Singapore eases land rules to promote luxury waterfront property

Singapore eases land rules to promote luxury waterfront property

Agence France-Presse
Singapore

Land-starved Singapore is relaxing its property ownership
rules to sell an exclusive waterfront development to the
international jet set, its developers said on Wednesday.

Sentosa Cove, located on a resort island which is being
developed into a major leisure complex possibly including
Singapore's first casino, is now being pitched to the rich and
famous in Malaysia, Indonesia and Hong Kong.

Seaside bungalows are expected to fetch around S$2 million
(US$1.2 million) each in a tender open to foreigners which began
on Wednesday.

But there's one important condition: buyers must occupy the
properties themselves.

The developers hope that an "international resort community"
will emerge on Sentosa, injecting diversity to a property market
dominated by condominiums and high-rise public housing estates.

Singapore has a total area of only 683 square kilometers (273
square miles) and rarely allows non-citizens to own land.
Normally only condominiums are sold to foreigners.

Sentosa Cove has a marina and seaside bungalows with berths
for yachts and motorboats off their backyards. Downtown Singapore
is less than half an hour by car through a causeway, and a rail
link is under construction.

In addition to the new waterfront property, a casino is also
under consideration for Sentosa, a family-oriented resort with
beach and golf facilities, an aquarium and jungle trails.

But the casino plan has triggered protests from religious
critics and even members of the ruling party, prompting the
government to stress that it was only under consideration pending
an exhaustive study.