View of waterfront bungalows in Sentosa Cove.
Sentosa Cove has witnessed an improvement in bungalow deals lately, with the bulk sale for the 10 remaining bungalows on Pearl Island, one of the district’s five man-made islands, entered into, reported The Business Times.
The transaction, which will be done via a sale of shares in the project’s developer, values the 10 bungalows at around $120 million to $130 million, or $1,500 to $1,600 psf on the land area. It is subject to approval from the Sentosa Development Corporation.
With land areas of 6,000-plus sq ft to 11,000-plus sq ft, each villa spans two storeys in addition to having a basement and roof terrace. Featuring a private lift, each unit also has its own swimming pool and private berth.
Singapore-incorporated SRIF Pte Ltd, which is wholly owned by Evia Real Estate co-founders Vincent Ong and Leslie Lim, is the buyer of the villas. But Evia is not involved in the deal. SRIF is purchasing the entire equity of Pearl Island developer Ximeng Land.
Once the acquisition is complete, Ong and Lim intend to spruce up the properties, riding on the idyllic waterfront ambiance of Pearl Island. “I’m exploring enhancements to the quality of living there both in terms of softscape and interior, but more importantly by providing access to premium services such as concierge, cleaning, food delivery, etc,” said Lim. The plan is to lease out the villas.
Separately, an IT entrepreneur on China’s rich list is believed to be acquiring a bungalow along Cove Way for $16.5 million, or $1,871 psf on the 8,819 sq ft land area. The price is way below the $23 million the seller sought for the property a few years back.
The buyer is Chinese citizen and Singapore permanent resident (PR) Pang Shengdong. Pang, who is in his late 30s, is understood to be the Vice Chairman of Shenzhen-listed IT firm Shanghai 2345 Network Holding Group Co. He is also a shareholder in some Singapore companies, including SCI Ecommerce and Zwoo Mobile.
Spanning two storeys with a basement and an attic, the bungalow that Pang is said to be acquiring features five bedrooms and a pool. The basement boasts a garage and an entertainment area. The property is on a 99-year leasehold tenure from August 2007.
This is the first caveat lodged for a Sentosa Cove bungalow purchase in 2016. Industry watchers hope news of the transactions will trigger more activity within the precinct.
“Sentosa Cove bungalows now present good opportunities for those seeking value buys,” said Steve Tay, Vice President (Resale) at CBRE Realty Associates.
Caveat data showed that four bungalow deals were registered in Sentosa in 2015, up from the three deals recorded in 2014, but lower than the 18 in 2013.
Tay attributed the slowdown in bungalow deals within the precinct to a confluence of government policies. Foreign buyers, for instance, were mainly deterred by the 15 percent Additional Buyer’s Stamp Duty (ABSD).
“Moreover, the Long-Term Visit Pass (LTVP) scheme for Sentosa Cove residents seeking long-term stay in Singapore was terminated from June 10, 2014 – although those who already had their passes issued before this date are eligible to apply for a renewal LTVP of up to five years, so long as the residential property is owner-occupied.”
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
