SINGAPORE (Jan 30): A nascent recovery in Singapore's housing market is showing signs of reaching Sentosa, a tiny isle off the southern tip of Southeast Asia's wealthy island state that is both a playground for partying Singaporeans and home for rich ex-pats.

Measuring just 5 sq km, Sentosa is a niche market. Offering a resort lifestyle just a bridge away from the city, Sentosa is the only place in Singapore that foreigners can buy landed property.

Once a Malay graveyard and a British military base in the colonial period, Sentosa was developed as a tourist attraction in the 1970s, when it was enlarged through land reclamation to merge with two neighbouring islets.

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