According to a memorandum recently issued by the Urban Redevelopment Authority of Singapore, a luxury villa located in Sentosa Cove, Singapore, was purchased by a Chinese national in May for 36 million Singapore dollars (approximately 200 million Hong Kong dollars), with an average price per square foot of 2,403 Singapore dollars (approximately 13,000 Hong Kong dollars), which is estimated to have broken local property price records.
The villa is part of the Paradise Island project in Sentosa Cove, covering an area of approximately 15,000 square feet, standing two and a half stories high, with a built-up area of approximately 17,000 square feet. The unit faces the waterway and is equipped with a yacht berth and a private swimming pool.
Sentosa Cove is located on Sentosa Island, the third-largest island off the main island of Singapore. It is a waterfront residential area consisting of over 2,000 households, with residents from 22 countries. The island features multiple real estate projects, including Paradise Island.
It is understood that in terms of both total price and price per square foot, this villa may be the most expensive one sold in Sentosa Cove. Local real estate agents believe that the price of 2,403 Singapore dollars per square foot may even be the highest price per square foot currently in Singapore.
It is reported that the villa was first sold by the developer, Ho Bee Land, in April 2007 for 18.1 million Singapore dollars (approximately 100 million Hong Kong dollars), at a price of 1,208 Singapore dollars per square foot (approximately 6,710 Hong Kong dollars). In September of last year, it was resold for 20.18 million Singapore dollars (approximately 112 million Hong Kong dollars).
According to industry insiders in Singapore, unlike villas located in prime areas on the main island of Singapore, the land tenure for Paradise Island is a 99-year leasehold, whereas villas on the main island of Singapore are typically freehold properties.
