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.