Singapore resort project reels in foreign investors

Sentosa Cove, a unique, marina resort-style development near a proposed casino in Singapore, is catching the eye of foreign investors.

It is the only place in the country where foreigners can get fast approval - within 48 hours - from the Singapore Land Authority's Land Dealings (Approval) Unit to buy landed property.

Last year, Singapore relaxed its laws on the foreign ownership of homes on the resort island in an attempt to attract investors.

On the Singapore mainland, foreigners can still only buy apartments in buildings higher than six-storeys unless they have special government approval.

Developed on the east coast of Sentosa Island - a holiday destination famous for its beautiful beaches - Sentosa Cove is expected to attract about S$3 billion ($13.9 billion) in investment. The development consists of 2,558 homes and includes a mix of 334 bungalows, 151 terrace houses and 2,073 condominium units spread over 117 hectares.

The government-backed managing company - Sentosa Cove Pte - sells sites to developers and individual buyers through tender and private treaty.

The Berth condominium project, developed by Ho Bee Development, was the first to start selling at the end of last year, with an average price of S$785 per sq ft. By last month, 85 per cent of the units were sold, and prices increased to S$830 per sq ft.