THE three-storey Sentosa Cove bungalow where Chinese national Li Hong Yan’s naked body was found floating in a pool has been put up for sale or rental.

An agent from real estate company HSR has placed a small A4-sized sign advertising its availability on one of front windows of the house.

The Straits Times understands that the asking monthly rental for the property of approximately 8,000 sq ft is $28,000, while the asking sale price is $15.8 million – some way below its estimated valuation of $17 million.

Such a price values the property at less than $2,000 per sq ft (psf), thought to be something of a steal considering that a record resale market price for a Sentosa Cove property in Paradise Island was set last month at $36 million – or $2,403 psf.

The bungalow, said to be slightly more than a year old, is believed to be priced for quick sale – below its valuation – because its owner is currently based in Tokyo.

An open house for the prime-sited house was held last weekend and attended by about 20 people, with a number requesting further viewing.

It is believed that an offer of $15 million has already been made on the property, but has been rejected by its owner, Mr Adrian Chua Boon Chye, 39, chief executive and founder of real estate investment management company Roundhill Capital.

Ngee Ann Polytechnic real estate lecturer Nicholas Mak said that a property should stand on its own merit, and the negative association may not deter buyers.

‘Some people might walk away regardless, but some may buy the house hoping that the incident might be forgotten in a couple of years and sell it at a profit to buyer number three,’ he said.

Mystery continues to surround the death of 24-year-old Ms Li, whose body, which had no apparent physical injury, was found in March.

She is believed to have spent the night at the house with Mr Chua after they met at a party.

Source: Straits Times, 30 Jun 2010

A house in his neighbourhood was sold for $36 million and sales in the quiet and exclusive Sentosa Cove continue unabated, but shipping magnate Mahesh Iyer has no intentions of selling the bungalow he bought for just $6.8 million three years ago.

“Even if I sold it, where will I find another place like this?” he said.

Indeed, how many homes in Singapore have a yacht docked along a watercourse running in their backyard?

Coral Island, an enclave of 21 homes inside Sentosa Cove, looks like any other upper-middle class Sydney or Melbourne suburb. The absence of front gates – together with the low perimeter walls that separate the closely-built houses – lend the neighbourhood a cosy and relaxed air.

The Maheshes, who hail from Mumbai but have lived in Singapore for 11 years, will become Singapore citizens today.

When Today interviewed Mr Mahesh and his wife, Mala, three years ago, they were just about to move into their 10,000 sq ft bungalow with their two teenage children and one of the few families to move into Sentosa Cove.

“When we first moved in, we tried to order McDonald’s and Pizza Hut, but they told us they don’t deliver to our area. But now they do,” said Mr Mahesh’s daughter, Mithila, 18.

In spite of the property fever that is abuzz, most of their neighbours – including Singaporeans and those who are in banking, shipping and retail – are still living in their homes, Mr Mahesh told MediaCorp.

“We have no intention of selling. This is our home,” said the 42-year-old managing director of Orient Express Lines.

The red-hot prices of Sentosa Cove’s property prices do not surprise him as “supply is so little”. All things considered, Singapore is still “positively cheaper” than other locations like New York and Tokyo, he added.

“We enjoy open spaces and like to walk, so Singapore offers lots of greenery and clean, unpolluted air. Also, it’s safer here,” said Mrs Mahesh, 42.

Waterfront living presents the family with many recreational perks – the Maheshes unwind by taking their yacht out to the Southern Islands.

With more young people in the neighbourhood, Mr Mahesh’s 15-year-old son Murli and his friends relish biking over the island, and heading to Wave House, a surf and party hangout, to chill.

Since the integrated resort opened on the island, more people have moved into Sentosa Cove.

“It is a lot busier, but not in a bad way,” said Murli.

Source: Today, 28 Jun 2010

Chinese national buys 99-year Sentosa Cove bungalow, complete with berth for yacht

A Chinese national is believed to have set the record price for a bungalow here, 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 (psf), based on latest Urban Redevelopment Authority (URA) 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.

At $2,403 per sq ft, it is also possibly the most expensive bungalow in Singapore, property agents say.

Mr Steven Tan, OrangeTee executive director (residential), pointed out that it is also on a 99-year leasehold tenure, unlike many bungalows in prime areas in mainland Singapore like Nassim Hill and the Holland area, which are freehold.

In May last year, China-born action star Jet Li paid $19.8 million for a 22,723 sq ft good class bungalow in Bukit Timah.

Sentosa Cove is a gated community comprising more than 2,000 homes, of which 400 are landed. The rest are condominium units.

Paradise Island is located in the northern part of the cove. The other developments in Sentosa Cove include Sandy Island, Coral Island and Quayside Isle.

