Residential properties in the exclusive Sentosa Cove enclave are almost exclusively 99-year leasehold rather than freehold. In Singapore, freehold land is rare and typically restricted to citizens for landed property. Sentosa Cove was specifically developed as a premier resort-residential zone where foreigners are permitted to buy landed houses (subject to LDAU approval), a unique exception in Singapore. Because the land is owned by the Sentosa Development Corporation (a government statutory board), most of the bungalows and villas have leases that commenced in the mid-2000s (e.g., 99 years from 2005 or 2007). While the lack of "freehold" status is a factor in valuation, the ability for non-citizens to own waterfront landed property in a gated community makes it some of the most sought-after real estate in Asia, even with the finite leasehold nature of the titles.