(Photo: The Business Times: Yeo Meng Jiin)
A seafront bungalow in Cove Drive on Sentosa, dubbed the Copper House, changed hands last month for S$32 million.
Covering an area of 18,053 square feet (sq ft), this translates to S$1,773 per square foot (psf). The property with a 99-year lease tenure – which commenced in November 2006 – offers views of the Southern Islands. Two adjacent plots of land of about 9,000 sq ft each were combined to form an amalgamated site. There are only a few such plots in Sentosa Cove.
The seller is Singaporean David Loh, a director with Singapore Exchange listed-Centurion Corporation, while the property was sold to Taiwanese citizen and Singapore permanent resident Hsu Chen. It is unclear whether the buyer is Taiwanese billionaire Hsu Chen, who shares the same name and co-founded candy maker Hsu Fu Chi group.
BT understands from market sources that Newsman Realty represented the seller.
Dubbed the Copper House, copper cladding lines the facade of the resort-style bungalow, which was completed in 2012. All six bedrooms of the property are on the ground floor, with direct swimming pool access for the master suite and four bedrooms. The living room is on the second floor of the house to leverage the sea views, while the rooftop terrace serves as a 10,000 sq ft entertainment area.
According to a media article by The Edge in June 2016, the house was previously put up for sale then with a price tag of S$48 million.
Other features reportedly include a state-of-the-art wine cellar which can hold up to 2,000 bottles of wine, private basement parking for up to eight cars as well as a sauna room, gym and private spa.
Other recent transactions at Sentosa this year include an 8,727 sq ft property on Cove Drive for S$17 million and a 2,328 sq ft property in Ocean Drive for S$4.88 million; this works out to S$1,948 psf and S$2,100 psf respectively. Both were transacted in January.
Commenting on outlook, KH Tan, managing director of Newsman Realty, noted that transactions have started to pick up at Sentosa over the last few months.
"There's interest coming back," he said, adding however, that prices are not likely to go up. Mr Tan expects more transactions this year over last year.
According to Samuel Eyo, managing director of Lighthouse Property Consultants, Sentosa is currently a buyer's market. The vast majority of buyers tend to be foreigners, especially from China.
He reckons transaction volumes for landed properties at Sentosa could match last year's tally or even be slightly lower, given easing economic growth, the escalating trade war and the slowdown in China.
Last year, 11 bungalows at Sentosa Cove changed hands at a total value of S$180.2 million, (based on caveats lodged), The Business Times reported previously.
Written by Nisha Ramchandani for The Business Times.