In the southern cove in Sentosa Cove a bungalow that fronts a waterway has been listed for $21.5 million (2,710 psf). The 2-1/2 storey detached house located at 77 Cove Drive, with a built up area of 6,500 sq. ft. and a site of 7,933sq. ft. for 99 years of leasehold.

Steve Tay is the person handling the sale.

Tay says that the owners have decided to sell the property located at 77 Cove Drive because their children are now studying in the UK. Of the 350 bungalows at Sentosa Cove only those that are on the water have a private berth for a boat. Fewer than half have private berths for a yacht, says Mr. Tan. The house at 77 Cove Drive, is one.

The interiors are brightened by full-height glass doors and windows that provide a view of waterways and allow daylight to enter. A large, oval-shaped glass window is a prominent architectural feature in the house.

The house is on two levels. On the first floor, there’s a spacious living area with full-height sliding glass doors. These lead out to the outdoor deck. There’s also a swimming pool with views over the waterway.

On the top level, there is a powder and study. According to an online property search, the owners acquired the Cove Drive plot from Sentosa Development Corporation.

The first floor also has a dining room and guest room. There is also a kitchen. The car porch has enough space to fit three cars.

The second level contains a living room, four bedrooms (including the master suite) with en-suite bathrooms. There are five bedrooms in the house.

Since listing the property last month, he’s received more inquiries from people interested in leasing it, with offers for $50,000 per month. The increase in the rental demand of luxury properties is attributed to wealthy foreigners seeking Singapore permanent residency (PR) and citizenship.

Read about: Lentor Hills Residences Singapore

He believes that as the process takes about one to two year, people are renting a house in the interim. After the new round of cooling measures for residential properties kicked in April 27, foreigners changed their minds and decided to lease instead of buy a home. Foreigners purchasing residential property now pay 60% additional stamp duty, up from 30%.

Sentosa Cove saw strong demand for its properties in the first six months of 2023 from buyers including Singapore PRs, Indonesians, Indians, Chinese, and Middle Easterners.

According to caveats filed, seven bungalows changed hands in Sentosa Cove last year. At least three other transactions were completed without caveats.

Coral Island bungalow on 13,435 sqft sold for $2,717 per square foot. This was the most expensive bungalow in Sentosa Cove, both in absolute and psf value terms. Four bungalows sold for above $2,500 psf this year, pushing the average price up to $2,329/psf.

Tay noted that Singaporeans, as well as PRs, were making more inquiries after the cooling measures announced. Tay says that foreigners are responsible for driving up the prices of Sentosa Cove in recent years. They feel this is an opportunity to get a better deal on a property.

In the last year, 19 bungalow deals were made, nine of them at a price above $2,000 per sq. ft. The average price for all deals was $1,918 per sq. ft. Sentosa Cove saw 26 bungalow deals, with an overall average price of $1.778 psf, in 2021.

After December 2021’s last property cooling measure, ABSD for non-residents increased from 20% to 30%.