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Thread: Sentosa bungalow believed to have set new record psf price

  1. #1
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    Default Sentosa bungalow believed to have set new record psf price

    ......


    by Kalpana Rashiwala, The Business Times|31 October 2012

    Singapore - A new record price in terms of per square foot of land area is believed to have been set for a bungalow on Sentosa Cove.

    According to caveats evidence, a bungalow on Ocean Drive with views of the Pulau Brani container terminal was recently sold for $32.5 million, which works out to $3,214 psf on land area of 10,111 sq ft.

    This busts the record set in late 2010 for a property just a few doors away that fetched $2,989 psf on land area of 9,436 sq ft, amounting to $28.2 million.

    In the latest deal, the seller is a seasoned Singaporean bungalow investor, while the buyer is understood to be a Malaysia citizen.

    Homes on Sentosa Cove have a 99-year leasehold tenure.

    Some market watchers point out that the property was last transacted in November last year at $24.5 million, which means the seller would be forking out the maximum 16 per cent seller's stamp duty (SSD) payable for the sale of properties involving a holding period of a year or less.

    The SSD on the $32.5 million sale would thus amount to $5.2 million.
    That, along with around $730,000 for the standard 3 per cent buyer's duty on the $24.5 million purchase price, would mean the owner's gain would be slightly over $2 million, before taking into account commissions, interest and other expenses.

    Newsman Realty managing director KH Tan confirmed there has been a sudden pick up in bungalow deals in Singapore's upscale waterfront housing district in the past two to three months, accompanied by a strengthening in prices.

    Last month, there were two separate deals involving the sale of two adjacent prime seafronting bungalows along Cove Grove boasting views of the Southern Islands - at $25.5 million or $2,524 psf based on land area of 10,102 sq ft, and nearly $24 million, reflecting a price of $2,468 psf on 9,725 sq ft land area.

    A caveat has also been lodged for a bungalow along Cove Drive with waterway and golf course views, sold for $2,202 psf in August.
    However, there seems to be more anecdotal evidence of bungalow transactions on Sentosa Cove than caveats lodged, suggesting that in most cases, options have yet to be exercised by the buyers.
    Last edited by proper-t; 31-10-12 at 15:10.

  2. #2
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    "a bungalow on Ocean Drive with views of the Pulau Brani container terminal"

    What kind of view is that ?

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    Quote Originally Posted by buttercarp
    "a bungalow on Ocean Drive with views of the Pulau Brani container terminal"

    What kind of view is that ?
    We see the present (pulau brani container).. the owner see the future(waterfront city)..

    He/she got money to wait it out.. hehe..

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    Wah! Malaysians so rich! I wonder who?! I would have expected Indonesians, or PRCs...

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    Quote Originally Posted by buttercarp
    "a bungalow on Ocean Drive with views of the Pulau Brani container terminal"

    What kind of view is that ?
    Pervert View ??

    Crazy View ??

    I don't know.

    But i do know there are really WEIRD BUYERS in this world !!

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    Wah, $32.5m plus $3.25m plus 975k of stamp duties. Ouch.

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    Quote Originally Posted by Sleepyhead
    Wah! Malaysians so rich! I wonder who?! I would have expected Indonesians, or PRCs...
    Maybe Genting towkay buy one?

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    Default Sentosa bungalow believed to have set new record psf price

    http://www.businesstimes.com.sg/arch...price-20121029

    Published October 29, 2012

    Sentosa bungalow believed to have set new record psf price

    By Kalpana Rashiwala


    A caveat has also been lodged for a bungalow along Cove Drive with waterway and golf course views, sold for $2,202 psf in August -PHOTO: FILE PHOTO

    [SINGAPORE] A new record price in terms of per square foot of land area is believed to have been set for a bungalow on Sentosa Cove.

    According to caveats evidence, a bungalow on Ocean Drive with views of the Pulau Brani container terminal was recently sold for $32.5 million, which works out to $3,214 psf on land area of 10,111 sq ft.

    This busts the record set in late 2010 for a property just a few doors away that fetched $2,989 psf on land area of 9,436 sq ft, amounting to $28.2 million.

    In the latest deal, the seller is a seasoned Singaporean bungalow investor, while the buyer is understood to be a Malaysia citizen.

    Homes on Sentosa Cove have a 99-year leasehold tenure.

    Some market watchers point out that the property was last transacted in November last year at $24.5 million, which means the seller would be forking out the maximum 16 per cent seller's stamp duty (SSD) payable for the sale of properties involving a holding period of a year or less.

    The SSD on the $32.5 million sale would thus amount to $5.2 million. That, along with around $730,000 for the standard 3 per cent buyer's duty on the $24.5 million purchase price, would mean the owner's gain would be slightly over $2 million, before taking into account commissions, interest and other expenses.

    Newsman Realty managing director KH Tan confirmed there has been a sudden pick up in bungalow deals in Singapore's upscale waterfront housing district in the past two to three months, accompanied by a strengthening in prices.

    Last month, there were two separate deals involving the sale of two adjacent prime seafronting bungalows along Cove Grove boasting views of the Southern Islands - at $25.5 million or $2,524 psf based on land area of 10,102 sq ft, and nearly $24 million, reflecting a price of $2,468 psf on 9,725 sq ft land area.

    A caveat has also been lodged for a bungalow along Cove Drive with waterway and golf course views, sold for $2,202 psf in August.

    However, there seems to be more anecdotal evidence of bungalow transactions on Sentosa Cove than caveats lodged, suggesting that in most cases, options have yet to be exercised by the buyers.

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    Default Record $3,214 psf for Sentosa Cove home

    http://www.straitstimes.com/archive/...-home-20121030

    Record $3,214 psf for Sentosa Cove home

    Published on Oct 30, 2012


    This bungalow is believed to have fetched a record price in terms of square footage. -- PHOTO: SRI5000

    A SENTOSA Cove bungalow has been sold for $32.5 million - a record price in terms of square footage, according to reports.

    The price of the Ocean Drive home worked out to $3,214 psf on a land area of 10,111 sq ft.

    The previous record was set in 2010 for a $28.2 million property a few doors away that fetched $2,989 psf on a land area of 9,436 sq ft, said The Business Times.

    Homes in Sentosa Cove, which is the only area where foreigners can buy landed property, have a 99-year leasehold tenure.

    The landed segment recorded bullish prices in the third quarter.

    While overall residential prices rose 0.6 per cent, those for landed property gained 1.1 per cent, Urban Redevelopment Authority (URA) data showed yesterday.

    Detached homes were the reason. Their prices rose 2 per cent, reversing the 0.4 per cent decline in the second quarter. Semi-detached homes and terrace houses rose 0.6 per cent and 0.8 per cent respectively. This reflects the continuing strong demand for prestigious landed homes, which are in scarce supply, Knight Frank said.

    The highest transaction volume for landed properties was recorded in the Serangoon area, with numbers rising 33 per cent, from 117 houses in the second quarter of the year to 156 in the third, Knight Frank added.

    While the URA figures showed private property prices were up 0.6 per cent for the quarter, the National University of Singapore's Singapore Residential Price Index (SRPI) reflected that prices had gained last month.

    Flash estimates for the index, which tracks only completed private apartments and condos, were 0.6 per cent higher last month. Excluding small units, the SRPI index was up 0.4 per cent for the central region.

    The sub-index for the non-central region, excluding small units, was 0.9 per cent higher last month, while the sub-index measuring prices of small units (up to 506 sq ft) rose 1.4 per cent.

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