SINGAPORE (EDGEPROP) - Ever since a British expat leased the swimming pool of a Sentosa Cove bungalow for $10,000 per month last week — the very first deal of its kind in Singapore — several landlords and expats have reached out to real estate agents in the hope of securing similar deals.
In the same week, a European expat also signed a three-month lease for a three-bedroom plus-study unit at Capella Manor, a serviced residence in Sentosa which is operated by Capella Hotel. Featuring individual villas, the 5,640 sq ft duplex unit comes with a pool on the lower level and is being rented for $38,000 per month.
Both the deals were closed by Lester Chen, senior division director at Singapore Realtors Inc (SRI). Chen says the tenant chose this unit over a similar unit in Capella Manor that does not feature a pool, even though the latter was offered for $19,000 per month. The tenant lives on the mainland and has worked in Singapore for some time, adds Chen.
The view of Sentosa Cove towards Cape Royale. Some expats are renting the swimming pools of bungalows in the enclave, without the actual house. (Picture: Samuel Isaac Chua/The Edge Singapore)
Since then, Chen says he has received more than five calls from Good Class Bungalow owners asking for help to rent out the swimming pools in their vacant properties.
On average, most of these owners are asking for $8,000–$10,000 per month to rent out the pool, and they intend to put up the whole house for rent after the end of the “circuit breaker” measures, says Chen.
He has also received more than 10 calls from interested parties who want to rent a swimming pool. However, most are only willing to commit to a one-month lease as the circuit breaker measures are set to end after June 1, he says.
On May 7, Chen also co-brokered a deal to lease an entire Sentosa Cove bungalow for $22,000 per month to an expat family. The 9,000 sq ft house is located along Ocean Drive. While the initial asking rent was $22,000, the house was eventually rented for $17,500 per month, says Chen.
It seems the trend is no longer limited to glitzy Sentosa Cove bungalows and has started to appear at other properties and on the mainland.
The bungalow has a monthly rent of $17,500. (Picture: Lester Chen/SRI)
Cruz Phua, associate division director at ERA Realty, closed a three-month deal to lease the swimming pool of a detached house on Riviera Drive for close to $2,000 per month. The 4,400 sq ft detached house is located off Upper East Coast Road and comprises a 20m swimming pool.
The tenants were inspired by news of the first swimming pool deal and reached out to him, says Phua, adding that the tenants live in a nearby condominium that is within walking distance to the house. He says that the entire deal took about an hour to conclude without physical viewings. Instead, pictures and videos were shared to the tenant.
Despite the relatively small size of the house compared to bungalows in Sentosa Cove, the fact that this deal was closed demonstrates that there is demand for such facilities among willing tenants, says Phua.
The swimming pool of this detached house on Rivieria Drive is being rented for about $2,000 per month. (Picture: Cruz Phua)
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