Sentosa Cove, Singapore’s exclusive oceanfront marina estate, proved to be a major attraction among the GCC investors at the recently concluded real estate event, Cityscape Dubai 2006. The exclusive residential estate is Singapore’s first development with relaxed foreign ownership laws, adding further interest to the Sentosa Cove attraction, showcased at this year’s event.
Marketed internationally by Christie’s Great Estates – known to only market the most luxurious residential districts in the world – Sentosa Cove is also marketed in Dubai by DTZ.
“We are delighted with the amount of interest shown by the Gulf investors in Sentosa Cove. The Singapore real estate market has seen a recent relaxation in property ownership laws and this has only added interest among the Gulf investor present at this event. Sentosa Cove is truly a showcase of the very best that Singapore will offer in terms of luxury real estate and with its excellent attributes and solid government backing it is fast becoming known as one of the most desirable addresses in Asia.” Ms Margaret Goh, General Manager of Sentosa Cove said.
Under new rules introduced by the Singaporean authorities, foreign investors planning to either buy or/and develop residential housing are exempt from applying for a Qualifying Certificate (QC), previously required under the territory’s Residential Property Act. Security Bond required is hence waived as a requirement to property development — valued at 10% of the land premium. Individual foreign purchasers need only to submit an abridged application form to the Land Dealings (Approval) Unit of the Singapore Land Authority to receive a fast-tracked approval, thus simplifying the processes.
Property analysts have opined that such property investment road shows in this region underline the burgeoning interest Asia has in Singapore investment opportunities. Cosmopolitan Singapore has a largely English-speaking population, world-renowned safety standards and secure financial industry and a stable government.
“The Singapore real estate market continues to improve with significant demand for high end residential. Sentosa Cove continues to attract buyers from across the globe with only 30 per cent remaining." Mr. Robin Williamson, DTZ Managing Director, Middle East said.
Furthermore, the return of Sentosa Cove to Dubai for the second time cements Sentosa Cove’s pan-Gulf interest in reaching out to Middle East investors.
Spread over 117 hectares, and with about 2,500 homes expected to be completed by 2009, the development embodies vitality and originality, where dream homes become a reality. Sentosa Cove is Singapore’s only residential project with an adjoining boating marina with berths for mega yachts, an intimate marina village with amenities, bungalows, terrace houses and condominium apartments.
