Ravi Chandran
A Singapore Permanent Resident has bought a single-storey bungalow in Sentosa Cove for $33.3 million. The selling price is the highest achieved for properties in Sentosa since 2013. List Sotheby’s International Realty (List SIR), the marketing agent for the property in Sentosa Cove, said that the sale worked out to $1,795 per sq ft, due to several unique attributes such as its sizeable area of 18,555 sq ft.
Besides being able to be redeveloped into a two-and-a-half-storey bungalow, the property is situated at a premium location along Cove Grove in the South Cove, where it enjoys views of the southern seas and of the waterways where Pearl Island is situated. List SIR said that bungalows in Sentosa Cove are pitched at High-Net-Worth-Individuals (HNWI) and that the plots of the properties range from 6,500 sq ft and 10,000 sq ft.
With the sale price of $33 million, the buyer could have bought a Good Class Bungalow (GCB) on the main island, but unlike Sentosa Cove, the buyer would not have a sea view.“It is also an ideal option for foreigners as they are not eligible to buy landed properties in Singapore except in Sentosa Cove,” said List SIR Singapore chief operating officer Leong Boon Hoe.
List SIR Singapore relationship manager Rowena Chan, who represented the buyer, noted that although there may be some people who are taking a wait-and-see approach when it comes to purchasing a property, there are still some serious buyers who are on the lookout for homes for own stay and as long-term investments.
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“These may include Singaporeans and PRs buying their first property as well as high net worth individuals, including foreigners, who make their decisions on purchasing international properties based on many factors other than price, such as geo-political stability, standard of living etc.”
Marketed as the “world’s most desired address”, Sentosa Cove is a playground for the rich and famous. The exclusive residential enclave is a result of the Southern Islands development guide plan by Singapore’s Urban Redevelopment Authority (URA). Secluded from the more touristy recreation areas, the integrated residential-cum-marina resort development sits on the east side of Sentosa and houses a yacht club, a marina, a hotel, connected by a waterfront promenade lined with upscale restaurants, bars and shops.
Sentosa Cove is hugely popular with high-net-worth foreigners and locals alike for its resort lifestyle. Being zoned as a prime living area in Singapore, Sentosa Cove is also the only place where foreign ownership of restricted residential properties is allowed.
Some prominent names who own an address in Sentosa Cove includes celebrity hairstylist Addy Lee, Australian banker Stephen Fisher, Australian mining heiress Gina Rinehart, Spanish tycoon Ricardo Portabella Peralta and India telecom mogul Bhupendra Kumar Modi.
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Sentosa Cove is a delightful blend of upscale city living and the ever-so-attractive charisma of the tropical seaside. It’s a veritable showcase of the best of what Singapore is known for, including a host of first-rate infrastructures, posh hotels and resorts, and world-class leisure hubs.
Sentosa’s South Cove residents will be treated to exclusive refinements, such as a swimming pool, several function halls, a playground, picnic areas, a sundeck, and other indulgences. You would also be delighted to know that the property will be covered by security personnel 24 hours a day. It stands at a prime spot by the gateway into the marina, and it’s cleverly woven into the milieu. It fits right in with the harbor and the other Sentosa Island attractions, such as the natural beach and man-made water features. Within the area are the Resorts World Hotel and Casino, ONE 15 Marina Club, and Universal Studios Singapore.
The area offers a luxurious spread of shopping and recreational facilities, as well as an assortment of epicurean delights. Quayside Isles, Harbourfront Centre, and Alexandra Retail Centre are conveniently close by. You can even take short ride to VivoCity, Singapore’s largest mall – it’s an absolute leisure and lifestyle center full of boutiques and restaurants, as well as a selection of banks, salons and other modern conveniences.
Take your pick from Sentosa’s various restaurants and cafes, or maybe kick back in one of the spas or resorts. You can also choose to unwind in one of several nearby sports centers and golf courses, among which is the Sentosa Golf Club. Or you can have a blast at Megazip Adventure Park, or Wave House Sentosa. You can also take a pleasurable break at Mount Faber, Mount Imbiah Nature Reserve, or Labrador Nature Park.
In addition to bus stations, the Harbourfront MRT Station is right within the vicinity, allowing an easy commute to or from the city center. Nearby are major arteries such as the Ayer-Rajay Expressway and the East Coast Parkway. And here’s some good news for jet-setting businessmen and world travelers: the Changi International Airport is just a brief drive away.
Schools for your children won’t be hard to find, with the many educational institutions in the area. Right on the island are Quayside Isle Preparatory and the Tourism Academy. Within an easy distance are Radin Mas Primary, River Valley High School, the Canadian International School, the American College, and a few others.
Properties in Sentosa Cove is Singapore’s most coveted address, and is definitely an excellent investment.
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