Zhang ShiHua 张世华: Special Photo Review: Sentosa Property Guide Part 2

Special Photo Review: Sentosa Property Guide Part 2

We will be covering the Southern Cove and a summary of Sentosa in this second installment of a two-part Sentosa Property Guide special. If you have not read the first – click here.

Special Photo Review: Sentosa Property Guide Part 2

The Southern Cove was launched only in December 2006. By that time, demand for Sentosa property was reaching a crescendo in line with the 2007 property Bull Run. What made Sentosa so attractive was the fact that foreigners could finally own a piece of landed property without many restrictions; previously foreigners could only purchase land with permission of the Land Dealings (Approval) Unit.

Consisting of another five condominiums and two islands, most developers bought land in this part for much higher prices than the earlier Northern Cove. Many plans however, have been put in limbo by the unraveling of the sub-prime crisis in the 3rd quarter of 2007. This eventually evolved into a full blown financial crisis that saw banks dropping like flies and residential property sales in Singapore coming to a near standstill.

The Southern Cove spans from the eastern edge of the island to the southern tip where the beaches are found – and this is what makes it so attractive.

Condominiums

The Marina Collection, The Waterfront Collection, The Pinnacle Collection, The Seaview Collection and the Beachfront Collection are five plots of land that condominiums can be built on. As plans were put in limbo by the financial crisis, details are sketchy and could change so take our findings with a pinch of salt.

1. The Marina Collection plot kept its original name and is now under construction by Lippo Marina Collection Pte Ltd.

2. The Waterfront Collection plot, has been renamed “Turquoise” by Ho Bee Cove Pte Ltd. Extensive construction is being done at the moment and has since been launched and marketed by DTZ.http://www.turquoise.com.sg/

3. The Pinnacle Collection plot seems to be still up for tender. The website is up, but only with sketchy details. http://www.sentosacove.com/pinnacle/main.htm

4. The Seaview Collection plot has been renamed “Seascape” by Ho Bee Investment Ltd. Little else is known about this project.

5. The Beachfront Collection plot, has been renamed “Seven Palms” by SC Global. This development is touted to be the most exciting of all – the only condominium in Sentosa (and Singapore) to have its own “beachfront”. The plot of land adjoins the public Tanjong Beach, and is being developed by SC Global, an ultra luxury developer known to go many extra miles just to make its product special. The show flat is built, but it is not known if it is being actively marketed.

Singapore's only Beachfront Residence. Tanjong Beach can be seen in the distant left.

The actual site of Seven Palms, Singapore's only beach front residence.

Based on the purchase price of the land being developed, it was widely speculated that launch prices of these condominiums would be at least in the 2600-3000psf range – unlike the northern cove.

Developer Landed Houses
There are three large plots of land that are being designed and built by developers into bungalows and detached houses. Two of these three are located on “islands” - namely Pearl Island and Sandy Island, with similar accessibility to the islands located in the Northern Cove. When we visited, much of these were still work in progress.

Sandy Island is being developed by YTL Group of Malaysia. 18 individual units are touted to demand roughly $14million each and are huge with up to 9200square foot of built up space. World renowned architects are being roped in for this project.

According to our research, Pearl Island is being developed by Ho Bee group but details are very sketchy.

Individually Developed Landed Houses
A large portion of the Southern Cove is owned and built by individual owners. However, there are substantially many more plots of land lying fallow – with no sign of construction. Many of them have SOLD signs on them but are obviously neglected. Is this a sign for vultures to swoop in?

Land that has been sold, but not developed is common along the South Cove.

Editors note:
We really liked the resort concept of the bungalows and detached houses on Sentosa, especially those that are individually owned and built. The homes often tell the character and taste of the owner and it truly is a distinct lifestyle not found anywhere else in Singapore. Be warned though, that a hefty price tag of between $8-10million is typically attached to a small bungalow on the island – this is even in tough times. In better times, larger bungalows were asking for $20-25million dollars with plenty of interest. If you have the dough and want something special, Sentosa residential property is the place to blow your cash, after all you truly deserve it haven’t you?

We can’t however say the same for the condominiums that are up and running already in the Northern Cove. Perhaps developers were more cautious when Sentosa residential were first introduced and did not opt for radical ideas to differentiate their products; safe and boring condominium themes seem to be the trend throughout the North Cove. They are really not any different from any sea facing condominium along Singapore’s coast if you discount the neighborhood factor. In fact, it seems a little bit inconvenient to have to drive all the way in and out to access town. Punters however could stake out the Northern Cove for a bargain especially since original purchasers got them at near bargain bin prices.

The condominiums along the Southern Cove face an uphill task even selling at break even prices. The financial crisis that has swept the world has not spared many but a few lucky or smart players. But perhaps this desperation will be the silver lining which will bring out the best in developers and force them to innovate, bringing to reality homes that only belong in dreams - such as the one with its own beach front.