A two-storey bungalow located at Ocean Drive in Sentosa Cove has been put up for sale at a whopping price of S$108 million, which works out to around S$9,000 psf.
Multiple listings of the 103-year leasehold property were listed on PropertyGuru in the past month, with a total of three agents marketing the property – an indication that the seller hopes to close the deal soon.
Apart from the price being negotiable, the advertisements stated that the property is sited on a land area of almost 20,000 sq ft – the largest on Sentosa Cove. In addition to having six bedrooms, sea views and its own swimming pool, it is within close proximity to Harbourfront MRT station, the central business district (CBD) and VivoCity mall.
Commenting on the high asking price, Robert Jones, one of the agents’ marketing the property on behalf of the seller, said: “The site is huge, being located on two plots and has sea views.”
According to Jones, the bungalow which is owned by a Singaporean, has not seen much interest and has been marketed for about a month.
“The lack of interest isn’t surprising,” said Tejaswi Chunduri, Regional Analyst at PropertyGuru.
“Such a high asking price is unusual and despite the various facilities and perks like the sea view, pool and prestigious location, sale prices for other projects in the area have paled in comparison to what’s being asked,” she added.
The previous record for a sea-fronting bungalow on Sentosa Cove was for a home at Cove Drive back in February this year, which was sold for S$39 million. This works out to about S$2,448 psf for a land area of 15,929 sq ft. The 99-year leasehold property has five bedrooms, a spacious living area and an entertainment room.
The sale price for the Ocean Drive bungalow is expected to beat the S$39 million mark.
Source: PropertyGuru May 3, 2012
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