Zhu Su of 3AC's wife, Evelyn Tao, sells their bungalow on Dalvey Road for S$51 million

Separately, a member of the Sunray Woodcraft family purchases a GCB in Fifth Avenue for S$47 million; the buyer is from the Karim family, who own Musim Mas.

November 1, 2024

CONDOsingapore.com



Zhu Su, the co-founder of Three Arrows Capital (3AC), sold a bungalow on Dalvey Road for S$51 million.

The bungalow, which is situated close to the Singapore Botanic Gardens, costs S$3,276 per square foot (psf) on 15,568 square feet of freehold land.

Evelyn Tao, Zhu's wife, sold it. The purchaser, a Singaporean in his early thirties, is a member of the Karim family, who own the integrated palm oil company Musim Mas Group, which is based in Singapore.

The property was constructed recently and is situated in the Nassim Road Good Class Bungalow (GCB) Area. It has a swimming pool, an attic, and a basement. It is two stories tall. The gross floor area is approximately 11,880 square feet. Tao paid S$28.5 million for the redevelopment of an old property in 2020.

Zhu and Kyle Davies, a fellow former trader at Credit Suisse, founded 3AC, a cryptocurrency hedge fund. Through their early cryptocurrency investments, the couple had amassed a fortune worth billions, but in 2022, the crypto market crashed and Terra Luna went bankrupt.

3AC liquidator Teneo obtained a committal order from the Singapore Courts that sentenced Zhu to four months in prison after he was arrested at Changi Airport in September 2023 while trying to leave Singapore. In December, he was released from prison.

Zhu is not allowed to sell any of his assets in Singapore, including two properties: a GCB on Yarwood Avenue and a strata landed home in Goodwood Grand on Balmoral Road, according to a Singapore court order that liquidators were able to obtain in December 2023.

Tao's Dalvey Road property was not prohibited from sale.

Zhu is the owner of the property on Balmoral Road. In late 2021, Zhu and Tao, acting as trustees for their infant child, agreed to pay S$48.8 million for the bungalow on Yarwood Avenue.

A court order that forbids the couple from selling their assets in Singapore prevents Davies' wife, Kelly Chen, from selling a GCB in Peirce Hill. Chen paid S$28.8 million for the property in 2021.

The most prestigious type of landed housing in Singapore is found in the 39 GCB Areas, where bungalows are subject to stringent planning requirements to maintain their exclusivity and low-rise character.

A bungalow on Fifth Avenue sold for S$47 million separately. On the 19,811 square feet of freehold land, the price comes to about S$2,372 per square foot. A two-winged, five-year-old house is on the property.



Fifth Avenue provides access to the bungalow, and Fourth Avenue fronts the house. The property boasts unobstructed views spanning 270 degrees. The deal was mediated by Realstar, according to the market.

The buyer, a member of the Tan family that owns Sunray Woodcraft Construction, is in his thirties. Recently, he sold a Rebecca Road bungalow for S$38 million.

To purchase a landed property in a GCB Area, one must typically be a citizen of Singapore.

In GCB Areas, there are only roughly 2,700 bungalows.