A bungalow on Treasure Island in Sentosa Cove was sold for $14.3 million in August 2015 or $1,706 psf over a land area of 8,385 sq ft. The price seems to be a bargain, being the lowest since 2010 for similar-sized land parcels on Treasure Island.
Sentosa Cove is the only place in Singapore where non-Permanent Resident foreigners can purchase a landed home
The deal marked the fourth bungalow transaction in Sentosa Cove so far this year. It brings the total transaction value for bungalows in Sentosa Cove to $66.8 million, 18% higher than the $56.5 million chalked up for the whole of 2014.
There have been two encouraging deals this year. The first was a $22 million bungalow sold in February this year, also on Treasure Island. The price works out to $2,374 psf of land area. The sale was cited as a bright spark in an otherwise lacklustre luxury property market and renewed the optimism for Sentosa Cove submarket. Another bungalow changed hands in July for $18 million. The per square foot price achieved similarly crossed $2,000 psf.
Excluding the latest deal, prices in Sentosa Cove appear to be rebounding from last year’s trough. However, given that sales activity has remained slow, there could be several good bargains lurking around.
Sales volume and average price of Sentosa Cove bungalows
Editor: To real estate agents – if you have concluded an interesting deal recently, we would love to hear from you! Contact us at propertyeditor.sg@bizedge.com