Ximeng Land has relaunched 12 luxury villas on Pearl Island in Sentosa Cove at a discount of five percent or $2,185 psf on land area. This works out to an absolute price of around $14.3 million to $25.5 million per villa, said media reports.
Last year, asking prices at the development stood at $2,400 psf.
“These are the last remaining brand new luxury villas in the island developments in Cove, fully fitted and ready for occupation,” stated Steve Tay, Associate Director at Newsman Realty, the villas’ sole marketing agent.
Since 2010, the developer sold seven out of the 19 villas there, with prices ranging between $1,904 psf and $2,228 psf on land area.
Of the seven units sold, the highest absolute price was $27 million or $2,162 psf for a bungalow on 12,486 sq ft of land, which is the largest unit at the development.
The development received TOP in H1 2012, and the villas have a total floor area of between 8,000 sq ft and 11,000 sq ft.
Each villa has two storeys with five to seven bedrooms, in addition to a basement, roof terrace, elevator and swimming pool.
Given the attractive discount, Tay is optimistic they will sell all the remaining 12 villas on Pearl Island by year end despite the current dry spell in bungalow deals on the upscale waterfront housing district.
Sentosa Cove is the only place in Singapore where foreigners who are not Permanent Residents (PRs) may acquire a landed home, albeit the acquisition is subject to the approval of Land Dealings (Approval) Unit.
Image: Artist Impression of Pearl Island
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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