Wife of Three Arrows Capital Co-Founder Zhu Su Sells Singapore Luxury Home for S$51 Million Amid Court Asset Freezes

In a high-profile real estate transaction, Evelyn Tao, wife of Zhu Su, co-founder of the now-bankrupt hedge fund Three Arrows Capital (3AC), sold a luxury Good Class Bungalow (GCB) in Singapore for S$51 million. This record-breaking transaction was completed in October 2024, despite legal challenges surrounding 3AC’s ongoing bankruptcy case.Key Highlights of the S$51 Million Sale:Property Location and Type: The sold property, located on Dalvey Road near the prestigious Singapore Botanic Gardens, falls under Singapore’s exclusive GCB category, a classification reserved for premium landed properties.Significant Appreciation: Tao originally purchased the property in 2020 for S$28.5 million, marking an impressive increase in value over four years.Amid Asset Freezes: The sale took place even though many of Zhu Su and Evelyn Tao’s assets were frozen by the court, reflecting possible exclusions for some personal holdings in the bankruptcy restrictions.The Value of Singapore’s Luxury Real Estate MarketThe significant appreciation of Tao’s property emphasizes the strength of Singapore’s luxury property market, which has continued to attract high-net-worth buyers, even as the global cryptocurrency industry faces mounting challenges. The GCB on Dalvey Road, boasting a sizable land area of 1,446 square meters, underscores the resilience of high-end real estate investments in Singapore.Background on Three Arrows Capital’s BankruptcyThree Arrows Capital, once one of the world’s largest cryptocurrency hedge funds, filed for bankruptcy in 2022 after significant losses, particularly related to the collapse of the Terra-LUNA ecosystem. The fund’s legal and financial troubles have been widely reported, and this property sale by Tao adds another layer of interest, suggesting that while corporate assets were under legal scrutiny, select personal properties have remained transferrable.Real Estate Transaction Boosts Interest in Good-Class BungalowsSingapore’s GCBs, limited in supply and available only to the ultra-wealthy, have become increasingly coveted assets. This transaction is likely to reinforce interest in Singapore’s premium property market, especially for Good Class Bungalows, which are now viewed as both luxurious homes and profitable investments.