A 7,287 sq ft, five-bedroom bungalow with basement on Pearl Island has been listed at SRI’s July 31 auction for $13.9 million. (Photo: SRI)
A five-bedroom, 99-year leasehold detached house with a basement on Pearl Island in Sentosa will be put up for sale at SRI’s next auction on July 31. An owner’s sale, the property occupies a land area of 7,287 sq ft and has a guide price of $13.9 million, translating to a land rate of $1,908 psf.
The 2½-storey bungalow spans approximately 8,000 sq ft in built-up area. It includes five en suite bedrooms, three additional bathrooms, wet and dry kitchens, a pool, a private yacht berth, a lift and a dining area. A front car porch provides space for two cars.
The 2½ storey bungalow has a built-up area of about 8,000 sq ft featuring floor-to-ceiling windows on the ground floor. (Photo: SRI)
The basement features a wine cellar, bomb shelter and an en suite helper’s room. Meanwhile, the rooftop terrace provides panoramic views of the marina waterways surrounding Pearl Island.
Read also: Freehold four-bedroom duplex at Verdure going for $3.38 mil
According to Eric Liew, manager for auction sales at SRI, this marks the property’s second auction sale. It will be sold with vacant possession. The bungalow first appeared in SRI’s auction in August 2021, listed with a guide price of $25.9 million. However, it was withdrawn from the 2021 auction as there were no bidders.
The property for sale comes with and a private yacht berth. (Photo: SRI)
Based on URA caveats, the current owner purchased the property for $16 million, equating to a land rate of $2,200 psf, in November 2010. Liew notes that the owner is selling the house to pursue other investment opportunities, adding that the selling price reflects their motivation to sell.
Caveats lodged also show that the most recent transaction on Pearl Island was in December 2023, when a 6,555 sq ft bungalow at 2 Pearl Island changed hands for $13.66 million($2,084 psf).
Latest transactions on Pearl Island. (Source: EdgeProp Singapore, URA)
In addition to the Pearl Island bungalow, SRI’s auction team is also marketing two other landed properties on Sentosa: a 6,926 sq ft bungalow on Cove Drive and a 9,447 sq ft bungalow on Cove Grove.
EdgeProp Singapore previously reported that the 6,926 sq ft, six-bedroom bungalow on Cove Drive was listed in SRI’s auction in May for $24.5 million, or a land rate of $3,537 psf. SRI revised its guide price to $19.9 million ($2,873 psf) at its June auction. Liew says it will be listed at $17.9 million ($2,584 psf) in SRI’s upcoming auction on July 31.
Similarly, the 9,447 sq ft, five-bedroom bungalow on Cove Grove first appeared in SRI’s May auction with a guide price of $39.8 million ($4,200 psf). The guide price dropped to $28.9 million ($3,059 psf) in SRI’s June auction. Its guide price will not change for SRI’s auction later this month.
Read also: 999-year leasehold detached house in Serangoon Gardens up for auction at $12.2 mil
The Sentosa Cove enclave is the only area where foreigners can purchase bungalows, but with recent adjustments in Sentosa Cove prices, locals have also seized the opportunity to acquire properties.
As of July 16, Realis recorded 99 transactions in Sentosa this year with an average price of $1,827 psf. Singaporeans and permanent residents (PRs) made 94 purchases (95%), while the remaining five were by foreigners.
In contrast, Sentosa recorded 95 transactions in 2023 with an average price of $2,064 psf. Singaporeans and PRs accounted for 74 transactions (77.9%). Foreigners were responsiblefor 20 transactions, while a company made one transaction.
Check out the latest listings for Sentosa Cove properties