SINGAPORE: Tao Yaqiong, wife of Su Zhu, the co-founder of the now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC), has successfully sold her luxurious Good Class Bungalow (GCB) in Singapore for a remarkable $51 million, according to property transaction records.
Tao had originally purchased the home for $28.5 million in 2020, resulting in a profit of $22.5 million through the recent sale.
The transaction comes amid ongoing legal proceedings surrounding Three Arrows Capital, which went bankrupt last year, leaving substantial debts and leading authorities to scrutinize the assets of its founders.
A court order currently restricts some of Zhu and Tao’s assets. However, despite this, the bungalow sale proceeded without reported issues.
Bloomberg reported that Tao signed a sales agreement in July 2024, with the sale completed in October.
The sprawling property, situated near Singapore’s renowned Botanical Gardens, spans 1,446 square meters, a size typical of Good Class Bungalows, which represent some of the city’s most prestigious and coveted real estate.
The new owner, Chrispianto Karim, is a Singapore citizen associated with Indonesia’s Karim family.
According to the Business Times, the Karims control Musim Mas, a prominent Indonesian conglomerate in the palm oil industry.
This transaction not only underscores the enduring appeal of Good Class Bungalows in Singapore’s luxury real estate market but also demonstrates the substantial profits that can be achieved through high-value property investments in the region.