Mention to friends about staying in Sentosa Cove and they will prick their ears and start asking what’s so exotic and why people are staying in an island away from the main buzzling city.
“Why do you want to buy Sentosa’s The Coast? Pricing can get you a much bigger unit in River Valley. Freehold some more!”
It’s a choice.
Sentosa offers a lifestyle which no where in Singapore’s main island could be comparable to. As Resorts World is in full steam ahead to get ready this year and Sentosa Cove is still an architect’s playground, having an address which is already very coveted could only mean even more prestige as time goes by.
Here’re some of the questions which potential investors or Sentosa future dwellers will ponder. We’ll decipher it here one by one.
How many residential units are there in Sentosa Cove?
There should be 2,500 units in Sentosa Cove when everything is fully developed.
Where exactly are these residential units?
Sentosa Cove generally is located in the East side of Sentosa and is mainly divided into two main areas, namely the North Cove and the South Cove. Both North and South Cove has a general mix of condominiums and landed plots with most homes configured to face the sea or artificial sheltered waterways.
When is the Resorts World, Sentosa’s Integrated Resort officially opening?
There’s no official dates cited, but according to Channel News Asia, it is on track with their schedule and is set to open in early January 2010.
How much does a condominium apartment in Sentosa Cove cost on average now?
It really depends on the condominium on the age of the project, the finishings and the orientation. As of below, these are the average prices (on per square foot basis) that the projects are calling for the month of October 2009 to January 2010.
The Azure – Frasers Centrepoint Homes ($1,676psf)
The Berth by the Cove – Ho Bee Group ($1,441psf)
The Coast – Ho Bee Group ($2,100psf)
The Oceanfront @ Sentosa Cove – City Development Limited ($1,859psf)
Seven Palms – SCGlobal ($3,300psf)
Marina Collection – Lippo Group ($1,872psf)
Turquoise – Ho Bee Group ($2,658psf)
How much does a landed plot cost on average now?
As quoted by StreetSine on one the latest Ocean Drive house sold, Sentosa Cove landed homes are sold averagely at $1,605 per square foot (psf) for the month of November 2009.
Is that true that only a few architects can be used for construction and even additions & alteration (A&A) works for Sentosa’s landed housing?
No. But your choice of architect will have to follow the guidelines set by Sentosa Cove Pte Ltd. Your designs must first be approved by SCPL before it can be materialised. Guidelines can be downloaded here.
Can foreigners buy landed properties (restricted residential property) in Singapore? Does Sentosa Cove have some lifted restrictions in landed properties?
Foreigners who wishes to buy a restricted residential properties where a written approval from the Controller of Residential Property Land Dealings is required.
1) Any landed residential properties including detached houses, semi-detached houses and terrace house
2) Any vacant land zoned for residential use
Foreign buyer can apply for a written approval from the Controller of Residential Property Land Dealings. The duly filled applications are evaluated on a case-by-case basis, and the entire process should take about three months.
The Only Exception for Sentosa Cove Homes
Foreign individual who wish to buy/ acquire a Restricted residential property in Sentosa Cove can obtain fast track approval (within 48 hours) from Singapore Land Dealing Unit. You can download the form here.
Remember, you cannot rent out a restricted residential property and it is bought solely for your own occupancy.
I heard there is a long term visit pass for foreigners specially catered for Sentosa Cove buyers. Is that true?
Foreigners who have bought a restricted residential property (comprising of either land only or land with building) at Sentosa
Cove, Singapore for the purpose of owner-occupation will be allowed to apply for a long term social visit pass which could allow the owner (and his/her immediate family) to stay in Singapore for up to 3 years.
You have been talking about lifestyle. What kind of lifestyle does it offer?
This isn’t the best photo, but you can’t recognise any of such scenes on Singapore main land for sure.
Is it prudent to invest in Sentosa? Why?
Land is scarce in Singapore and there’re many restrictions that hinders foreigners to buy a piece of land in Singapore.
Sentosa Cove offers a very different lifestyle compared with the main island and which only rich individuals can only afford, and with the alternative that the Singapore Government is offering to wealthy individuals to buy a restricted residential property in Sentosa Cove, the prices in Sentosa could only head north in the long run.
Or the most well-sought after, crème de la crème condominium projects in Singapore as listed by experts from Property Report
St Regis Residences (District 10)
The Sail (District 1)
Orchard Residences (District 9)
Hamilton Scotts (District 9)
Nassim Park Residences (District 10)
Beaufort on Nassim (District 10)
The Ritz Carlton Residences (District 9)
The Edge on Cairnhill (District 9)
Grange Infinite (District 10)
Sentosa Cove’s villas (District 4)
The Demand Has Always Been There
It’s good to know the luxury market is moving, and with the two brand new Integrated Resorts, Resorts World at Sentosa (Genting) and The Marina Bay Sands (Las Vegas Sands), both getting ready, the growth of Singapore’s economy will be tremendous over the next short few years. Foreigners could recognize Singapore’s real estate as potential and safe as government credentials here are sound.
With luxury end condominium, foreigners would not also have to worry about the volatility as the location of these projects are always in good demand, no matter good or bad times. No doubt there’s always a difference in tide and times of real estate economy, these projects are considered limited with the land scarce Singapore.