‘Frozen in time’: has Singapore’s Sentosa Cove lost its allure after 20 years?

The environs of Sentosa Cove make his daily hour-long commute to the city state’s central business district and back worthwhile, the 41-year-old says.

“My case is a bit exceptional,” he said. “Most Koreans prefer to live in River Valley or Bukit Timah but we don’t have kids. If we did then it would be difficult to live here because there aren’t many schools.”

Sentosa Cove, located on the eastern side of Sentosa Island, is renowned for luxury living. High-net-worth individuals can berth their yachts at ONE°15 Marina and enjoy a round of golf at Sentosa Golf Club. This exclusive enclave in land-scarce Singapore is made up of mostly reclaimed land, including five artificial islands named Coral, Paradise, Treasure, Sandy and Pearl.

However, unlike the rest of Singapore’s core central region, property prices in the 117-hectare Sentosa Cove have not been steadily climbing over the past two decades, despite it being the only place in the 750 sq km city state where foreigners can purchase landed homes – properties that include a title to the land on which the home sits.

Two decades after the launch of the first condominium in Sentosa Cove, The Berth, analysts who spoke to This Week in Asia said some homeowners such as Jung were still willing to pay high prices for quiet surroundings and a luxury postcode despite the lack of amenities and less-than-favourable price trends.

“It is as if Sentosa Cove is frozen in time from 20 years ago while mainland Singapore has moved on,” said Nicholas Mak, chief research officer at property search portal Mogul.sg.

He and other experts noted that accessibility and a lack of infrastructure – namely MRT stations, schools, shopping centres and hospitals – were a big part of the reason for stagnant prices