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15 September 2012

15th September, Saturday




Several bungalow deals on Sentosa Cove recently

Source: Business Times

Even as analysts debate the outlook for Singapore's luxury condo sector, there has been no dearth of bungalow transactions. Sentosa Cove, for one, is said to have seen several deals. They include two properties at Cove Drive facing the waterway and Tanjong Golf Course.

Both are said to have been sold for $15-plus million. One fetched $15.3 million, or $2,202 per sq ft, based on 6,947 sq ft of 99-year leasehold land area. It is said to have been sold by a Singaporean aesthetics doctor to a Myanmar national. A foreigner, whether a Singapore permanent resident (PR) or not, is allowed to buy a landed property for own occupation on Sentosa Cove, subject to the nod of the Land Dealings (Approval) Unit. The other bungalow that changed hands on the same road is closer to the Seven Palms Sentosa Cove condo development.

There is also talk that Fragrance Group boss Koh Wee Meng recently disposed of a seafronting bungalow along Cove Grove with views of the Southern Islands at around $24 million or $2,470 psf on land area of 9,725 sq ft. The bungalow's built-up area is said to be around 11,000 sq ft, spread across two levels and an attic. It features eight bedrooms including a spacious master suite, a rooftop jacuzzi and a swimming pool. The property was believed to be Mr Koh's weekend home.

An analyst says asking prices of Sentosa Cove bungalows are around $2,200 psf for golf course-facing properties and $2,500 psf and upwards for prime sea-fronting bungalows. At these levels, it's mostly foreigners who are acquiring landed homes in the upscale waterfront housing locale these days.

It's a different story for Singaporeans. At current price levels, Singaporeans have the option of buying large bungalows in Good Class Bungalow Areas and other locations on mainland Singapore, where foreigners are not allowed to make a purchase.

Last month, a two-and-a-half storey bungalow at Tudor Close - in the Kheam Hock Road/Dunearn Road vicinity - changed hands for $10.88 million or $1,995 psf on its freehold land area of 5,454 sq ft. It has five bedrooms, a lap pool, lift and wine cellar. Both the seller and buyer are Singapore citizens. The house is currently leased at a monthly rental of $20,000 until August 2014.

In the Meyer Road vicinity, a freehold bungalow with a driveway fronting Broadrick Road fetched $22.2 million or $1,147 psf. A two-storey property and a swimming pool are on the site, which has a land area of 19,349 sq ft. The buyer - believed to be a Singaporean hailing from a family in the construction business - is likely to live in the property.


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Punggol waterfront sees wave of launches

Source: The Straits Times

The wave of property launches in waterfront Punggol that has left home buyers spoilt for choice is about to grow even bigger.

At least seven private condominiums have been launched in the past year along with five executive condominium (EC) projects since EC development Prive - the first in Punggol - was launched in December 2010.

Another mega private condo project, Allgreen Properties' 920-unit RiverSails will be launched at the end of the month while Qingjian's 383-unit Waterbay EC is expected to be open for applications next month.

On top of that, two more ECs are in the works in the area.

The increasingly stiff competition has prompted developers to pull out all the stops to differentiate their projects from others.

For instance, EC Heron Bay offers some buyers their own jacuzzi pool while RiverSails will provide a dazzling array of 50 amenities for residents, including a sky lounge and a tea party lounge.

Experts say that most of the private condos in Punggol have the advantage of either being close to transportation links or close to the area's recently opened 4.2km man-made waterway, offering a slew of recreational activities.


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