Peirce Hill bungalow owned by wife of 3AC’s Kyle Davies sells for S$37 million

[SINGAPORE] A bungalow in Peirce Hill owned by the wife of failed Three Arrows Capital (3AC) co-founder Kyle Davies is in the early stage of being sold, at S$37 million.

The price works out to S$2,144 per square foot (psf) on the freehold land area of 17,260 square feet.

The property, which is in the Ridout Park Good Class Bungalow (GCB) Area, was developed about 30 years ago.

The intending buyer, in her early thirties, is understood to be the daughter of SC Capital Partners Group chairman and founder Suchad Chiaranussati. His wife is the niece of Kwek Leng Beng, the executive chairman of City Developments Ltd (CDL).

In November last year, CapitaLand Investment entered into a deal to buy a 40 per cent initial stake in SC Capital Partners for S$280 million, with the option to acquire the remaining 60 per cent in phases over the next five years.

Davies’ wife Kelly Chen, who owns the Peirce Hill bungalow, is restricted from selling the property under a court order prohibiting the couple from disposing of their assets in Singapore. Chen bought the bungalow in 2021 for S$28.8 million.

Last week, Chen granted the option to purchase the property to Chiaranussati’s daughter.

Market watchers said the lawyers representing the intending buyer would have ensured that the relevant approvals have been granted or sought for the transaction to be completed.

Davies founded 3AC, a cryptocurrency hedge fund, with fellow ex-Credit Suisse trader Zhu Su.

The duo had built a fortune worth billions from their early investments in cryptocurrencies, but this was upended in 2022 when the crypto market crashed and Terra Luna collapsed.

Zhu was arrested at Changi Airport while attempting to travel out of Singapore in September 2023, and sentenced to four months’ prison under a committal order granted by the Singapore Courts, obtained by 3AC liquidator Teneo.

Under a Singapore court order obtained by the liquidators in December 2023, Zhu is prohibited from disposing of his assets in Singapore, including two properties: a strata landed home in Goodwood Grand in Balmoral Road, and a GCB in Yarwood Avenue.

However, there was no prohibition of sale on a Dalvey Road bungalow owned by Zhu’s wife Evelyn Tao, who sold the property last year for S$51 million.

The Balmoral Road property is under Zhu’s name. Zhu and Tao entered into a deal to buy the Yarwood Avenue bungalow for S$48.8 million in late 2021 as trustees for their infant child.

The Peirce Hill bungalow is part of the Peirce Villas project developed by CDL.

Bungalows in the 39 GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions to preserve their exclusivity and low-rise character.

One generally has to be a Singapore citizen to be allowed to buy a landed property in a GCB Area.

There are only about 2,700 bungalows in GCB Areas.