Good Class Bungalows (GCB) don’t often appear on the market. So imagine our surprise when we heard that 2 such properties might be up for sale. The 2 GCBs belong to Zhu Su, co-founder of the crypto hedge fund Three Arrows Capital which found itself in hot water recently when a court in the British Virgin Islands served the firm a liquidation order.
This comes in the wake of the global cryptocurrency crash and the firm found itself unable to repay creditors. While no listings of his properties have been put on the market yet, The Straits Times reported that property agents in Singapore are circulating a message about an owner of a GCB in Yarwood Avenue wanting to sell it stat.
It’s also worth noting that in January 2021, Zhu Su tweeted out plans to buy all the GCBs in Singapore and turn them into parks. If the rumours are to be believed, his grand ambitions won’t be realised anytime soon, unfortunately. Perhaps he could have his GCB-turned-park in the metaverse instead where it won’t cost him $83.55 million and a liquidation order.
Here’s a peek into Zhu Su’s GCBs and his other strata bungalow down by Balmoral Road.
GCB at Yarwood Avenue: Purchased for $48.8 million
Image credit: Google Maps
First up on the list is Zhu Su’s GCB on Yarwood Avenue. The 999-year leasehold property was purchased by the billionaire in December 2021 for $48.8 million. At 31,863sqft, he would have paid around $1,532/sqft for the land area alone.
The plot of land comes with a huge backyard to boot.
Image credit: Google Maps
Records from the Singapore Land Authority have also shown that Zhu Su transferred the title deed for the house to his 3-year-old son in March 2022. Thankfully he did that before the Ministry of Finance announced an imposition of 35% additional buyer’s stamp duty when transferring any residential properties to a trust.
However, if he does end up selling the GCB, he would have to pay the 12% Seller’s Stamp Duty of around $5.8 million as he would’ve owned the property for less than 3 years. This was introduced to prevent house flippers from gaming the property market and making a quick buck.
GCB near Botanic Gardens at Dalvey Road: $28.5 million
Image credit: Google Maps
Zhu Su also purchased a secluded GCB along Dalvey Road for $28.5 million back in September 2020. It’s currently held under his wife Tao Yaqiong’s name, and recent photos show that the property is currently under construction. Bloomberg reported that a new 2-storey house with a basement, attic, and swimming pool will be constructed there by next year.
At 15,565sqft, the property was transacted for $1,831/sqft. But the higher price tag per square foot could be due to the mansion’s proximity to Nassim Road and the heart of Singapore.
Freehold strata bungalow on Balmoral Road: $6.25 million
Image credit: Google Maps
The last property owned by Zhu Su and his family is a strata bungalow at the Goodwood Grand freehold apartment complex on Balmoral Road. While not a GCB, it’s still an impressive property as it is one of 8 bungalows located in Goodwood Grand; the apartment complex also has a 65-unit condo tower that rises 12 floors above the ground.
Zhu Su bought one of the said 5,243sqft bungalows in June 2019 for $6.25 million, which comes up to around $1,192/sqft. This is also where the family is purported to be residing currently while waiting for construction works at the other 2 GCB properties to be complete.
Crypto billionaire Zhu Su’s Good Class Bungalows in Singapore
There is no official word yet that Three Arrows Capital founder Zhu Su is selling any of his properties in Singapore. However, the liquidation order has thrown a wrench into his grand GCB-living plans. He would also have to pay a 12% Sellers Stamp Duty if he were to sell any of his GCBs as they were all bought within the last 3 years. That’s a few million dollars worth of taxes alone that’s worth a second strata bungalow at Goodwood Grand.
The only way he can keep his dream of converting Singaporean GCB plots into parks is through a cryptocurrency bull run resulting in him paying back his firm’s creditors. Let’s hope for his and his family’s sake that the crypto winter ends soon.
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Cover image adapted from: Google Maps
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