Bungalow on Lakeshore View in Sentosa Cove, Singapore sold for S$15.5 mil

In Sentosa Cove, a bungalow on Lakeshore View was recently sold for S$15.5 million (RM48.8 million), according to a caveat lodged with URA ­Realis. Based on the land area of 8,579 sq ft, the price translates into S$1,807 psf. The sale was brokered by Steve Tay, a luxury bungalow specialist in Sentosa Cove and vice-president of resale at CBRE Realty. The buyer is believed to be a Chinese businessman who is a Singapore permanent resident (PR).

The house is just one of 19 on Lakeshore View that is on elevated ground, with views of the Serapong golf course, the saltwater lake and the sea beyond. The seller, a Hong Kong businessman, had spent S$7 million building the house on Lakeshore View, and another S$2 million on its interiors. The house has a built-up area of more than 8,000 sq ft.

As the house is a holiday home, it was designed with the highest specifications. The gourmet kitchen alone cost at least S$500,000. The flooring throughout the house is of marble and natural stone imported from Italy. The living room comes with a 15m triple-volume ceiling and a customised display wall for collectibles and books.

“Sentosa Cove continues to be the only location in Singapore where Singapore PRs and foreigners can purchase landed property,” says CBRE’s Tay. Transactions in Sentosa Cove have picked up this year.

So far this year, based on caveats lodged, nine bungalows in Sentosa Cove have been sold for a total of S$132.15 million, more than double the number of transactions for the whole of 2016. However, if one were to include transactions where a caveat was not lodged, the ­total is 14, estimates Tay.

Last year, only four bungalows were sold for S$64.5 million. “If this momentum continues, 2H2017 is likely to be an exciting time for the Sentosa Cove property market,” Tay says. Word on the street is that he has sold more than half a dozen bungalows in Sentosa Cove, which translates into over S$100 million in sales value.

Tay also recently brokered the sale of a bungalow on Pearl Island for S$11.3 million (S$1,613 psf), although the caveat has yet to be lodged. The bungalow on Pearl Island sits on a land area of about 7,000 sq ft and comes with five en-suite bedrooms, a lift, a lap pool and a reflective pool. The buyer is said to be a Malaysian.

The previous owner was one of the first buyers on Pearl Island, and paid S$15.4 million (S$2,200 psf) for the bungalow when it was still under construction in 2010. The house is one of 19 bungalows on Pearl Island developed by Chinese developer Ximeng Land.

A year ago, Evia Real Estate co-­founders Vincent Ong and Leslie Lim scooped up the remaining 10 bungalows on Pearl Island at an average price of S$1,500 to S$1,600 psf, ­after being given a bulk discount.

In June, a bungalow on Paradise Island that sits on a 7,360 sq ft plot was put up for auction by Colliers International, but did not go under the hammer. The property was a mortgagee sale, the first such distressed sale of a bungalow in Sentosa Cove. The price tag was S$13 million (S$1,766 psf). The 2½-storey house, which has a built-up area of about 8,800 sq ft, consists of six bedrooms and comes with a private berth.

The house on Paradise Island will now be put up for tender on Aug 25 by Colliers International. The indicative price is still S$13 million.

This article first appeared in The Edge Property Singapore, a pullout of The Edge Singapore, on Aug 14, 2017.

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