‘Copper House’ flipped for $43.67 mil after two years

By
/ EdgeProp Singapore
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April 23, 2021 9:38 AM SGT
SINGAPORE (EDGEPROP) - The trophy house at Sentosa Cove which earned the moniker of “Copper House” has changed hands for $43,666,000, according to a caveat lodged with URA Realis dated February 6. The price works out to $2,419 psf.
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The house has a 41.4 m ocean-facing frontage (Photo: Samuel Isaac Chua/EdgeProp Singapore)
This latest transacted price is $11.67 million higher than the $32 million ($1,773 psf) that the seller, Taiwanese billionaire Chen Hsu had purchased the property for two years ago, notably, in April 2019. Chen is the co-founder of Dongguan, China-based Hsu Fu Chi International, a manufacturer of confectionery products.
As Chen has sold the property just two years after purchasing it, Chen is likely to incur a seller’s stamp duty of 8% on the transaction, which works out to $3.49 million. After deducting that amount, his gain is still an auspicious-sounding $8.18 million.
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What’s lamentable for the original owner of the “Copper House”, Singaporean magnate David Loh, is that this latest transacted price is closer to his original price tag of $48 million ($2,659 psf), when he had first put the property on the market for sale back in mid-2016. A former stockbroker, Loh is the executive director of Singapore-listed owner and operator of student and worker accommodation, Centurion Corp.
The sale is the latest sign that bungalow prices at Sentosa Cove are now recovering in tandem with prices of Good Class Bungalows (GCBs) on the mainland of Singapore, which have soared to record highs.
The “Copper House” holds its own at Sentosa Cove: It is one of fewer than 10 bungalows in the 99-year leasehold, waterfront enclave that sits on a land plot of more than 18,000 sq ft. With a site area of 18,053 sq ft, the property is the result of the amalgamation of two adjacent sites on Cove Drive at the South Cove, and enjoys a 41.4m ocean frontage.
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The exterior of the Copper House on Cove Drive that has changed hands a second time in two years (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The property has a 10,000 sq ft built-up area and comes with a spacious living and dining space, customised wine cellar for 2,000 bottles, private lift, six en suite bedrooms, basement garage for 10 supercars and 10,000 sq ft rooftop entertainment deck. There’s also a private sauna, spa, gym and putting green.
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Another sea-facing bungalow, this time on Ocean Drive at the North Cove, with views towards Singapore, changed hands recently for $39,333,999. This bungalow on Ocean Drive, which is also the result of an amalgamation of two neighbouring 99-year leasehold sites, has a land area of 19,551 sq ft. The transacted price works out to $2,012 psf, according to a caveat lodged in March.
This is the third time that the property at Ocean Drive has changed hands. The land was originally sold by Sentosa Development Corporation to Toru Masuzawa, chairman and president of Tamagawa Holdings, a Tokyo Stock Exchange-listed manufacturer and seller of electronic and telecommunications services.
In 2010, it was purchased by Singaporean tycoon, Lim Chin Huat, founder of Seasonal Produce, an exporter of fresh fruit and vegetables, prolific property investor, and his wife Yap Seok Bee. This latest owner of the bungalow at Ocean Drive is said to be Chinese national, Su Baolin.
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“These transactions show that Sentosa Cove is attracting buyers looking for land that’s larger than 10,000 sq ft,” notes Samuel Eyo, managing director of Lighthouse Property Consultants. "Sentosa is an option for those who want to buy a bungalow without applying for Singapore citizenship."
Check out the latest listings near Sentosa Cove, Ocean Drive