The Sentosa Cove bungalow in which a KTV hostess drowned just five months ago was sold at a bargain price of $13.6 million.
Mr Mark Poh Seng Kui, the 49-year-old managing director of Nam Leong – a company which specialises in sanitary wares and bathroom accessories – and his older brother and chairman of the same company, Mr David Poh Cheng Seng, 56.
The pair bought the three-storey waterfront bungalow on Ocean Drive at Sentosa Cove in August 2010.
While the sum might seem a lot, it is in fact a bargain compared to the other properties in the area where property prices are skyrocketing.
The New Paper reported that the deal with their real estate agent took only an hour to be sealed, with both brothers aware of the bungalow’s history.
The brothers’ S$13.6 million investment translates to S$1,690 psf being paid for the 8,049 square foot plot.
That is a bargain compared to the S$2,546 psf paid by a buyer of a smaller Sentosa Cove bungalow sold a month later.
This saved the brothers around S$6 million on the bungalow previously owned by Mr Adrian Chua, the 39-year-old chief executive and founder of real estate investment management firm Roundhill Capital.
Mr Chua moved out of the bungalow after Chinese KTV hostess, Li Hongyan, drowned in the swimming pool in the early morning hours of March 24. The 24-year-old’s death was ruled a misadventure just last week and no foul play was suspected.
However, the younger Mr Poh is not concerned with the bungalow’s tragic history, and told the paper, “It was an accident and accidents happen all the time.”
“I’ve not done bad things, my conscience is clear, so there’s nothing to be afraid of,” he added.
The brothers are currently living in separate units in a Bukit Timah townhouse and intend to use the bungalow as a “holiday home” for family gatherings after their S$1 million renovations are complete.
Source: iproperty - 1 Jan 2010
Sentosa Cove ‘death bungalow’ sold
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