Real Estate
Singapore Has a Better Bali on Its Doorstep, Developer Says
- City Developments’ Kwek says island could be re-positioned
- Firm in talks to extend financing deal for its Sentosa assets
Singapore’s second-largest developer has a suggestion for the government: re-position the billionaire enclave of Sentosa as a tourism mecca like Bali.
Property values at Sentosa Cove, a residential area nestled on a tiny island off the south coast, have been hit particularly hard, with home prices down about 30 percent from the highs seen in 2010. Even as the rest of the nation’s residential market staged a recovery in the first half of last year, Sentosa remained stubbornly in the doldrums.