In love with Sentosa Cove

A house in his neighbourhood was sold for $36 million and sales in the quiet and exclusive Sentosa Cove continue unabated, but shipping magnate Mahesh Iyer has no intentions of selling the bungalow he bought for just $6.8 million three years ago.

“Even if I sold it, where will I find another place like this?” he said.

Indeed, how many homes in Singapore have a yacht docked along a watercourse running in their backyard?

Coral Island, an enclave of 21 homes inside Sentosa Cove, looks like any other upper-middle class Sydney or Melbourne suburb. The absence of front gates – together with the low perimeter walls that separate the closely-built houses – lend the neighbourhood a cosy and relaxed air.

The Maheshes, who hail from Mumbai but have lived in Singapore for 11 years, will become Singapore citizens today.

When Today interviewed Mr Mahesh and his wife, Mala, three years ago, they were just about to move into their 10,000 sq ft bungalow with their two teenage children and one of the few families to move into Sentosa Cove.

“When we first moved in, we tried to order McDonald’s and Pizza Hut, but they told us they don’t deliver to our area. But now they do,” said Mr Mahesh’s daughter, Mithila, 18.

In spite of the property fever that is abuzz, most of their neighbours – including Singaporeans and those who are in banking, shipping and retail – are still living in their homes, Mr Mahesh told MediaCorp.

“We have no intention of selling. This is our home,” said the 42-year-old managing director of Orient Express Lines.

The red-hot prices of Sentosa Cove’s property prices do not surprise him as “supply is so little”. All things considered, Singapore is still “positively cheaper” than other locations like New York and Tokyo, he added.

“We enjoy open spaces and like to walk, so Singapore offers lots of greenery and clean, unpolluted air. Also, it’s safer here,” said Mrs Mahesh, 42.

Waterfront living presents the family with many recreational perks – the Maheshes unwind by taking their yacht out to the Southern Islands.

With more young people in the neighbourhood, Mr Mahesh’s 15-year-old son Murli and his friends relish biking over the island, and heading to Wave House, a surf and party hangout, to chill.

Since the integrated resort opened on the island, more people have moved into Sentosa Cove.

“It is a lot busier, but not in a bad way,” said Murli.

Source : Today – 28 Jun 2010

URA launches tender for Clemenceau Ave hotel site

The Urban Redevelopment Authority (URA) has launch a hotel site at the junction of Clemenceau Avenue and Havelock Road for tender.

A developer showed interest in the 99-year site, next to Central Mall, committing to pay at least $40.8 million or $328 per sq ft per plot ratio (psf ppr) for it.

The site is within walking distance to the Singapore River and the popular entertainment, food & beverage and lifestyle outlets at Clarke Quay, Boat Quay and Robertson Walk. It is also a short distance away from the heart of the city’s business and financial centre in Raffles Place and Marina Bay.

The land parcel was made available for sale through the Reserve List system on March 26 2008. It measures 0.55 ha, has a maximum permissible gross floor area of 124,377 sq ft, and can accommodate a development of up to seven storeys high.

The URA estimates that some 195 hotel rooms can be built on the site.

Tender for the site will close on Aug 31, 2010.