Waterfront bungalow for sale on Cove Drive at $21.5 mill

Sentosa Cove’s properties were in high demand during the first half year of 2023. Buyers came from Indonesia, India, China and the Middle East. Singapore PRs also participated.

Coral Island’s bungalow was the most costly bungalow deal this year in Sentosa Cove. It sat on 13,435 ft2 and sold for 36.5 million dollars ($2,717/sq ft). Four bungalows have changed hands this year at prices higher than $2,500 per sq ft, bringing the overall average to $2 329 psf.

Seven bungalows were sold in Sentosa Cove based on caveats. Three other deals were made without any caveats.

Nine of the 19 bungalow deals last year were at a cost above $2,000/sq.ft. The overall average was $1.918 psf. Sentosa Cove will have 26 bungalows for sale in 2021. The average price is $1,778.

The number of transactions in 2020 will be lower than in 2021 after the last round of cooling measures for property in December 2021.

A bungalow in the southern cove, Sentosa Cove (with a frontage on a waterway) is listed at $21.5 million ($2,710/sqft). The 21/2-storey house on Cove Drive at 77 Cove Drive sits on 7,933 sq.ft. of land with a 99 year leasehold.

The house has an expansive living room located on the ground floor. Full-height doors lead to a terrace and swimming pool, which offers views of Pearl Island and the waterway.

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On the first level, in addition to the living room, the house has a bedroom for guests, a bathroom, a small kitchen and an assistant’s room. The porch can fit three vehicles.

The second-floor contains a large family room as well as four bedrooms, one of which is the master bedroom. There are therefore five en-suite bedrooms in this house.

On the upper floor, you will find a powder bathroom and an office. According to a search of the property title, the owners purchased Cove Drive in 2007 from Sentosa Development Corporation.

Full-height doors and glass windows provide views of waterways while allowing daylight to flood the interiors. The house’s large oval-shaped staircase window is an architectural feature.

Steve Tay, the agent handling the property sale, said that even though it was built in 2003, it’s still in great condition.

Tay adds the owners will be selling the property on 77 Cove Drive, as their children study in the UK. They have also relocated to the UK. Out of the 350 bungalows located in Sentosa Cove on Sentosa Island, only those with water views have private berths. There are less than half and 77 Cove Drive in Singapore is one.

He has been receiving more rental inquiries since listing the property on the market last month. The monthly rent offers are $50,000. He attributes an increase in rental requests for luxury properties to the wealthy foreigners applying for Singapore Permanent Residence (PR) or Singapore Citizenship.

Tay has observed an increase in enquiries from Singaporeans as well PRs even after the cooling measure announcement. Tay adds that “foreigners” have been driving prices up in Sentosa Cove during the last few year, and now they are looking to buy a house at a more reasonable price.

In the interim, they may be looking to rent, since the typical process can take between one and two-years. After the newest round of property cooling measure kicked in on 27 April, many foreigners chose to rent instead. Additional Buyer’s Stamp Duty (ABSD) on residential properties purchased by foreigners has doubled, from 30% to 60%.

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