Singapore's Most Expensive Bungalow
June 17, 2010 - Sentosa
A Chinese national is believed to have set the record price for a bungalow in Singapore, forking out a handsome $36 million for a luxury home in Sentosa Cove.
The property in Paradise Island was sold last month in the resale market at $2,403 per sq ft, based on latest Urban Redevelopment Authority caveat records.
The house has a land area of 14,983 sq ft and a built-up area of about 17,000 sq ft.
It is probably the most expensive bungalow in Sentosa Cove in terms of the total amount paid and its per sq ft price, going by URA's caveat records.
The deal is understood to have been brokered by DTZ. At $2,403 per sq ft, it is also possibly the most expensive bungalow in Singapore, property agents say.
The two-and-a-half storey bungalow fronting the waterway has a private pool and a berth for a yacht. Homes on Sentosa Cove are sold on 99-year leasehold tenure sites.
The new owner of the Paradise Island bungalow is believed to be a Chinese national who is a Singapore permanent resident.
Sentosa Cove is the the only place where foreigners who are not Singapore permanent residents are allowed to buy landed homes, although this is still subject to approval from the Land Dealings (Approval) Unit.
Also, foreigners buying a landed home on Sentosa Cove do not have to hold the property for at least three years before they can resell it, unlike the case when they buy a landed property on the mainland.
Whether on the mainland or on Sentosa Cove, foreigners may at any one time own just one landed home in Singapore and that too for owner occupation only.
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