Sentosa Cove bungalow snapped up for $33.3mil

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Sentosa Cove bungalow snapped up for $33.3mil

The property fetched a $33.3 million price, which worked out to $1,795 per sq ft, due to several unique attributes such as its sizeable area of 18,555 sq ft, said List Sotheby’s International Realty (List SIR).

A single-storey bungalow in Sentosa Cove has been sold to a Singapore permanent resident (PR) for $33.3 million – the highest price achieved for a Sentosa Cove bungalow since 2013.

The property fetched a $33.3 million price, which worked out to $1,795 per sq ft, due to several unique attributes such as its sizeable area of 18,555 sq ft, said List Sotheby’s International Realty (List SIR).

 Located along Cove Grove in the South Cove, the property also enjoys views of the southern seas and of the waterway where Pearl Island is situated. Moreover, the single-storey bungalow can be redeveloped into a two-and-a-half-storey bungalow.

More: Home buyers looking for Sentosa properties may like to visit our Sentosa Cove Listings

Most bungalow plots in Sentosa Cove range from 6,500 sq ft and 10,000 sq ft.

 The sale of the bungalow indicates that high-net-worth individuals (HNWI) are guided less by if and what they could afford, but more by their needs, objectives and fancy.

 In fact, for $33.3 million, a buyer could buy a freehold Good Class Bungalow (GCB) on the main island. However, there will not be any sea view as all GCB areas are found inland.

 “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.

More: Home buyers looking for Sentosa properties may like to visit our Sentosa Cove Listings

 “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.”

Sentosa Cove remains an attractive location for high-end buyers who not only want the privacy and exclusivity that any good class bungalow can offer, but who also wish to live right next to the ocean for the spectacular sea view.

Eugenia Rosaline Shlaen edited this story. To contact her about this or other stories, email eugenia@propertyguru.com.sg