New owner to use S$39m Sentosa bungalow as ‘weekend retreat’

Remember Dr Susan Lim’s bungalow at Sentosa Cove which sold for a record S$39 million last month?

Well, the new owner plans to use it only as a weekend retreat.

The buyer was earlier revealed to be Shael Oswal, a 33-year-old Indian citizen in the mining business who moved to Singapore in late 2009 and stays around Grange Road.

In an interview with Indian tabloid Tabla!, Oswal, a father of two, said it would be tedious for his children to travel to school from Sentosa every morning. His nine-year-old daughter and seven-year-old son are students of Tanglin Trust School.

"It is an investment for weekends,” he reasoned. “I can take the children to Sentosa and when we get tired we can stay there."

When asked if he plans to buy a yacht next, Oswal jokingly told the tabloid he will have to leave that for another time as “already this is a huge investment”.

His mother and wife took up the property search after he decided they needed a place for weekend getaways.

"They saw a few in Sentosa but this one is in a very beautiful location. The sea view is great," Oswal said, before adding that some renovation still needs to be done. He has since entrusted the work to an Italian firm and is waiting for his new house at Cole Drive to be ready in three months.

The hefty price tag for the 99-year leasehold property works out to S$2,448 psf for a land area of 15,929 sq ft. The bungalow reportedly features a spacious living area, five bedrooms and an entertainment room.

Earlier this year, Property Guru reported that the seafront property had previously belonged to Citi Private Bank chairman Deepak Sharma and his well-known surgeon wife Susan Lim, who is currently embroiled in a legal dispute with the Singapore Medical Council. The couple married in 2010.

Prior to becoming a Singapore citizen, Sharma was an Indian national.

Sentosa Cove is the only place in Singapore where non-PR foreigners are allowed to buy landed homes.