Dubai, United Arab Emirates - 11 December 06 - Sentosa Cove, Singapore's most 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.
Since its last showcase, Sentosa Cove's vision of becoming the most exclusive and vibrant residential community in Asia is right on track, with a total of almost 75 per cent of its land sites sold. The community has also welcomed its first residents this year.
"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.
At this showcase, extremely prime waterway and fairway villa land parcels will be offered specially for Gulf investors.
As Asia's ultimate lifestyle address, Sentosa Cove is making waves in its vision of becoming Singapore's first and most exclusive international marina community. Originally conceived to emulate the romance and magic of renowned waterfront resorts in the French Riviera, Caribbean and the Mediterranean, Sentosa Cove has since created its own unique tropical personality. First conceptualised by Bernard Spoerry from France who designed Port Grimaud, the Sentosa Cove master plan was later tropicalised by McKerrell Lynch Architects (Australia) and Klages, Carter Vail (America).
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.
With the azure sea and lapping waves at its doorstep, Sentosa Cove's residents can enjoy mooring their boats at their backyard while enjoying twin 18-hole golf courses and full resort facilities within the neighbourhood and a vibrant resort island in their backyard.
In fact, Sentosa Cove, is arguably the most coveted and ambitious residential development in recent years and is currently the ONLY oceanfront residence available in Singapore that is mere minutes away from the heart of the city and international air links.
Coupled with the announcement of Singapore's second integrated resort with a casino to be built on the resort island of Sentosa, Sentosa Cove will also be able to attract the high-rollers who covet luxury homes, making it the Monte Carlo of Asia.
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The Sentosa Cove showcase is located at Hall 7, booth 7C20, at the Dubai International Exhibition Centre from 4 to 9 December 06.
About Sentosa Cove:
Sentosa Cove is arguably the most coveted and unprecedented residential enclave that Asia has ever experienced in recent years - one that boasts an integrated boating community made up of a tapestry of nationalities, making it a truly international community. It is currently the ONLY oceanfront residence available in Singapore - a unique development that is unsurpassed, in terms of location, concept, scope and prestige.
With the azure sea as its neighbour coupled with the sounds of its lapping waves, Sentosa Cove also boasts a mega-yacht marina complete with boating facilities, where home owners can berth their yachts at their very own backyards - a first in Singapore.
The recent decision by the local government to allow foreign ownership of its prestigious waterfront residential landed properties means Sentosa Cove is now poised to be the targeted destination for globally famous icons from the world of business, entertainment, arts and sports - a move that now place Sentosa Cove on the international real estate map as a truly sought-after global haven of an exclusive, tropical resort lifestyle.
Issued by Sentosa Cove Pte LtdFor media queries, please contact:
Robin Goh
Communications Manager
DID : (65) 6279 1776
FAX : (65) 6275 0161
Email : robin_goh@sentosa.com.sg
© Press Release 2006
