The much controversial Three Arrows Capital and its co-founder Su Zhu are under scrutiny again with the latest reports saying he is planning to sell his home purchased in Singapore last December.
According to Singapore Land Authority data, Zhu and his wife Tao Yaqiong paid S$48.8 million, around $35 million for a detached house on Singapore’s Yarwood Avenue in December 2021.
Primitive Ventures’ CEO Dovey Wan was the first to notice the listing, which is being handled in private.
According to Land Authority records, the couple transferred the house’s title to a trust for their three-year-old child in March.
These detached houses, known locally as a Good Class Bungalow, are a signature place to Singapore’s elite.
Title searches reveal that Zhu’s wife, Tao, owns another separate house valued at S$28.5 million on Singapore’s Dalvey Road. They both also own a S$6.25 million property at the Goodwood Grand on Balmoral Road.
Also Read: Three Arrows Capital Liquidation Ordered in British Virgin Islands
Despite Zhu’s motives for needing to sell the property quickly as his firm is under liquidation crisis, local media sources indicate that the detached home market is slowing due to the global economic slump.
But due to the status symbol of a GCB, prices for these homes are projected to remain firm despite the market slump.
The MAS has reprimanded Three Arrows Capital for providing false information and exceeding the threshold set for assets under management. MAS also stated that as the 3AC may no longer be solvent, it is investigating whether there were any additional violations of its regulations.