The Business Times reported yesterday that the sellers of the $36 million bungalow are understood to be Singaporeans, with the deal brokered by DTZ. The Chinese buyer is a Singapore permanent resident.

The house was first sold by its developer Ho Bee in April 2007 for $18.1 million ($1,208 psf). It was resold for $20.18 million ($1,347 psf) in September last year.

This makes the Chinese national the third owner of the property, which received its temporary occupation permit (TOP) in May last year.

The two-and-a-half storey bungalow faces a waterway, with a berth for a yacht. It also has a private pool.

The high price can be explained by its features, said property agents.

‘This is truly resort-style living,’ said Mr Tan.

Ms Margaret Thean, executive director of DTZ, said: ‘Many high net worth individuals appreciate the privacy of a gated community, waterfront facing and having a berth for a yacht. This could be their second, third or fourth home around the world.’

Landed home prices on Sentosa could have also been driven up by the fact that foreigners are allowed to buy them, said property agents.

This opens the market to the entire world, although such sales are still subject to approval from the Singapore Land Dealings (Approval) Unit.

Landed homes on the mainland can be bought only by citizens and permanent residents.

Also, foreigners buying a landed home in Sentosa Cove do not have to hold the property for three years before they can sell it – which they have to do when buying a landed property on the mainland.

But whether on the mainland or in Sentosa Cove, foreigners may own only one landed property in Singapore at any time. Also, they cannot rent out the home.

The Sunday Times understands that properties on Sentosa attract mostly foreigners, with Chinese nationals growing in numbers.

Take Kasara – The Lake collection at Sentosa Cove from YTL Corporation.

The Sunday Times understands that of the 13 units launched in December last year, more than half were bought by Chinese nationals.

The Business Times reported yesterday that four members of a Liu family from Liaoning bought a bungalow each at Kasara in March.

The prices range from $15.9 million to almost $26 million a bungalow. This translates to $1,731 to 1,780 psf (on land area). The bungalows are expected to receive their TOPs in June 2012.

‘Buyers from China have in the past year been more prominent in snapping up homes in Sentosa Cove,’ said DTZ executive director (consulting) Ong Choon Fah.

‘This is a result of China’s exuberant economic growth,’ Mrs Ong said.

Traditionally, the foreigners who buy landed homes here are Indonesians and Malaysians.

Source: Sunday Times, 13 Jun 2010

Top-end bungalow sells for $36m at $2,403 psf despite cautious mood in property market

AMID the caution that has crept into the market for mainstream condos since last month, a record price has been set for a top-end bungalow on Sentosa Cove. The property at Paradise Island changed hands in the resale market for $36 million or $2,403 per square foot on land area last month. In terms of both, the absolute amount and unit land price, this is believed to be the priciest bungalow deal in the upscale waterfront housing district, based on caveat records captured by the URA Realis system.

The $2,403 psf unit land price is also probably the highest for a bungalow transaction anywhere in Singapore, property agents say. The deal is understood to have been brokered by DTZ. 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. The sellers, who are understood to be Singaporeans, have reaped a handsome profit. According to caveats data, the house was last transacted in September last year at $20.18 million or $1,347 psf. The property was first sold in April 2007 by Ho Bee, the developer of Paradise Island, for $18.1 million or $1,208 psf. The bungalow has a land area of 14,983 sq ft and a built up area of about 17,000 sq ft.

A nearby property on Paradise Island also changed hands in March at $2,390 psf in the resale market but as its land area was smaller at about 8,105 sq ft, the lumpsum price was lower at $19.38 million. Ho Bee’s Pardise Island project received Temporary Occupation Permit (TOP) in May last year.

A new record bungalow price could be set for the location if Satinder Garcha’s Elevation Developments gets the $3,000 psf it is looking at for its three-storey bungalow at 81 Ocean Drive, which has been completed. With a land area of 9,436 sq ft, the total price would work out to $28.3 million sq ft. The unit’s built-up area is 11,500 sq ft. According to KH Tan, managing director of Newsman Realty, which is marketing the property, an offer for $2,700 psf from an American has been received, but Elevation is waiting for its target price.

The unit comes with a glass lift, two master suites, three smaller en-suite bedrooms, an infinity pool, a home theatre room and a spacious lawn. Elevation is offering the property furnished and fitted.

Foreign buyers, including mainland Chinese, have been active buying landed homes in Sentosa Cove, say property agents.

In March, four members of a Liu family from Liaoning are said to have acquired a bungalow each at Kasara – The Lake collection at Sentosa Cove from YTL Corporation. Their purchase prices range from about $15.9 million to nearly $26 million per bungalow or $1,731-1,780 psf on land area. The villas are slated to receive TOP in June 2012.

