Sentosa Cove Properties saw a good demand in the First Half of 2023 with buyers from Indonesia and India, China, the Middle East, as well Singapore PRs.

The price of the bungalow, which is located in the southern part of Sentosa Cove and faces a canal, is $21.5million ($2,710psf). The 21/2 storey detached property at 77 Cove Drive measures 6,500 sq ft in built-up space and sits on an area of 7,933sq ft with a leasehold of 99 years.

The house includes a spacious first-floor living room, with full height glass doors leading to an outdoor deck. A swimming pool is also available with views across the waterway.

On the ground floor, there are a number of rooms, including a living area, dining room, guest room, kitchen, and helper’s room. The carport is large enough to hold three cars.

The second story contains four bedrooms en suite, including the Master Suite. Thus, the home has five en suit bedrooms.

Full-height, glass doors and window provide views to the waterway as well as bringing daylight into the home. The large oval shaped window on the staircase is a distinctive architectural feature.

On the top floor there is an open plan study. According to the results of a title search for the property, the owners purchased Cove Drive at Sentosa Development Corporation from them in 2007.

Steve Tay says the property, although built 13 year ago, is still in good shape.

He has had more leasing inquiries after listing the house for sale in the last month. There are even offers of $50,000 per month. He attributes this increase in rental for luxury property to wealthy overseas applicants for Singapore permanent resident (PR), or citizenship.

Tay also explains that 77 Cove Drive is being sold by the owners because their children now live in the UK, where they are studying. In Sentosa Cove there are 350 bungalows, but only the ones that front waterways come with private berths. It is less than half the total number of houses, and one of those is at 77 Cove Drive.

Tay saw an increase in inquiries from Singaporeans. Tay says foreigners have been driving Sentosa Cove prices higher over the last couple of years. Now they see this as a chance to buy at fair values.

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He says that because the process is usually one to two years long, foreigners are seeking to rent an apartment in the meantime. Foreigners have decided to rent a property instead of buying one after the latest round property cooling measures came into effect on April 27. The Additional Buyer Stamp Duty (ABSD), a tax on foreigners purchasing residential properties, was doubled.

Coral Island bungalow sold at $36.5 million (2,717 sq ft) was the highest-priced bungalow deal in Sentosa Cove for this year, in both absolute and per-square foot terms. This year, four bungalows went for prices over $2,500 psf. The overall average price was $2,329/psf.

The number transactions in 2022 has moderated since the last set property cooling measures that were implemented in December 20, 2021. ABSD (for foreigners) increased to 30%, up from 20%.

Seven bungalows sold in Sentosa Cove according to caveats. However, there were three other deals in which no caveats were lodged.

Nine bungalow deals exceeded $2,000 psf. The overall average price of $1,918 was psf. Sentosa Cove offered 26 bungalows in 2021 with an average price per square foot of $1778.