet was also sold in December for $13.66 million ($2,084 per square foot). Both transactions were brokered by Bruce Lye, co-founder and managing partner of SRI.
In late 2023, an 8,401-square-foot bungalow at Lakeshore View was sold for $22 million ($2,619 per square foot).
Although several other bungalows have been sold in Sentosa Cove in the past two years, the owners have not lodged a caveat with URA, making these sales unrecorded.
According to SRI’s Lye, after the property cooling measures in April 2023 and the money laundering case in August 2023, wealthy Singaporeans who recognize the value and potential of Sentosa Cove have emerged as the biggest buyers of luxury homes in the area.
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Mathilda Koh’s recent purchase of a bungalow on Cove Drive for $14.155 million ($1,777 per square foot) in early September (Source: EdgeProp Landlens)