Three Sentosa Cove bungalows sold in a week

By
/ The Edge Property
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April 7, 2017 3:00 PM SGT
Interest in Sentosa Cove has translated into sales — not just that of the 99-year leasehold condominium units, but the leasehold waterfront bungalows as well. Word on the street is that a bungalow at Cove Grove — with a 270-degree view of the waterway and owned by Ezra Holdings founder and chairman Lee Kian Soo — has been sold.
The house at Cove Grove owned by Ezra’s Lee family is said to have been sold
When the property was first put on the market for sale by expression of interest a year ago, the price tag was $26 million, or $2,258 psf. According to market sources, there were many parties vying for the property. However, news that Ezra had filed for Chapter 11 bankruptcy protection on March 18 has led to offer prices dropping in recent weeks to $16 million to $17 million — about $10 million below Lee’s initial asking price.
Last October, the Lee family reportedly sold a Good Class Bungalow on Windsor Park Road for $21.8 million. The GCB sits on a freehold land area of 20,387 sq ft, which means the sale price translated to 1,070 psf. Lee is believed to have purchased the property for $5.9 million, or $288 psf, in September 2004.
Turning point
The fortunes of Sentosa Cove bungalow owners are about to change, says Bruce Lye, managing partner of SRI. Lee’s bungalow at Cove Grove is not the only one believed to have been transacted recently. Lye is said to have brokered the sale of two other bungalows in the waterfront residential enclave earlier last week.
One of them is a bungalow on Cove Drive, which fetched $10 million, or $1,348 psf. It sits on a land area of 7,420 sq ft and overlooks the Tanjong Golf Course. The original owner purchased the land parcel from Sentosa Cove, a private company set up by Sentosa Development Corp, to undertake the sale of land parcels when they were first put up tender.
The buyer of the five-bedroom bungalow is said to be a Singaporean, who purchased it for his own...