Curiosity about Sentosa Cove has converted into sales – not only that from the 99-year leasehold condominium units, however the leasehold waterfront bungalows too. Word in the pub is the fact that a bungalow at Cove Grove – having a 270-degree look at the waterway and of Ezra Holdings founder and chairman Lee Kian Soo – continues to be offered.
Once the property was initially put available on the market for purchase by expression of great interest last year, the cost tag was $26 million, or $2,258 psf. Based on market sources, there have been many parties vying for that property. However, news that Ezra had declared Chapter 11 personal bankruptcy protection on March 18 has brought to provide prices shedding in recent days to $16 million to $17 million – about $ten million below Lee’s initial selling price.
Last October, the Lee family apparently offered a great Class Bungalow on Windsor Park Road for $21.8 million. The GCB sits on the freehold land section of 20,387 sq foot, meaning the purchase cost converted to at least one,070 psf. Lee is considered to possess purchased the home for $5.9 million, or $288 psf, in September 2004.
The fortunes of Sentosa Cove bungalow proprietors have to do with to alter, states Bruce Lye, managing partner of SRI. Lee’s bungalow at Cove Grove isn’t the just one thought to happen to be transacted lately. Lye is stated to possess brokered the purchase of two other bungalows within the waterfront residential enclave earlier a week ago.
One of these is really a bungalow on Cove Drive, which fetched $ten million, or $1,348 psf. It sits on the land section of 7,420 sq foot and overlooks the Tanjong Course. The initial owner purchased the land parcel from Sentosa Cove, a personal company setup by Sentosa Development Corp, to attempt the purchase of land parcels once they were first set up tender.
The customer from the five-bed room bungalow is stated to become a Singaporean, who acquired it for their own use.
Another bungalow, on Sea Drive, altered hands for $12.5 million. The 7,381 sq foot site fronts the ocean and also the land was purchased through the original owner to construct the 5-bed room home, which has a rooftop pool. The current buyer can also be stated to become Singaporean, purchasing the property for owner-occupation.
Improved sentiment “There is a significant rise in curiosity about Sentosa Cove in the last month,” states Lye. This time around, the eye has converted to actual deals, unlike previously 2 yrs, where, despite expressions of great interest, potential customers were unwilling to invest in an order, he observes.
Lye attributes the current deals towards the improvement in buyer sentiment following a government’s easing of property cooling measures, particularly, the decrease in the seller’s stamp duty (SSD) and holding period for house.
Just before March 11, individuals who offered their residential qualities within the first one to 4th year of purchase were exposed to SSD rates of 16%, 12%, 8% and 4% correspondingly. The SSD continues to be cut to 12%, 8% and 4% for the first one to third year of purchase.
Following a recent Sentosa Cove deals, other bungalows have surfaced available on the market for purchase. Among the qualities Lye is marketing is really a bungalow on Paradise Island. Produced by Ho Bee Land and finished in 2009, Paradise Island has 29 villas. Its double- floor units specified for with private berths for luxury motorboats, water views and a minimum of 5 to 6 en suite bedrooms.
The rental property at Paradise Island that Lye is marketing sits on the land site of 8,170 sq foot and it has an selling price of $13.8 million ($1,689 psf). The present owner purchased the home inside a sub-purchase for $13 million ($1,591 psf) in October 2007. The prior owner bought the rental property in the developer for $8.8 million ($1,078 psf) once the project premiered in April 2007, making an income of $4.two million in only six several weeks.