Rumours that the buyer of a S$36 million home in Sentosa Cove called off the deal in December may be just that – a rumour.

The $36 million home
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According to a Straits Times report today, checks showed that the registered owner remains to be Singapore permanent resident Shen Bin from China.

A property title information search by the paper showed that the Chinese national is still the owner of the 99-year leasehold bungalow.

He is believed to be the son of Shen Wen Rong, the president of Chinese firm Sha Steel. The elder Mr Shen is listed as the 13th richest person in China this year in China’s Hurun Wealth Report.

It had been reported in December that he mistakenly believed that S$36 million was the market price for the property until media reports said otherwise. He then chose to withdraw from the deal.

He reportedly lost about S$500,000 in deposit, agent fees, legal fees, and procedural fees.

The house, located in Paradise Island in the northern part of Sentosa Cove, has a land area of 14,983 sq ft and a built-up area of about 17,000 sq ft. The S$36 million sale price translates to S$2,403 psf. It was first sold in April 2007 by the developer, Ho Bee, for S$18.1 million (S$1,208 psf).

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