Thursday, March 1, 2012

Sentosa Cove bungalow fetches record $39m

Business Times: Thu, Mar 01
IN the latest sign of a revival in the high-end bungalow market, a seafronting bungalow at Cove Drive has changed hands at $39 million, a record absolute price for a bungalow in the upscale waterfront residential district of Sentosa Cove.


This surpasses the previous high of $36 million for a bungalow on Paradise Island that was transacted in 2010. That worked out to $2,403 per square foot (psf) on land area of 14,983 sq ft for the waterway-facing property.


In the latest deal at Cove Drive, the price works out to $2,448 psf based on the land area of 15,929 sq ft. The property is understood to have been sold by a Singaporean to a buyer from India who is said to be involved in the resources sector. The completed bungalow includes five bedrooms, a spacious living area and an entertainment room. Newsman Realty represented the seller.


Residential properties on Sentosa Cove have 99-year leasehold tenure...

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