Waterfront living on an island besides Sentosa?

Sentosa Waterfront Living 2

When it comes to living on waterfront villas, many Singaporeans could only think of Sentosa homes and exorbitant prices. However, it is now possible to own such a property with a trip to a small isle near Batam at a fraction of the price a similar property here commands.

Indonesian-based firm P.T. Batam Island Marina, the company behind the ambitious project to build both residences and a tourist park that features many eco-attractions such as nature hikes, fishing and snorkeling on the 328-ha island termed Funtasy Island, is expected to yield 600 homes on the leasehold development. It is expected to open in the middle of next year.

Sentosa Waterfront Living

Out of 450 villas and 150 apartments offered for sale, 250 villas have been snapped up, with 70% of the buyers hailing from Singapore. The rest of the buyers come from mainly the United States and Europe.

The villas, some of which are built over the waters, were transacted at an average price of about $500,000 when they were launched in 2011. This worked out to be about $235 psf. Since then, prices have risen to about $362 psf, which is an appreciation of almost 55%.

By end April, P.T Batam Island Marina plans to push out its low-rise condominium project, the 150-unit The Cove. A 638 sq ft apartment would start from $535 psf, or about $348,000 and would come with an 8% rental guarantee policy for 5 years. The homes could be rented out to tourists if the buyers choose not to live in them. Buyers might be attracted to the pricing as the exclusive waterfront enclave of Sentosa Cove is located just 16km away.

When the island’s theme and water parks open, about 1,000 visitors would be expected to visit the attractions and the number is likely to increase up to 3,000 within 2 years. However, the number of arrivals would be capped at 3,000 a day, or about 1 million visitors a year so as to ensure the conservation of Funtasy Island’s flora and fauna. Once the occupancy rate hits maximum capacity, the running of the island is likely to generate $70 million in gross operating profit for P.T. Batam Island Marina every year.

Experts warned that buyers should do their due diligence in finding out more about security and accessibility issues prior to committing a purchase. According to Mr. Michael Yong, Director of the project’s management and marketing firm for Funtasy Island, the firm would ensure 24 hour in house security and is also working closely with the Indonesian marine police in keeping the island safe.

From next year onwards, a direct 20-minute ferry ride would bring visitors straight to Funtasy Island from Harbourfront’s Singapore Cruise Centre. Currently, visitors have to go through Batam to get to the island, a journey which takes about an hour.

Source: IProperty

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Waterfront living on an island besides Sentosa?

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