http://www.businesstimes.com.sg/real...on-of-interest

Seafacing bungalow on Sentosa offered via expression of interest

S$2,325 psf asking price, if met, would be the lowest for a seafacing bungalow in the waterfront district since 2012

Jul 23, 2015


A SEAFRONTING bungalow along Ocean Drive on Sentosa Cove has been put on the market with an asking price of S$25 million or S$2,325 per square foot on land area.

If the property sells at this price, it would be the lowest, in psf terms, for a seafacing bungalow in the waterfront housing district since 2012.

The property has views of the Tanjong Pagar container terminal as well as the Marina Bay skyline. It boasts high-quality finishes and cost the Indonesian couple that owns it more than S$9 million to build, excluding the land cost. It received Temporary Occupation Permit in 2010.

The owners are looking to sell the property as they plan to move to the US to accompany their children who will be studying there, said Steve Tay, associate director of Newsman Realty, the sole marketing agent for the property. It is being offered for sale through an expression of interest (EOI) exercise that closes on Aug 21.

Sitting on 10,754 sq ft of land with a 99-year leasehold tenure starting from September 2005, the bungalow has a built-up area of 8,655 sq ft including the car porch and terraces.

Spanning two storeys and a basement, the house has five bedrooms, all ensuite. It has a swimming pool with a jacuzzi, a water-filtration system and an underwater speaker system so one may enjoy music while swimming. The house comes with a lift. Premium-grade marble adorn the house. Titanium-coated plates costing almost S$1 million line the exterior walls and roof, for strength and insulation from the sun's heat.

"Although there are about 320 bungalows on Sentosa Cove, only 75 face the sea and of these, less than half have land areas of more than 10,000 sq ft.

"The sea-facing villas are along Ocean Drive (houses with odd numbers), Cove Grove (even-numbered houses), Cove Drive (odd numbers starting from 105) and Lakeshore View (even numbers)," said Mr Tay.

While the villlas on the first three roads directly front the sea, those on Lakeshore View have immediate views of the lake and golf course and a short distance beyond that, the sea.

Asked if the S$2,325 psf pricing being sought by the Indonesian couple for their Ocean Drive home may be too high a premium against the sub-S$2,000 psf that four of the five waterway facing Sentosa Cove bungalows have fetched since last year (based on caveats), Mr Tay said: "Seafacing bungalows are a different segment from waterway bungalows. There are buyers who want only seafronting houses and they are prepared to pay a premium, as shown in prices transacted in the past three years."

Citing caveats data, he said that since 2012, seafacing bungalows have fetched between S$2,448 psf and S$2,952 psf. This is higher than the S$1,386-S$2,612 psf at which waterway facing villas have sold over the same period.

Mr Tay revealed that so far, the Ocean Drive house he is marketing has received offers of S$22 million - but this is short of the owners' expectations. "Activity and viewings on Sentosa Cove is healthy. Our agency has done a couple of bungalow deals recently but these are pending approval from the LDAU (Land Dealings Approval Unit)."

LDAU's nod is needed before a foreigner may purchase a landed home in Singapore. Sentosa Cove is the only place here where a foreigner who is not a Singapore permanent resident may buy a landed home, subject to conditions.

"Sellers' expectations have come down resulting in a bridging of the gap with buyers," said Mr Tay.

In terms of psf of land, the record price for a bungalow transaction on Sentosa Cove is S$2,989 psf for 81 Ocean Drive in 2010.

A caveat was lodged for a transaction at a higher price of S$3,214 psf for another house on Ocean Drive in late 2012 but that purchase did not go through, say agents.

Based on CBRE's analysis of URA Realis caveats data, there were only two bungalow transactions in Sentosa Cove in the first half of this year, compared with four last year, 18 in 2013, and 24 in 2012. The best year was 2010, with 54 transactions.