Business News

Foreigner snaps up home for record 39 million Singapore dollars

Mar 2, 2012, 6:00 GMT

Singapore - A foreign national has snapped up a sea-facing home for a record 39 million Singapore dollars (31.2 million US dollars), media reports said Friday.

The bungalow in Sentosa Cove on Sentosa Island has five bedrooms, an entertainment room and its own pool, the Straits Times reported.

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 per cent 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.

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