The new record beats the previous high of S$36 million for a Paradise Island bungalow back in 2010. That price translated to S$2,403 psf on a 14,983 sq ft land area, according to a report by The Business Times.
Comparatively, the latest deal for the property at Cove Drive is S$2,448 psf, based on its 15,929 sq ft land area. Sentosa Cove residential properties have a 99-year leasehold tenure.
The completed bungalow, which includes five bedrooms, an entertainment room and a spacious living area, was sold by a Singaporean to an Indian buyer, with Newsman Realty representing the seller.
Sentosa Cove is the only area in Singapore which allows non-PR foreigners to acquire a landed home, subject to approval from the Land Dealings Approval Unit (LDAU).
Meanwhile, on mainland Singapore, another high price is said to have been set at a Good Class Bungalow Area (GCBA) involving a vacant plot at Jervois Hill. The agreed price for the 15,120 sq ft freehold site is said to be S$31 million which works out to about S$2,050 psf, a new record for the area.
The buyer is apparently applying to become a Singapore citizen.
Since the Chinese New Year period, property hunters have been returning to the bungalow market after initially stagnating when the additional buyer’s stamp duty (ABSD) was introduced in early December.
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