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Su Zhu, the co-founder of beleaguered digital assets fund Three Arrows Capital, is selling a home he purchased in Singapore last December.
Primitive Capital's Dovey Wan first spotted the offering, which is being conducted privately.
According to title data from the Singapore Land Authority, Zhu and his wife Tao Yaqiong purchased a detached house on Singapore's Yarwood Avenue in December 2021 for S$48.8 million ($35 million).
Records from the Land Authority show that the couple moved house’s title to a trust for their three-year-old in March.
The 31,000-square-foot home was constructed in 1990, title data shows, and was only sold once to Zhu. Known locally as a Good Class Bungalow, these luxurious detached houses are home to Singapore’s elite.
Title searches show Zhu’s wife, Tao, owns another detached house worth S$28.5 million on Dalvey Road in Singapore, which is currently being renovated. The couple also owns another home at the Goodwood Grand on Balmoral Road, worth S$6.25 million.
Although Zhu has reasons for needing to sell the property urgently, local media reports suggest that the detached home market is softening, given the global economic downturn.
In late June, the local newspaper, Business Times, reported that this year, the volume of transactions for detached homes was less than a third of 2021.
The paper also quotes Carin Puah, a senior director of capital markets at JLL, who said that prices are expected to remain firm for these homes despite the market decline because of the status symbol nature of a GCB.
“Owners will only divest if the price meets their expectation,” Puah said.
