Sentosa Cove will be showcasing 10 exclusive villa sites in Kuala Lumpur, Malaysia, this weekend, following the successful launch of its South Cove collection here last month.Already, 16 of Sentosa Cove’s 78 foreign owners are Malaysians. There are 17 foreign nationalities among those who have purchased the multi-million-dollar plots, from countries such as Austria, Australia, New Zealand, the United States and the United Kingdom.
The 117ha exclusive seafront estate is the only site where foreign investors are allowed to buy and own a piece of residential land in Singapore.
Said Ms Margaret Goh, general manager of Sentosa Cove: “With its excellent attributes including close proximity to Malaysia, Sentosa Cove has attracted growing interest from a discerning client base in Malaysia that recognises it as one of the most desirable addresses in Asia.”
Malaysia will be the first of several regional road shows that the Sentosa Cove development will be embarking on. Other destinations include China, Hong Kong and Indonesia.
During the recent South Cove land parcel auction held here, a Malaysian buyer snapped up one of the 12 bungalow land parcels for a whopping $7.3 million, or $656 per square foot.
All 12 units put up for auction were snapped up, with prices hitting a high of $1,039 per sq ft, tallying $8.15 million for the 7,840.5 sq ft ocean-front parcel.
According to a Sentosa Cove spokesperson, the expected pricing of the showcase parcels ranges from $670 to $803 per square foot. The land parcels will range from 6,577 sq ft to 8,719 sq ft.
Sentosa Cove will comprise about 2,500 bungalows, terrace houses and condominium apartments, which are targeted for completion by 2009. The development is the only residential project in Singapore that has an adjoining marina with berths for mega yachts.
Source: TODAY, 08 September 2006