DTZ executive director (consulting) Ong Choon Fah is not expecting bungalow prices on Sentosa Cove to keep climbing at the same pace, given the more cautious global economic climate which could dent foreign interest. ‘However, there is limited supply of just 400 landed homes on Sentosa Cove. And long-term investors may draw the conclusion that putting their money in the Singapore property market is a good investment when you consider the alternatives,’ she added. Some market watchers say that the opening of Resorts World Sentosa has also boosted the appeal of owning a home on Sentosa Cove to some foreigners.

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.

Source: Business Times, 12 Jun 2010

ABOUT a quarter of the 56 units released for The Residences at W Singapore Sentosa Cove were sold over the weekend for prices starting at $3.4 million.

This upscale condominium, which is part of the trendy ‘W’ boutique hotel brand, is being built by City Developments. Its spokesman said the price achieved during the exclusive by-invitation-only preview was in line with its launch price of between $2,500 per sq ft (psf) and $3,000 psf.

He said 40 per cent of the buyers were foreigners who were drawn by the project’s ‘unique lifestyle concept’, particularly its strategic location in Sentosa Cove. It is located within the only integrated development in Sentosa Cove – the Quayside Isle, which will house trendy cafes, restaurants, speciality shops and entertainment spots.

The condo will boast 228 apartments. It has two- to four-bedroom units and penthouses, all with 99-year leases. Two bedders start from 1,227 sq ft, three bedders from 1,625 sq ft, and four bedders from 2,067 sq ft.

It is expected to be completed before year end.

Buyers will have to pay at least $3.4 million for the smallest unit of the seven, six-storey blocks.
Also at Sentosa Cove, Ho Bee and IOI said they sold 25 out of 40 units released for the 151-unit Seascape condo over the weekend. The units were sold for an average of $2,700 psf. In terms of absolute price, they were transacted between $5.7 million and $12 million.

The eight-storey development is expected to be completed late this year or early next year. It comprises three- and four-bedroom units.

Source, Straits Times 29 March 2010

A NEW upscale condominium that is part of the trendy ‘W’ boutique hotel brand has made its debut in Singapore.

The Residences at W Singapore Sentosa Cove, which boasts 228 apartments, will be priced from $2,500 to $3,000 per sq ft (psf), said City Developments (CDL) at the launch yesterday.

The record in the gated island enclave is held by Seven Palms, where nine units went for $3,100-$3,430 psf late last year. Prior to that, the record was held by Lippo Group’s Marina Collection, where units fetched a median price of $2,734 psf in late 2007.

Buyers keen on W will have to pay at least $3.4 million for the smallest unit of the seven, six-storey blocks. There are two- to four-bedroom units and penthouses, all with 99-year leases, with sizes from 1,227 sq ft to 6,297 sq ft. About 40 per cent of these are two-bed and the smaller three-bed.

The development forms part of an integrated project that comprises a 240-room W Singapore Sentosa Cove hotel and 86,000 sq ft of gross commercial space for restaurants and shops. The W residences will open first, followed by the hotel and then the shops, probably by 2012.

CDL, which is releasing 60 units for the current soft launch, was behind the branded St Regis Residences in Cuscaden Road, also a collaboration with Starwood Hotels & Resorts Worldwide. CDL managing director Kwek Leng Joo said that W was targeted at ‘global jetsetters’.

The firm’s group general manager, Mr Chia Ngiang Hong, said the project will be marketed overseas – in Hong Kong, Shanghai and Jakarta.

There are now nine completed W residences worldwide, eight of which are in the United States. Another 13 are in the process of being developed, said Starwood asia-pacific president Miguel Ko, with four being built in Asia, including the one at Sentosa.

Elsewhere on Sentosa, Ho Bee began the preview for its Seascape condo yesterday, and Lippo is relaunching the Marina Collection today at a price of around $2,500-$2,700 psf.

Source: Straits Times, 26 Mar 2010

ACTRESSES dressed as Hollywood icons such as Marilyn Monroe and prancing lion dancers were in attendance at Sentosa yesterday when the Universal Studios theme park greeted its first visitors at precisely 8.28am. The park is the last of the attractions at Resorts World Sentosa (RWS) to accept visitors under Phase 1 of its opening.

Universal Studios’ 18 attractions include the Battlestar Galactica roller coaster, several movie-themed thrill rides, and shows like Waterworld, which is based on the movie of the same title.

Most of the visitors in the early morning crowd of about 200 yesterday were Singaporeans with children in tow.

