Ceo Bioskin Mathilda Koh Pays 14155 Mil Bungalow Cove Drive
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Singaporean Mathilda Koh, the distinguished CEO and founder of homegrown beauty salon Bioskin, has recently expanded her impressive real estate portfolio with the purchase of a bungalow at Cove Drive in Sentosa Cove, a prominent waterfront residential enclave. On September 2, a caveat was lodged for the property, marking Koh’s acquisition of the property for a total of $14.155 million ($1,777 psf).
The bungalow, built in 2011, boasts a 99-year leasehold site of 7,968 sq ft, complete with a swimming pool. Its prime location affords an uninterrupted view of the acclaimed Sentosa Golf Club’s Tanjong Golf Course, as well as the CBD skyline beyond. The previous owner had acquired the property in April 2012 for $12.5 million ($1,569 psf).
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In July 2023, another bungalow along Cove Drive was sold for over $20 million, or close to $2,600 psf, although a caveat was not lodged for the transaction.
Koh’s purchase price of $1,777 psf is considered highly attractive. This is not the first time that she has invested in properties in Sentosa Cove, as she had bought her first bungalow plot there in 2006. This 8,898 sq ft lot, situated at Lakeshore View, offers a breathtaking view of Sentosa Cove’s Serapong Golf Course. Koh built a new bungalow on the plot and, after residing in it for five years, she reportedly sold it for $26 million ($2,922 psf) in late June 2013, making a profit of $18 million.
It turned out to be a wise move, as the total debt servicing ratio (TDSR) loan framework was announced just two days after her sale, on June 28, 2013, and came into effect the following day. In October the same year, she purchased another waterfront bungalow at Cove Way for $17.5 million ($1,716 psf).
In 2019, Koh is believed to have bought a 2,336 sq ft unit at Seascape luxury condo for $3.1 million ($1,327 psf). This three-bedroom seafront unit was acquired for investment purposes and was significantly lower than the previous owner’s purchase price of $6.26 million ($2,682 psf).
Before Koh’s purchase at Cove Drive, another bungalow transaction that stood out was the sale of a 19,551 sq ft vacant bungalow plot at 69 Ocean Drive for over $20 million in July. The property had been put up for auction twice by OCBC before it finally found a buyer.
The bungalow was first auctioned by Edmund Tie in April at $27.1 million ($1,386 psf), but was withdrawn when no buyer was found. It was then put back on auction in May at $26.5 million ($1,355 psf), before eventually being sold for over $20 million. The previous owner, Su Baolin, was one of 10 individuals who were arrested and charged in Singapore’s $3 billion money laundering case. According to a caveat lodged in March 2021, Su had paid over $39.3 million ($2,012 psf) for the property.
A Balinese-style bungalow along Ocean Drive, which sits on an 8,675 sq ft site facing the sea, was sold for $16 million ($1,844 psf) in February based on a caveat. In December, a bungalow on a 6,555 sq ft Pearl Island site that faces the waterway changed hands for $13.66 million ($2,084 psf). Bruce Lye, co-founder and managing partner of SRI, is believed to have brokered both deals.
Another transaction that occurred late last year was the sale of a bungalow at Lakeshore View, which sits on an 8,401 sq ft site and was purchased for $22 million ($2,619 psf) in November.
Over the past two years, several other bungalows in Sentosa Cove have been sold, but the owners did not lodge a caveat with URA, meaning those sales are not reflected in official records.
“After the implementation of property cooling measures in April 2023 and the money laundering case in August last year, wealthy Singaporeans who recognize the value and long-term potential of Sentosa Cove have become the most significant buyers of luxury homes on the island,” says SRI’s Lye.
The recent purchase by Mathilda Koh at Cove Drive for $14.155 million ($1,777 psf) in early September.