Sentosa bungalow believed to have set new record psf price
The Business Times Wednesday, Oct 31, 2012 SINGAPORE - A new record price in terms of per square foot of land area is believed to have been set for a bungalow on Sentosa Cove. According to caveats evidence, a bungalow on Ocean Drive with views of the Pulau Brani container terminal was recently sold for $32.5 million, which works out to $3,214 psf on land area of 10,111 sq ft. This busts the record set in late 2010 for a property just a few doors away that fetched $2,989 psf on land area of 9,436 sq ft, amounting to $28.2 million. In the latest deal, the seller is a seasoned Singaporean bungalow investor, while the buyer is understood to be a Malaysia citizen. Homes on Sentosa Cove have a 99-year leasehold tenure. Some market watchers point out that the property was last transacted in November last year at $24.5 million, which means the seller would be forking out the maximum 16 per cent seller's stamp duty (SSD) payable for the sale of properties invol