Lawyer Zee Liew, 39, who was with his wife and two sons aged eight and six, said the family had checked into the resort’s Festive Hotel on Wednesday for a school holiday ’staycation’.

His elder son, Wei Jin, gave the theme park a big thumbs-up and said the Jurassic Park ride was his favourite.

For newlyweds Raymond Ling and Liew Soo Eng, the star attraction was the Battlestar Galactica.

Mr Ling, 27, a sales manager, and Ms Liew, 23, a teacher, made a beeline for the ride and loved it.

Mr Ling said: ‘The goal was to come here first and experience the most terrifying rides. We’ll definitely be taking it as many times as we can.’

The 20ha park, Universal Studios’ fourth after those in Orlando, Hollywood and Osaka, completes RWS’ first phase line-up of the casino, four hotels and a retail and dining strip.

Still to come are a maritime museum, two more hotels, a marine life park, water theme park and luxury spa. No timeframe has been given for them.

No major glitches were reported yesterday, in contrast to the casino’s opening on Feb 14, when there were complaints of overcrowding, lack of sanitation facilities and long entry queues, among other things.

Park-goers yesterday said there were fewer people than expected, and that they did not have to stand in line for long.

This could have been due to the limited number of tickets sold.

RWS spokesman Robin Goh declined to say how many tickets were sold, but said that they numbered ‘in the thousands’.

He said limits were placed to avoid ‘over-stressing the system’.

Genting Group chairman Lim Kok Thay told reporters yesterday that RWS’ performance so far has ‘exceeded our own expectations’.

Both RWS and the Marina Bay Sands integrated resort – which will begin its phased opening on April 27 – are expected to boost visitor arrivals to Singapore.

In addition, they are expected to create about 60,000 jobs for Singaporeans and add $5.4 billion to the economy by 2015.

Judging by the reaction from tourists, the theme park is working its magic.

Australian Kirsteen Knevitt declared that Universal Studios Singapore is better than the theme parks back home.

She said: ‘Everything is beautiful, and the rides are really, really good.’

Indonesian businessman Edwin Purwohandianto, 44, said: ‘This is one of the more spectacular places in Singapore. I think many people from Asian countries will want to come.

‘Before this, the only attraction was Orchard Road.’

Source: Straits Times, 19 Mar 2010

Hotels in Sentosa are riding on the latest wave to hit the island – the opening of Resorts World Sentosa (RWS).

Some have even closed down for renovations to ride on the expected increase in visitors.

Rasa Sentosa Resort has been on the island for 17 years, and had been renovated only once. It is time for a major makeover to prepare for the increased business that is likely to be generated from the buzz of the integrated resort.

After RWS opened, Rasa Sentosa saw occupancy rates rise by 10 per cent. The hotelier feels it is worth spending almost 10 months on renovations.

Ben Bousnina, general manager, Rasa Sentosa Resort said: “I think it is a good time to close now. I don’t think we are really missing the boat. Business, I think, will be flowing.

“The integrated resort is not seen as competition. I think it is an added value to the island and to Singapore.”

Another hotel company is also cashing in on the excitement from the integrated resort. Millennium & Copthorne International will open its sixth local branch on Sentosa this year.

Ng Chee Theam, regional CEO, Millennium & Copthorne International said: “Overall the casino has increased the occupancy percentage of hotels in Singapore – average rate has increased. And also, we saw an increase in length of stay for all the guests in Singapore.”

The group is working with Universal Studios to offer holiday packages for families.

Source: Channel News Asia, 13 Mar 2010

SENTOSA COVE was like Treasure Island for developer Ho Bee, which surfed on the wave of demand for high-end property at the enclave to make a mint. Then the tide went out.

The financial crisis and the crash in prime real estate suddenly gave the exclusive seafront estate a forlorn air and Ho Bee the look of a firm that had overplayed its hand.

The developer dismissed such concerns back then and it continues to maintain that the enclave will be a winner.

Ho Bee got in early on Sentosa Island, bought aggressively and made piles of money selling the developed units.

But when the downturn hit, that close association with Sentosa meant it quickly fell out of favour with investors.

Ho Bee shares dived to a 52-week low of 27.5 cents each at one point in March last year, but shares have since climbed as high as $1.90 in January.

There seemed cause for concern. Ho Bee, with IOI Properties, bought The Pinnacle Collection, the last condo plot on Sentosa Cove for $1.097 billion or a whopping price of $1,822 per sq ft (psf) of potential gross floor area just before the crisis set in.

Ho Bee chairman and chief executive Chua Thian Poh told The Straits Times he remained confident of the prospects of Sentosa Cove properties throughout the crisis because they are scarce.

