Tucked in a beautiful corner of the famous resort island off the Singapore mainland, Sentosa Cove started as a residential zone in 2006, consisting of more than 2,000 homes that range from high-rise condominiums to luxury bungalows.
Built to attract hot foreign money in search of unique properties in stable countries, this small and relatively exclusive residential enclave will have friends and colleagues raising eyebrows if you say you stay in Sentosa Cove.
The property in Sentosa Cove has a healthy amount of foreign buyers, with interest coming from high net worth (HNW) individuals from countries in the region, such as China, Indonesia, and Malaysia. Increasingly, buyers from Hong Kong, Taiwan and the US have also shown interest.
According to List Sotheby’s, the cove’s bungalow sales volume is likely to be similar to 2022, thanks to foreign investors. That’s because of the easing of border restrictions and some pent-up demand from foreign buyers on Singapore properties.
Read Also: Complete Guide To Sentosa Islander Membership And All The Benefits You Will Receive
18 Bungalows Sold For $340 Million In 2022
Sentosa Cove is considered as the centrepiece of Singapore’s billion-dollar Master Plan for Sentosa Island and is seen as one of the world’s most prestigious integrated oceanfront marina residential communities.
Sentosa Cove Pte Ltd (a wholly owned subsidiary of Sentosa Development Corporation) is a government statutory board established to undertake the master planning, infrastructure development, project management, and land sales of Sentosa Cove.
Some reasons why people buy properties in Sentosa Cove include it being a private enclave close to the ocean, it is an integrated oceanfront marina residential community, the properties prices in Singapore are stable and good for the wealthy to park their money in, and also the coveted district postal code and it being located at the core central region.
Based on caveats lodged as of Dec 15, 2022, the number of bungalows sold rose to 18 with a total transaction value of $337.7 million.
In comparison, for the whole of 2021, a total of 26 bungalows changed hands for $440.44 million. 2021 was the highest number of transactions since 2012, when 25 bungalows were sold for $513.9 million ($2,150 psf).
There are also bungalows that are sold without caveats lodged and in 2022 there were 10 such deals. Many HNW buyers buy up these properties without caveats lodged and agents involved in the deal were bound by non-disclosure agreements.
From $8 Million To $88 Million Landed Homes
The most affordable Sentosa Cove property on sale on PropertyGuru was $7.7 million for a five bedroom five bath terraced house with 2,352 sqft of land. This adds to an estimated loan repayment of $21,290 per month for a 30 years mortgage. The unit is a two storey with basement and attic.
If you have $21,000 of spare cash lying around every month, this will be for you. Don’t forget the 25% downpayment of $1.92 million.
Image Credit: PropertyGuru
In 2022 and 2021, bungalows (or detached houses) priced in the $10 million to $12 million range or $1,300 to $1,400 psf have mostly been sold. Today, the asking prices of Sentosa Cove bungalows are more than $13 million, or $1,700 psf to $1,800 psf.
These homes are popular as there are only about 350 such houses in Sentosa Cove. But Ultra HNWs (or the super-rich) usually want “double plots” of at least 15,000 sq ft, the equivalent of a Good Class Bungalow.
Another listing is selling three villas together for $83,888,888 million. The properties add up to a total floor area of 24,285 sqft and are side by side. The land size is 8,095 sqft with a pool and yacht berth for each unit.
It comes with a private yacht berth, swimming pool, reflective pool, indoor lift, private jacuzzi, dry and wet kitchen, entertainment hall, private garden and two living halls. There are seven bedrooms and six baths.
Image Credit: PropertyGuru
Also up for listing is an $88 million 6 bedroom and 6 bath detached house that is 20,500 sqft. This adds up to an estimated monthly loan repayment of $243,949. The property costs $4,292.68 psf.
It boasts a stunning sea view, and modern fittings and quality finishing interior.
For a property that is $88 million, you will have to make a downpayment of $22 million (25%) and the balance of $66 million can be taken as a loan at a 75% loan-to-value. Of course, the best is to pay in full and not take a loan for this property as the interest of around 3% will add up to a hefty sum.
Image Credit: PropertyGuru
Read Also: Complete Guide To Buying Landed Property In Singapore
Condominiums At Sentosa Cove
Sentosa Cove luxury condo transaction prices have also moved in tandem with the prices of luxury bungalows.
2021 had 124 condo units transacted under $459 or $,614 psf. The transaction value in 2021 was the highest since the last peak in 2010 when 140 condo units were sold for $695 million ($2,300 psf).
Last year, 107 condo units changed hands for $485.63 million or an average of $1,945 psf.
It is likely that the launch of the 302-unit Cape Royale in June last year contributed to the higher average condominium prices achieved in Sentosa Cove for the whole of 2022.
75 units were released for sale (by joint developers Ho Bee Land and IOI Properties) with more than 73% sold as of the end of November. The average price of units sold was $2,206 psf.
