Buying activities have of late revved up in the bungalow market on Sentosa Cove, the only place in Singapore where a foreigner may seek approval to buy a landed home for their own use. Thus far, 10 villa deals in the waterfront housing district have been sealed this year.
In the last two months, Pearl Island, one of five man-made islets in Sentosa Cove, has seen three villas sales transacted at between S$16 million and S$21 million each, working out to S$1,725 per square foot (psf) to S$2,000 psf on land areas of about 9,270 sq ft to 11,667 sq ft.
The foreign Chinese buyers of all three units paid an additional 20 per cent in ‘Additional Buyer's Stamp Duty (ABSD) on top of the standard buyer's stamp duty of up to 4 per cent.
Pearl Island, which holds 19 bungalows with a 99-year leasehold tenure, was developed by Ximeng Land (S) Pte Ltd. Completed in 2012. All 19 bungalows in the project have three storeys and a basement and come with its own private lift, a swimming pool and berth.
The Covid-19 situation has taken down most owners expectations to a more realistic price level. Bungalow prices in Sentosa Cove have eased by about 40 per cent from the peak in 2010-2012. Thus it is a good time to enter the Sentosa Cove market.
2020 may well close the year potentially with at least 15 deals. Buyers from China, Indonesia, Malaysia, India and Singapore have expressed interest.