Tuesday, February 20, 2007

Singapore Becoming Southern California?

When we think about Southern California, we tend to think about beautiful waterfronts, huge homes, warm weather and a relaxing atmosphere. We are not alone since such pleasant thoughts are shared by many West Coasters who have chosen to vacation and live in Southern California. This optimism has become so extreme that it has created a bubble in the housing market.

Today, Singapore wants to become Southern California. Sentosa which is 15 minutes away from the center of Singapore is being built to be just that. The 1230 acre island has a gated community with luxury homes and a yacht marina and is the annual host of the Singapore open. A casino has been approved to be build in Sentosa, which should drive a huge wave of construction that will include the usual luxuries like hotels, spas and shopping malls.

After a slow start, property in Sentosa is selling like "hot cakes" according to the director of property for the Sentosa Leisure group.

"Sentosa Cove is the only place in Singapore where non-permanent residents can buy land; 60% of buyers are foreign — almost all from Asia — and the rest are local. (Local law bars foreigners from buying land in Singapore unless they can show assets of $13 million and deposit at least $3 million in a Singapore bank.)"

To learn more about Singapore's quest to become a main tourist destination, read on!

http://www.latimes.com/travel/la-tr-sentosa18feb18,1,1441729.story?coll=la-travel-headlines

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