Demand for luxury homes in Sentosa Cove may be softening but it is not losing its shine just yet. Property experts said prices in Sentosa Cove are set to make a rebound, even hitting previous highs seen in 2008 before the global financial crisis. The upbeat sentiment came following a report by Colliers International on Tuesday which said Sentosa Cove properties are now cheaper than mass market...
Sentosa Cove
Touted as an enclave for the super-rich, Sentosa Cove "has lost some shine of late" after the 2008 global financial crisis and the raft of local property cooling measures in recent years, according to a report released by real estate company Colliers International. As a result, residential properties at the cove are now within reach of the mass market, the report said, with the difference in price...
Sales of private residential properties in Sentosa Cove have fallen substantially this year, following stiffer Additional Buyer's Stamp Duty (ABSD) rates implemented in January this year. Property agency PropNex said industry data showed that 42 apartments and landed homes were sold in the first nine months of this year. This is compared with 98 units transacted in the whole of last year. The...
A new record price psf of land area has been set after a Sentosa Cove bungalow was sold for S$32.5 million, or S$3,214 psf on the land area of 10,111 sq ft. The Ocean Drive property was reportedly bought by a Malaysian citizen from a Singaporean investor, noted The Business Times. This latest deal breaks the record set by another Sentosa Cove home sold for S$28.2 million, or S$2,989 psf on a land area of...
Sales of bungalows at Sentosa Cove have picked up significantly in recent weeks, rebounding from the effects of the additional buyer’s stamp duty (ABSD), reported The Business Times. Owners of around 12 bungalows issued options to potential buyers in the past two months, with interest coming mostly from foreigners, especially China nationals. For instance, two homes on Pearl Island were reportedly sold...
Sentosa Cove failed to deliver good home sales numbers on the back of a general slowdown in the luxury property sector. According to consultants, the changing trend is due to attractive deals being offered in other areas, a lack of new launches on Sentosa and foreign buyers being deterred by the additional buyer’s stamp duty (ABSD). Alan Cheong, Research Head of Savills Singapore, noted that since the...
Only eight non-landed homes were sold during the first two months of 2011 in Sentosa Cove, once a hot spot for property investment in Singapore. This represents a decrease from the 17 transactions in Q4 2010 and well below the 71 transactions in Q2 2010. The opening of City Developments’ (CDL) The Residences at W Singapore accounted for 19 of the total sales. Considered an exclusive segment of the...
The record $36 million deal for a Sentosa Cove bungalow in April this year seems to have fizzled out, with the buyer forfeiting a cool $500,000 deposit and more. Lianhe Zaobao reported yesterday that the buyer of the 14,983 sq ft, 99-year leasehold site on Paradise Island recently backed out of the deal. He may have cold feet after learning from the widespread coverage of the deal at the time that his...
Exclusivity is a major attraction I was asked recently for my comments on pricey homes in Singapore and my thoughts on Sentosa homes compared to those on the mainland. When I tried to explain why they are strictly not comparable, I ran into difficulties. I then realised many of us have read about Sentosa Cove. But how many of us have been there and seen these homes for ourselves? Not many, I...
house in his neighbourhood was sold for $36 million and sales in the quiet and exclusive Sentosa Cove continue unabated, but shipping magnate Mahesh Iyer has no intentions of selling the bungalow he bought for just $6.8 million three years ago. "Even if I sold it, where will I find another place like this?" he said. Indeed, how many homes in Singapore have a yacht docked along a watercourse running in...