{"id":22468,"date":"2016-08-10T11:41:15","date_gmt":"2016-08-10T04:41:15","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-bungalow-sales-seen-in-sentosa-cove\/"},"modified":"2016-08-10T11:49:26","modified_gmt":"2016-08-10T04:49:26","slug":"more-bungalow-sales-seen-in-sentosa-cove","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-bungalow-sales-seen-in-sentosa-cove\/","title":{"rendered":"More bungalow sales seen in Sentosa Cove"},"content":{"rendered":"


\nView of waterfront bungalows in Sentosa Cove.
\nSentosa 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\u2019s five man-made islands, entered into, reported The Business Times.
\nThe transaction, which will be done via a sale of shares in the project\u2019s 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.
\nWith 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.
\nSingapore-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.
\nOnce the acquisition is complete, Ong and Lim intend to spruce up the properties, riding on the idyllic waterfront ambiance of Pearl Island. \u201cI\u2019m 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,\u201d said Lim. The plan is to lease out the villas.
\nSeparately, an IT entrepreneur on China\u2019s 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.
\nThe 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.
\nSpanning 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.
\nThis 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.
\n\u201cSentosa Cove bungalows now present good opportunities for those seeking value buys,\u201d said Steve Tay, Vice President (Resale) at CBRE Realty Associates.
\nCaveat 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.
\nTay 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\u2019s Stamp Duty (ABSD).
\n\u201cMoreover, the Long-Term Visit Pass (LTVP) scheme for Sentosa Cove residents seeking long-term stay in Singapore was terminated from June 10, 2014 \u2013 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.\u201d
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…More bungalow sales seen in Sentosa Cove<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

View of waterfront bungalows in Sentosa Cove. Sentosa Cove has witnessed an improvement in bungalow...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-22468","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-5Qo","jetpack-related-posts":[{"id":60068,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-bungalow-up-for-sale-for-s20-8mil\/","url_meta":{"origin":22468,"position":0},"title":"Sentosa Cove bungalow up for sale for S$20.8mil","date":"July 7, 2017","format":false,"excerpt":"\r A two-storey bungalow in Sentosa Cove has been put up for sale for S$20.8 million, which works out to S$2,378 per sq ft. based on the property\u2019s 8,746 sq ft. land area, reported New Straits Times. Marketing agent List Sotheby\u2019s Singapore revealed that the property on 65 Ocean Drive\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":59052,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sales-of-sentosa-cove-homes-rebound\/","url_meta":{"origin":22468,"position":1},"title":"Sales of Sentosa Cove homes rebound","date":"June 27, 2017","format":false,"excerpt":"\r \u00a0 Sales of upscale houses in Sentosa Cove is starting to pick up despite reports of many unoccupied units and home owners selling their homes houses at huge losses, reported The Straits Times. So far this year, caveats have been lodged for seven bungalows at the posh enclave collectively\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120009,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/growing-demand-for-sentosa-cove-bungalows\/","url_meta":{"origin":22468,"position":2},"title":"Growing demand for Sentosa Cove bungalows","date":"January 15, 2021","format":false,"excerpt":"\r Singapore continues to draw foreign buyers despite travel restrictions, partly due to\u00a0its success in handling the pandemic.\u00a0Sentosa Cove is the only place where a foreigner may seek approval to acquire a\u00a0landed residential property\u00a0for their own use. Real estate agents expect the healthy sales momentum for bungalows within Sentosa Cove\u2019s\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/01\/sentosa_cove.original.jpg?fit=840%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":96591,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-bungalow-snapped-up-for-33-3mil\/","url_meta":{"origin":22468,"position":3},"title":"Sentosa Cove bungalow snapped up for $33.3mil","date":"August 24, 2018","format":false,"excerpt":"\r A single-storey bungalow in Sentosa Cove has been sold to a Singapore permanent resident (PR) for $33.3 million \u2013 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":121723,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-sales-in-sentosa-cove-reach-new-record\/","url_meta":{"origin":22468,"position":4},"title":"Home sales in Sentosa Cove reach new record","date":"August 30, 2021","format":false,"excerpt":"\r Home sales in Sentosa Cove reach new recordSome analysts believe the high transaction volumes in Sentosa is a spillover from the growing demand for luxury homes within the Rest of Central Region (RCR), considering that prices on the island remain relatively lower compared to those on the mainland. Sentosa\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/08\/Sentosa-cove-apartments-1.jpg?fit=819%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":61282,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/strong-pick-up-in-sales-of-gcbs-and-sentosa-cove-homes\/","url_meta":{"origin":22468,"position":5},"title":"Strong pick-up in sales of GCBs and Sentosa Cove homes","date":"July 20, 2017","format":false,"excerpt":"\r View of waterfront bungalows in Sentosa Cove. Sales of good class bungalows (GCBs) and Sentosa Cove homes picked up in the first half of 2017 from a year ago, according to a report by List Sotheby\u2019s International Realty, Singapore. Based on caveats lodged with URA Realis, 20 GCBs and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/22468"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=22468"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/22468\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=22468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=22468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=22468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}