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Buy a luxury bungalow, drive away in a supercar
By Cecilia Chow / The Edge Property | November 18, 2015 10:00 AM MYT

To lure buyers back to Sentosa Cove, a marketing agent is packaging a brand new Lamborghini Huracán with the sale of a bungalow priced below valuation. Will this help stir interest in Singapore’s luxury waterfront enclave?



The glamour of Singapore’s waterfront residential enclave has been somewhat tarnished by a spate of distressed sales at some of the luxury condominiums since last July, say property consultants.

Real estate agency SRI5000 is hoping to lure buyers back to Sentosa Cove by packaging a gleaming new Lamborghini Huracán worth $1.028 million with a luxury bungalow it is currently marketing at 28 Cove Way. “We just wanted to do something different,” says Bruce Lye, managing partner of SRI5000, a division of real estate consultancy SLP International. However, the car does not come with a Certificate of Entitlement, which is priced at $59,889 today.

The owner of the house at 28 Cove Way is believed to be an Indonesian tycoon, who had incorporated feng shui elements into the house. In fact, he even consulted a feng shui master before purchasing the 8,060 sq ft, 99-year leasehold site on the bend of the waterway. “According to the feng shui master, that was the best site as it resembled a grabbing hand,” says Lye. “And it also means that the homeowner will enjoy a 180-degree water view.”

After spending $4.5 million building the house, the owner never moved in. As a foreigner, he is not allowed to rent out the bungalow either. Thus, the property has remained vacant for the past five years.



The 180-degree water view from the roof terrace of the house at 28 Cove Way, located at the bend of the waterway


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