Many buyers had paid in cash, and some others were scooping up units by buying multiple units.
For context, when 99-year leasehold condo Cape Royale was launched for sale, the units were 95% leased. The monthly rental rates cost $10,000 to $22,000.
The units are a mix of three bedroom and four bedroom units. There are also 10 penthouses.
Completed in 2013, Cape Royale is one of only two high-rise condominiums in Sentosa Cove, and The Oceanfront is the other 293-unit. Other condominiums in Sentosa Cove are low-rise.
Foreign Buyers And Rentals
You must have noticed more foreigners relaxing in Sentosa and looking like they stay there. In fact, there is a chance they actually do.
In Sentosa Cove, foreigners are allowed to purchase just one detached house, and it has to be for their own use. Only Singapore citizens are allowed to purchase more than one detached house and to lease them out.
Foreign expatriates are also drawn to the waterfront lifestyle that Sentosa Cove offers. This drives the rental demand. For detached homes, rents have doubled to $40,000 – $50,000 today, compared with $18,000 – $25,000 a year ago. New listings are said to increase to at least $60,000 a month
The attractive rental rates have attracted some Singaporean investors looking to rent out the apartments. Some Singaporeans are also buying the homes as their party house or vacation home.
For foreign individuals who wish to purchase/acquire a Restricted residential property in Sentosa Cove, they can obtain fast track approval from the Singapore Land Dealing Unit.
Foreign purchasers of a restricted residential property in Sentosa Cove can also apply for a long-term social visit pass under this Scheme to facilitate entry into Singapore. The Long-Term Social Visit Pass (LTSVP) Scheme for Sentosa Cove is a scheme which is administered by Sentosa Cove Pte Ltd, on behalf of and as an agent for Sentosa Development Corporation.
Why Does The Government Offer These Passes Or Fast Track Approvals, How Do I Qualify For The Schemes?
The objective is to facilitate foreign individuals and their families to reside in Sentosa Cove. It offers ease of entry into Singapore.
To qualify for the LTSVP Scheme, applicants need to own at least one restricted residential property (comprising of either land only or land with a building) at Sentosa Cove for the purpose of owner-occupation (no rental is permitted). The LTSVP Scheme was implemented on 1 July 2006.
The LTSVP will be valid for a period of up to three years on the first application for Sentosa Cove restricted residential property owners. The LTSVP will remain valid as long as the applicant maintains an owner-occupier status of his Sentosa Cove restricted residential property and is not in breach of the terms and conditions of the Long-Term Social Visit Pass Scheme Terms and Conditions.
The applicant’s family, comprising spouse, unmarried children (both minor and adult), parents and parents-in-law are eligible to apply for the LTSVP Scheme in separate applications.
Meanwhile, do note that the disposal* of the applicant’s Sentosa Cove restricted residential property may result in the cancellation of the applicant’s and his family members’ long-term social visit passes.
Amenities At Sentosa Cove
There are more than 15 restaurants and pubs nearby, such as Rock Bar Burger & Steakhouse, Miska Café, Greenwood Fish Market, Mykonos On The Bay, Two Chefs Bar, and Blue Lotus Singapore.
Quayside Isle is within walking distance from Sentosa Cove, and you can take a bus or a quick drive to food. There are also supermarkets like Jasons Deli and Cold Storage Sentosa Cove.
Schools include Quayside Isle Preparatory School, Trident Marine Asia. Healthcare Medical @ Sentosa provides health emergencies or regular health checkups.
There are parks like the Sentosa Serapong Reefs, and easy access to other parts of Sentosa, including the beaches, Universal Studios Singapore in your backyard.
There are also hotels, such as W Singapore and One15 Marina Sentosa Cove. W Singapore is a 240-room five-star luxury resort hotel known for providing a variety of services & facilities including the Whatever/Whenever service. The property is connected to a 228-unit residential complex (W. Residences) located at Quayside Isle.
One15 Marina Sentosa Cove is a boutique 26-room hotel situated by the marina at Sentosa Cove. It is also a members’ club and is the point of contact for berthing at the Sentosa Cove marina.
Go for a relaxing spa with establishments including Spa Rael, situated within ONE°15 Marina Sentosa Cove, and AWAY Spa at W Singapore.
A quick drive will bring you to Universal Studios Singapore, located in Sentosa. There are plenty of food options as well as the theme park. There are also other areas in Sentosa, such as beach clubs, and other hotels and spa services available.
The estate is a 10 minute drive out of Sentosa and to Vivo City, and you can take a casual drive out to the city if you need to get other things or want to explore more amenities.
Read Also: 6 Ways To Save Money On Your Next Universal Studios Singapore (USS) Visit
The post Neighbourhood Estate Guide: Why Sentosa Cove Is Not For The Faint Hearted, With Cheapest Landed Home Priced At $8 Million appeared first on DollarsAndSense.sg.
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