Singapore’s Sentosa Cove Rallies for Resurgence
Singapore’s government has infused Sentosa with $One billion-plus in development since it unveiled a master plan in 1972. Thirty years ago–given land-scarce Singapore–it made sense to reclaim land on the isle’s eastern edge and pop in five more islands. Sentosa Cove is Sentosa Island’s palmy enclave of bungalows, villas, and condos that was first conceptualized in 1992. The residential marina community of about 2,100 homes (about 16% are landed properties, the remainder are condos) is now fully developed; the first residence was constructed in 2006. Sentosa Cove is the only spot in Singapore, favored for its political stability, high GDP, and low unemployment, where non-permanent residents can buy landed property (with a 99 years leasehold). Sentosa Island and its residential zone enjoy the same squeaky clean-super-safe stature as mainland Singapore. The Cove appears to be making a comeback after a pre-pandemic downturn. Sales for 2021 were $610 mn, up 72% from 2020, but still below the Cove’s peak performance from 2010-2012 when a top oceanfront bungalow was priced at $3,214 per sq ft. Currently, renovated bungalows hover just above $2,000 per sq ft. Fortifying the resurgence is the Greater Southern Waterfront, the redevelopment of 30km of the mainland and Sentosa Island coastline. Housing, offices, nature parks, green belts, and beaches are planned. Nearing completion is the fanciful S$90 mn Sentosa Sensoryscape walkway, an ‘experiential sensory public park’ that includes sculptures and water features. The linkway is part of an additional boost, the Sentosa-Brani Master Plan. About 60% of Sentosa Cove buyers are foreigners, and those from Asian countries predominate.
Tags : Singapore government Sentosa development master plan residential community buyers