Sentosa Cove Are Seeking for Approval to Accumulate A Landed Residential Assets

Realtors anticipate the wholesome earnings momentum for bungalows in Sentosa Cove’s waterfront home district to keep this season with the easing of travel restrictions, reported The Business Times (BT).

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A powerful pick-up in trade volume for this section was enrolled in the second half 2020, after the close of the circuit breaker partial lockdown and the resumption of land viewings in 19 June.

Besides the caveats statistics, industry quotes compiled by BT also revealed that there are seven trades in 2020 for that buyers failed to lodge caveats.

Steve Tay, Senior Associate Vice-president in List SIR, noted that although past year’s overseas buyers of Sentosa Cove condos were largely from China, buyers in India and Southeast Asia are also expected to emerge after boundaries are firmly opened.

In reality, SRI’s representatives have a couple groups of possible buyers, who weren’t just from China but also from Indonesia and Malaysia, who are waiting to go into the city-state after travel curbs are relaxed, stated SRI Co-founder Bruce Lye.

“Some are looking for permission to get into Singapore for medical treatment; while still the strategy is to allow them to program a few viewings in Sentosa too,” he told BT.

“These People Today understand how Singapore has been managing the pandemic; this will be a pull factor for most of them to pick up a home here,”

No trade for Sentosa bungalow was catch in URA Realis so much this season. But, at least six trades are expected to materialise this season through the exercise of options to buy which were allowed before, said BT.

Sentosa Cove is the only place inside the city-state in which a foreigner or even a non-Singapore permanent resident (PR) may seek consent for a landed residential home for their own usage.

Of them, two includes a set of adjoining bungalows with ocean views.

BT understands the cost for a single set, along Ocean Drive, stands at the mid-$40 million range. It is being marketed by OUE Executive Chairman Stephen Riady’s spouse, Shincee Leonardi.

Another group, together Cove Drive, carries a cost of $39 million and is currently known to be possessed by the family of Tony Phua, Chairman of high-end furniture merchant Da Vinci Collection.

Apart from the exceptional, tranquil ambiance provided by Sentosa Cove’s waterfront home precincts, Tay pointed into Sentosa Cove bungalows’ comparatively lower costs today as yet another pull factor for buyers.

Additionally, foreign investors have traditionally favoured Singapore because of the safe haven status, well-developed infrastructure, open market and recognized education system.

More recently, overseas investors discovered confidence on the way the government reacted to the pandemic concerning fiscal and support policies to job safety, companies and the health and security of its occupants, stated List SIR Research Director Han Huan Mei.

She anticipates the opening by technology team Dyson of a international headquarters in St James Power Station — expected following 2021 — to become a new source of demand for Sentosa Cove houses.

“For the expat professionals in the Dyson HQ, Sentosa Cove could be an perfect spot to lease, or even purchase, a house,” she added as mentioned by BT.