Mortgagee sale of sea-facing Sentosa Cove bungalow for $21 mil
The bungalow at Ocean Drive will be put up for auction on April 28 (Photo: Samuel Isaac Chua/The Edge Singapore)
SINGAPORE (EDGEPROP) - A bungalow located along Ocean Drive in the exclusive Sentosa Cove residential enclave will be put up for auction by SRI on April 28. The property is a mortgagee sale and has a guide price of $21 million, which translates to $2,192 psf based on the property’s land area of 9,580 sq ft.
The double-storey bungalow has four bedrooms and six bathrooms, with a total built-up area of 5,252 sq ft. The property has a 99-year leasehold tenure which started from 2005. A key feature of the house is the full-height glass windows of the living room on the second level of the house, which offers an unblocked view of the sea and the CBD skyline across the water.
The master bedroom is located on the first floor and comes with direct access to an outdoor patio. Two additional en suite bedrooms, along with the kitchen and dining area, are also located on the first floor of the house, all of which open to a courtyard and water feature. There is also an en suite bedroom located on the second floor.
The property was developed by an individual owner who was one of the first to purchase a bungalow development site in the North Cove of Sentosa Cove from Sentosa Development Corp. The property has changed hands four times since then, the latest being in September 2016, when it was sold for $28 million ($2,923 psf), according to caveats lodged.
In November 2011, it had changed hands for $25 million ($2,610 psf), while in January 2011, it was sold for $24 million ($2,504 psf). The earliest transaction lodged for the property was in October 2009 when it was sold for $16.9 million ($1,763 psf).
Sentosa Cove bungalows and condominiums have seen a resurgence in transaction activity over the past year. The latest transaction of a bungalow along Ocean Drive was on Nov 2 last year, when a waterway-facing property sitting on a 10,629 sq ft, 99-year leasehold site changed hands for about $23 million ($2,164 psf).
On Jan 12, a bungalow sitting on a site of 8,632 sq ft at Treasure Island on Sentosa Cove was sold for $14.3 million ($1,657 psf). Meanwhile, a bungalow at Lakeshore View sitting on a land area of 7,888 sq ft was sold for $17.6 million ($2,231 psf) on Feb 9. Most recently, a bungalow at Cove Way in the South Cove sitting on a land area of 8,944 sq ft changed hands for $18.4 million ($2,057 psf) on March 22.
The bungalow at Ocean Drive that is up for auction is located near F&B outlets and retail offerings at Quayside Isle and One Degree 15 Marina Sentosa Cove. It is also just a 10-minute drive to VivoCity and the CBD.
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