Co-founder of Three Arrows Capital puts Singapore bungalow up for sale

Co-founder of the hedge fund Three Arrows Capital (3AC), Su Zhu, is selling a Singapore mansion for $35 million. This drew the attention of Dovey Wan, managing partner of Primitive Ventures.

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According to the Singapore Land Authority, Su Zhu and his wife Tao Yajun purchased the house on Yarwood Avenue in Singapore in December 2021 for S$48.8 million (US$35 million).

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In March 2022 the couple placed the home into a trust for their three-year-old child.

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The 31,000-square-foot property was built in 1990. These luxury detached homes, known as Good Class Bungalows, are aimed at Singapore’s elite.

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In addition, Tao’s property on Dalvey Road in Singapore is valued at S$28.5 million ($20.4 million). The building is currently undergoing renovations. The couple also owns a property at Goodwood Grand on Balmoral Road worth S$6.25 million (approximately $4.5 million).

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Local media report that the global downturn has led to a drop in prices for elite bungalows. Still, it is noted that owners of such homes \”sell property only if the price meets their expectations\”.

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As reported in June, amid the slump in the cryptocurrency market there were rumors of insolvency at Three Arrows Capital. Trading firm 8 Blocks Capital accused the hedge fund of using client funds to cover margin calls.

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The crypto broker Voyager Digital sent 3AC a default notice for failure to repay a loan.

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The British Virgin Islands ordered the liquidation of the hedge fund, and the Monetary Authority of Singapore announced that 3AC received a reprimand for providing false information and for exceeding the permitted threshold of assets under management.

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