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

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

November 1, 2024




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

The house, 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 situated in Singapore.

The home was constructed lately and is situated in the Nassim Road Good Class Bungalow (GCB) Area. It features a swimming pool, an attic, and a basement. It is two stories tall. The overall floor space is about 11,880 square feet. Tao paid S$28.5 million for the refurbishment of an existing property in 2020.

Zhu and Kyle Davies, a fellow former trader at Credit Suisse, launched 3AC, a cryptocurrency hedge fund. Through their early cryptocurrency purchases, the couple had amassed a wealth worth billions, but in 2022, the crypto market plummeted and Terra Luna became bankrupt.

3AC liquidator Teneo got a committal order from the Singapore Courts that condemned Zhu to four months in jail after he was apprehended at Changi Airport in September 2023 while trying to leave Singapore. In December, he was freed from jail.

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

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

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

A court order that forbids the pair 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 premium kind 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 nature.

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

Fifth Avenue provides access to the bungalow, while Fourth Avenue fronts the home. The property has unobstructed views spanning 270 degrees. The sale 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 home 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 around 2,700 bungalows.