UAE Investors explore Singapore’s luxury Sentosa Cove

Chairman of Dubai Holding, Mohammed Al Gergawi met this week with key representatives of Singapore’s Sentosa Cove, the government backed company behind the one of the country’s most exclusive residential developments, Sentosa Cove.

Sentosa Cove represents the first, and to date, only opportunity for foreign investors to own residential land in Singapore, one of the leading financial capitals of the world and business hub of South East Asia. Sentosa Cove investors receive a variety of financial benefits, in addition to 48 hour fast-track approval when purchasing properties or plots.

Property analysts say that the meeting underlined the burgeoning relationship between Singapore and the GCC, which could open up significant opportunities such as Sentosa Cove for Middle East investors.

Mohammed Al Gergawi met with Margaret Goh, General Manager and Kemmy Tan, Deputy General Manager of Sentosa Cove along with Fazlur Rahman Bin Kamsani, Senior Manager and Regional Head Middle East Desk and Islamic Finance at Singapore-based real-estate consultancy firm Debenham Tie Leung.

The meeting took place at the Dubai Investment Property Exhibition and heralds the beginning of a Sentosa Cove pan-Gulf promotional drive focusing on the investment potential of the 117 hectare resort – three quarters of which is built on reclaimed land.

Recent relaxation in property ownership law only adds to the tropical resort’s variety of business and leisure attractions. Under new rules introduced by the Singaporean authorities foreign investors planning to either buy or build houses are exempt from applying for a Qualifying Certificate (QC), previously required under the territory’s Residential Property Act. This effectively removes the onus on the foreign investor to complete construction and sale of all units within a stipulated time. Security Bond investment has also been waived as a requirement to property development — these were typically valued at 50 percent of the land premium and ensured compliance with QC conditions.

Speaking at the exhibition Margaret Goh said, “With solid government backing, construction and design of the highest possible standards and its waterside, tropical location, Sentosa Cove is understandably attracting a lot of interest from overseas. Gulf investors have been particularly enthusiastic and we are delighted by this. Their first hand experience of luxury resort development is among the best in the world so their interest is a testament to the quality and prestige of Sentosa Cove.”

The company is planning to tour the GGC countries during March with a roadshow especially created to cater to the wider-Gulf market.