A $17 million bungalow on Treasure Island in Sentosa Cove has the distinction of being the only bungalow sold in the posh enclave in H1 2014, CBRE said.
This translates to a psf price of $1,506 on a land area of 11,281 sq ft. The same property last changed hands back in 2010 for $17.8 million, noted the consultancy.
Meanwhile, a total of 18 such homes on the resort island were sold in 2013. Two reasons for the slumping sales could be the higher ABSD rate of 15 percent imposed on foreign buyers and the uncertainty among this group of obtaining approval to buy landed property from the Land Dealings Approval Unit (LDAU), revealed media reports.
Despite the slowdown recorded in H1, CBRE reckons sales will pick up in H2 2014.
For instance, the developer of Pearl Island is ramping up efforts to sell its remaining 12 bungalows. Priced between $14 million and $25 million, they were completed two years ago.
“Similar to the GCB (good class bungalow) market, there are only 317 bungalows in Sentosa Cove and the resort-like waterfront living is not replicated elsewhere in Singapore. There will be interest among HNWIs (high-net-worth individuals) to own a trophy home here,” CBRE added.