Buying condos in Singapore – Condo buyers guide

The eagerly anticipated Sentosa Cove is proving extremely popular among those seeking to buy condominiums in Singapore, although other prime neighbourhoods are also attracting interest from high-end investors. These include the area around Orchard Road, Marina Bay. The area surrounding the upscale shopping district of Orchard Road is expected to be a Mecca of property development for the next few years.

Marina Bay and Sentosa Cove are located very close each other. Many buyers are attracted to the new lifestyle offered at Sentosa Cove, with its luxury marina. Marina Bay Residences is attracting a lot of attention as well. Part of the Marina Bay Financial Centre, it is now under development on the waterfront of the new downtown area.

The most significant condominium development in Marina Bay however, is The Sail. Among its suitors is India’s telecommunication and entertainment magnate, Bhupendra Kumar Modi, who bought a luxury penthouse in the project at a cost of over S$15 million.

The four-bedroom penthouse, on a 99-year lease, has a lap pool and private terrace garden. It offers a 360-view of Singapore and the southern sea and has been listed as the city’s most expensive apartment. Although not among the most expensive residences in Singapore, The Sail has been listed as among the ten tallest residential buildings in the world and the tallest residential development in Singapore.

The Lion City’s growing popularity as a business centre means rental rates are rising rapidly. A survey carried out by Thailand’s The Nation showed Singapore’s residential rents for a three-bedroom apartment increased by over 30 per cent from 2006 to 2008, making it the fifth most expensive location in the continent. Ranked as the ninth most expensive location globally, a three-bedroom apartment in a popular expatriate area in Singapore costs approximately US$4,460 (Bt140,152) per month on average.

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