Located on the eastern region of Sentosa, largely on reclaimed land, Sentosa Cove is one of the world’s most prestigious residential enclaves. It took just 20 years from the time the cabinet first approved plans for the development of what was then called Buran Darat Island, until the first residence was completed in 2006. When fully completed the oceanfront community will consist of 2,500 homes, a hotel and casino complex, a 400 berth marina – with ten spots specially designed to accommodate megayachts, a yacht club and two golf courses and will be the centrepiece of the URA’s billion dollar masterplan for the island.
Sentosa Cove Pte. Ltd were the Master Developer for the project, themselves a subsidiary of the Sentosa Development Corporation, who originally bought the land from the Singapore Land Authority (SLA) for what is believed to be a sum in the region of S$800 million. The vision of high class waterfront living that was put forward by the group and subsequently approved by the URA, was modified twice over the years, before being finalised in 1996. Seven years later the first sale was completed.
Needless to say prices are not cheap. Units have been selling for up to S$13.5 million. Comparisons have been made to Monte Carlo, the playboy’s paradise between Italy and France on the Cote d’Azur, and with a reputed 200,000 new millionaires being created every year in this part of Asia, you would think there would not be a shortage of takers.
And that brings us to the other main talking point of Sentosa Cove. It is the only place in Singapore where the government has loosened its restrictions on foreign ownership of landed property. As a result, Permanent Residents (PR’s) and foreigners, as long as they have the LDU’s (Land Dealing Unit) approval, can purchase property in Sentosa Cove without first having to comply with the usual minimum occupation period. It is easy to understand why they have done this, they would not want such a blue riband project sitting three quarters empty. It would go from something to be proud of, something that can be used to promote Singapore’s credentials as the number one playground for the rich and famous in Asia, to something that would need to be pushed under the carpet.
The strategy has certainly worked however, with the number of foreign owners in the development – many of whom work in the financial industry – reportedly reaching 60%. For that, they don’t just get one of the most desirable postcodes anywhere in the world – albeit with a view overlooking one of the busiest shipping lanes in the world – they also get fast tracked for permanent residency.
New Launch Condos in the prime area
- Alex Residences
- Principal Garden
- Highline Residences
- Sophia Hills
- New Futura (Freehold Condo)
- Martin Modern