A new record psf price for Sentosa Cove bungalow

A new record price psf of land area has been set after a Sentosa Cove bungalow was sold for S$32.5 million, or S$3,214 psf on the land area of 10,111 sq ft.

The Ocean Drive property was reportedly bought by a Malaysian citizen from a Singaporean investor, noted The Business Times.

This latest deal breaks the record set by another Sentosa Cove home sold for S$28.2 million, or S$2,989 psf on a land area of 9,436 sq ft back in 2010.

The coveted Sentosa Cove (pictured) is the only area in Singapore where foreigners are allowed to buy homes offered on a 99-year lease term.

Meanwhile, the landed residential segment remained buoyant in Q3 with a 1.1 percent rise against 0.6 percent for overall home prices, according to data from the Urban Redevelopment Authority (URA).

The uptick is mainly attributed to detached homes which saw a two percent increase, compared to 0.6 and 0.8 percent respectively for semi-detached and terrace houses.

According to Knight Frank, this indicates on-going strong demand for luxurious homes that are scarce.

Source : PropertyGuru – 31 Oct 2012

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