‘Copper House’ loses some of its lustre

By
/ EdgeProp Singapore
|
May 24, 2019 7:00 AM SGT

The price of $32 million achieved at the trophy home on Sentosa Cove is a reflection of market sentiments and sellers adjusting prices on the back of property cooling measures introduced last July.

One of the most visible houses on Sentosa Cove, dubbed “Copper House”, changed hands last month for $32 million ($1,773 psf), according to a caveat lodged on April 16. The price is $16 million or 33% below the original asking price of $48 million when the property debuted on the market in mid-2016.
“The owner had wanted to sell the house for $48 million initially,” concedes Steve Tay, senior associate vice president of List Sotheby’s International Realty (List SIR) who brokered the sale. “But following the latest property cooling measures last July, he realised that the ABSD [additional buyer’s stamp duty] is now much higher, especially for foreign buyers. It has risen to 20%, bringing total stamp duty to 24%. As such, he decided to lower his asking price.”
The owner of the Copper House is Singaporean magnate David Loh, a former stockbroker and prolific investor who is also a non-executive director of Centurion Corp. Loh also owns a Good Class Bungalow (GCB) in Cluny Hill, a prestigious estate near the Singapore Botanic Gardens in prime District 10. He is said to have redeveloped the GCB at Cluny Hill which was recently completed.
The dining and living area as well as the customised wine cellar that can accommodate 2,000 bottles are on the second level of the house (Credit: Samuel Isaac Chua/EdgeProp Singapore)

Billionaire’s relocation

As Loh intends to move with his family to the Cluny Hill GCB, he decided that it was time to let go of the Sentosa Cove property. “He and his family have enjoyed the house on Sentosa Cove for the past seven years,” says Tay. “And he didn’t want to leave the house vacant, so he felt it was time to sell.”
KH Tan, managing director of Newsman Realty, who represented the seller in the deal, was appointed exclusive agent of Copper House more than a year ago. The asking price had already been adjusted to $42 million then. “He is a motivated seller,” says Tan.
List SIR’s Tay represented the buyer, Taiwanese billionaire Chen Hsu. Chen is the co-founder of...