But the market and analysts did not share that view. By early last year, Sentosa Cove values had plunged and there was talk of defaults. An agent reportedly said the enclave had lost its appeal.

Data from Colliers International then showed that some non-landed Sentosa Cove properties were sold at an average of $1,318 psf, or 46 per cent below the average of $2,431 psf at the peak in early 2008.

There were also fears of deferred payment scheme (DPS) defaults. Ho Bee completed four projects last year – The Coast, Vertis, Quinterra, Orange Grove Residences – that exposed it to risks from DPS defaults.

‘At the beginning of last year, many people were looking at whether those who bought under the deferred payment scheme could fulfil their obligations to complete their purchases,’ said Mr Chua.

‘Our board was very cautious. We went through a lot of simulations on what was the worst scenario.

‘We talked about a 10 per cent default, 20 per cent default on DPS and even up to 50 per cent default. But we were still very comfortable with it.’

Concerns lingered for a while as consumers had trouble getting financing at one point, said Mr Chua. But the situation turned the corner sooner than expected and DPS concerns evaporated.

Ho Bee said it has had just one default for The Coast in Sentosa Cove and one for Orange Grove Residences.

‘We hope to have more people default so we can then take (the property) back and resell it straightaway at a higher price,’ said Mr Chua with a laugh.

‘Most developers should be quite comfortable during the last six to eight months of 2009.’

While the financial crisis has not flattened Ho Bee as some have feared, it has given it an opportunity to reflect.

‘You focus on… your next step. You have time to think,’ said Mr Chua.

Ho Bee started to explore overseas opportunities at the start of last year, a strategy it used before. It moved to London during the 1996 property peak here to avoid a property bubble that it was convinced would burst.

The bubble did burst and Ho Bee found that its British move was a godsend: Its main income until 2000 came from London.

Things are not that desperate now. Prices have risen. Take Ho Bee’s The Coast condo: Sub-sale deals went for as low as $1,195 psf early last year but has since bounced back to above $2,000 psf, though deals are few.

Its gamble on Sentosa Cove has paid off, although the market has changed much in the past five years, making life harder for developers.

‘Previously, when you bid for land, your margin may be low, but you still have a margin,’ said Mr Chua.

But developers are now bidding for land at forward prices, he said.

‘You look at the Singapore market. Almost every project is an ad hoc project as you can’t have a big land bank.’

Ho Bee had the first mover advantage in Sentosa Cove, ‘but when you build up the market, you have to compete with other developers for the land in Sentosa.

‘Now, you are getting more and more competition in the bidding of land… less margins and more competition… so our next push will be to venture overseas,’ said Mr Chua.

Over the next one to two years, Ho Bee hopes to deploy 30 to 40 per cent of its capital overseas, focusing on residential and mixed development projects.

China is under intense scrutiny. The company is in the midst of a study on jointly developing a residential project in Tangshan Nanhu Eco-City with Yanlord Land Group. It also just acquired a residential development site in Shanghai with the same partner.

‘In China, you can have a big land bank. Land cost is only about 20 per cent to 30 per cent of project cost,’ said Mr Chua. ‘In Singapore, it is about 50 per cent to 70 per cent, so you can’t afford a big land bank here.

‘Hopefully, China will become our Sentosa Cove in two to three years.’

Source: Straits Times, 20 Feb 2010

SINGAPORE’s first casino will open on Sunday at 12.18pm, together with a partial opening of Universal Studios.

A day of festivities at the Integrated Resort has been planned to mark the red-letter day, including the debut of its public attraction, Lake of Dreams, and evening previews at its Universal Studios theme park.

The casino opening is part of the initial phased opening of Singapore’s first IR that began on 20 Jan 2010 with the opening of its four hotels: Crockfords Tower; Hotel Michael; Festive Hotel; and Hard Rock Hotel Singapore. Its shopping and dining promenade, FestiveWalk, soft-opened on 30 Jan.

Resorts World Sentosa chairman, Tan Sri Lim Kok Thay said: ‘In less than three years since the time we broke ground and commenced construction for Resorts World Sentosa, we have taken our vision from drawing board to reality. This is a significant milestone in Singapore’s business history. We promised to deliver a true Integrated Resort, and we have not deviated from that.’

For sneak peek week, Universal Studios Singapore will open from 5pm to 9pm every night from 14 Feb to 21 Feb.

Admission will be by $10 tickets, rebated by a same-value dining voucher. Sale of the tickets starts from 11.18am on Friday, 12 Feb 2010. Guests can visit the box office at the Universal Studios Singapore front gate to purchase tickets for another day (there will be no same day ticket sales available).

Source: Straits Times, 11 Feb 2010