32A Pacific St, Watsons Bay has sold after nearly a year on the market.
After nearly a year on the market, “Sydney’s best value” waterfront has sold for more than $35m, with two buyers fighting over it.
The six-bedroom Pacific St, Watsons Bay residence — owned by Gee Soon Low of the billionaire Malaysian family behind well-known developer Low Yat Group — was first listed with a guide of $50m last April.
Neighbours said Soon only came to visit the house twice a year.
There were no takers at $50m, so the sales agents, Steven Zoellner of Laing + Simmons Double Bay and Michael Pallier of Sotheby’s, set a September 26 auction date with a $35m guide.
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It’s understood to have sold for just above its most recent guide of $35m.
Exceptional views.
At the time, Zoellner said: “This is the best location in Watsons Bay with only one neighbour, exceptional views across to the city and a big water frontage”, prompting a story that described it as “Sydney’s best value waterfront”.
But with three bidders competing, the property passed in on a vendor bid of $37m with $34m the highest real bid.
If $34m had been acceptable to the vendor, it would have set a new Australian record for a house sold under the hammer.
Since then, it’s stagnated on the market with a $35m guide, until, voila!, today it’s showing as “sold” on the Laing + Simmons Double Bay web site.
Neighbours include money guru Mark Bouris, billionaire Steven Lowy, mining magnate Chris Ellis and venture capitalist Sandrina Postorino.
The home has six bedrooms.
When contacted, the agents had no comment, though separate sources confirmed it had fetched “just above” the $35m guide and that there’d been two keen.
It’s understood to have gone to a Sydney local.
The last house on the coveted Pacific St cul-de-sac, it previously traded for $2.7m in 1994.
However the residence was completely rebuilt in 2017 by Soon, the youngest son of late property magnate Tan Sri Low Yow Chuan, often referred to as the Malaysian “father of tourism”.
The 803sq m block sits next to the secluded Green Point Reserve at the tip of the Watsons Bay headland only 100m from exclusive Camp Cove Beach surrounded by neighbours such as money guru Mark Bouris, billionaire Steven Lowy, as well as the home of mining magnate Chris Ellis and venture capitalist Sandrina Postorino.
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