In the same week which a bungalow about Sentosa Cove was bought at a near-record price, some other sale has long been concluded inside the waterfront real estate district for what several may think about a bargain basement selling price for a great ultra-prime logement.
BT includes learnt which a seafronting cottage along Cove Drive with views of your Southern Island destinations has been people paid just S$1, 108 every square feet on area area.
This kind of comes hardly a week following news of your bungalow along Ocean Travel being made at a near-record selling price of S$2, 923 psf.
The price for the Cove Travel property includes baffled residence market watchers, given their posh position in the the southern part of precinct.
The bungalow has been sold simply by an American indian citizen into a Singaporean of Indian ancestry in her early twenties whose dad was previously a senior UBS executive.
Market observers note that the house appears to have been vacant since it was constructed about five years ago. The absolute price is S$9 million and the property is usually on 8, 126 square feet of land with 99-year leasehold tenure starting Jan 30, 2007.
It spans two storeys and a basement. There is a pool on the ground level facing the Southern Islands. The house appears to be properly finished but the lighting and other fittings, furniture are missing. Assuming 1 were to spend a further S$2 million fitted it out, the total cost of S$11 million would work out to S$1, 354 psf – which still seems low.
A consultant said that the market price for a fully furnished house in liveable condition in a prime location like this would be at least S$2, 500 psf on land.
This could be a one-off transaction, just as the Ocean Drive deal could also be seen as a one-off and not reflective of a broad-based recovery of bungalow prices on Sentosa Cove to peak levels, he added.
The Ocean Drive bungalow, which changed hands for S$28 million, is usually on 9, 580 sq ft of land with 99-year-leasehold period starting Summer 2005. The vendor is said to have invested a couple of million dollars fitting out the interior.
That property fronts the sea yet also has opinions of the pot terminals and Singapore’s Central Business Area. It is located in the northern precinct of Sentosa Cove, which was the first phase of the development of the waterfront residential area.
The Cove Drive bungalow is located in the southern precinct, where home land parcels were offered later.
The bungalow location, with its Southern Islands facing, is considered superior to the one along Ocean Drive and is in a quieter region. Market watchers note that the Sentosa Cove bungalow market is currently illiquid, so it may be difficult to attract conclusions coming from each transaction. Each deal may possess very specific factors at play, not merely in terms of home attributes but the buyer’s and seller’s intentions.