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SENTOSA Cove is proving to be a hit with Singaporeans and foreigners alike, with 180 units of the 264-unit Oceanfront @ Sentosa Cove snapped up over the past two days.

Forty per cent went to foreigners - including permanent residents - from Britain, Japan, Hong Kong, Malaysia and Indonesia, said City Developments (CDL), co-developer of the project with TID.

Some buyers also bought on a whole-floor basis, which could be three to seven units at one go, it said.

Buyers included young professionals who love the seafront lifestyle, said a CDL spokesman.

'We also have the well- heeled and well-travelled buyers who find this development truly unique,' he said.

Singaporean Nancy Hawkes picked up a four-bedroom unit for close to $1,500 per sq ft (psf). 'You cannot find another property like this in Singapore...a piece of land that is so close to the ocean,'' said

Mrs Hawkes, who is married to hotelier Noel Hawkes.

Mr Hawkes agreed: 'It's like the south of France; our equivalent of Cote d' Azur.''

'You're living on an island but cocooned by the safety net of Singapore.''

The 99-year leasehold Oceanfront comprises five towers of 12 to 15 storeys, with two- to five-bedroom units. It also has 16 sky villas fitted with their own pools.

All the four-bedroom units as well as some of the three-bedroom units offer sea views. And all apartments have a private lift lobby and most will have balconies.

CDL said it had initially planned on releasing 100 units for the launch this weekend but had to release more to satisfy demand.

It said the project had an early bird average price of $1,300 psf, but this has since been adjusted upwards by about 2 to 3 per cent.

According to an investor, units with views of the marina are priced at about $1,300 psf. Those with sea views were sold from $1,400 psf to over $1,500 psf for ones on the high floors.

Average prices on an absolute basis range from about $1.4 million for the two-bedroom units to over $3 million for the four-bedroom units, and over $8 million for the penthouses.

'Most buyers are likely to be sophisticated investors looking to secure capital gains because there can only be so many apartments on the island,'' said the head of research at property consultancy Chesterton International, Mr Colin Tan.

'They are not likely to dump their units, because their window of opportunity is long, until the completion of the integrated resort on the island in several years' time.''

joyceteo@sph.com.sg