Waterfront living might be out of reach for some in Singapore, but at a fraction of the cost, you might just be able to get the same in Batam. With easy accessibility from our shores, Johor Bahru has long been an area investors hone in on. Now there’s Batam, less than an hour’s boat ride away.
Indonsian-based firm P.T Batam Island Marina are the people behind a leasehold development which will open by mid-2014. Named Funtasy Island, it consists of 450 villas and 150 apartments. Already more than half of the villas have been sold, 70 per cent to Singaporeans. Buyers from Europe, the United States make up the rest.
Just 20 minutes away from the Singapore Cruise Centre and just 16km from Sentosa Cove, the idea of sailing from home to home might just be possible. Think other cities like New York, Sydney and Miami where the waterways are a practical way of travelling between places within their boundaries, Singapore might be joining their ranks soon.
So just how much does a villa at Funtasy Island cost? When they were launched in 2011, they went for as little as $235 psf, which is an average of $500,000 per villa. That might not even buy you a HDB flat in Singapore. A 684 sq ft apartment at the 150-unit The Cove starts at $348,000 and comes with a 8 per cent rental guarantee for five years, especially since there is no restriction on renting the homes out to tourists. Besides residences, Funtasy Island’ will also include a tourist park featuring the 328-hectare island’s eco-attractions such as nature hikes, fishing and snorkelling. There will also be a 24-hour in-house security on the island.
So if you fancy living the modern kampung life for less than half the price of what you might get on mainland Singapore, it might be fun to make fantasy, well, funtasy.