SINGAPORE: A foreign national in Singapore has purchased a home for a record 39 million Singapore dollars ($31.2 million), local media reported Friday. The sea-side bungalow in Sentosa Cove on Sentosa Island is a massive estate with prime real estate and an immaculate view. According to the Straits Times, it consists of five bedrooms, an entertainment room and its own pool. It is believed to have been bought by an Indian national from the energy sector, local media reported without giving names. The buyer will have to fork out an additional 10 percent of the price in government levies alone for the privilege of buying the home. In December, the government imposed the additional duty on foreign property buyers as part of its measures to cool the heated property market. Under Singapore's property ownership rules, Sentosa Cove is the only place where foreigners not living in the country can buy landed homes. Each transaction still needs to be approved by the government. Sentosa Island is Singapore's premier entertainment hub and is home to one of the country's only two casinos, several up-market hotels and Universal Studios. Local real estate agent Maggi Ohn told Bikyamasr.com that the sale was a sign that “Singapore has the ability to attract the wealthiest people in the world.” She said that “right now, the economy here is pretty solid and we believe that these kind of sales are a positive for the country and making us able to create the high-end market that we know Singapore can.” BM ShortURL: http://goo.gl/WyTPy Tags: Foreigner, Home, Sentosa Cove, Singapore Section: Business, East Asia, Latest News
