CITY Developments Limited (CDL) acquired the remaining 62.5 per cent stake from the investors of Profit Participation Securities (PPS) 1 structure for S$393 million, giving it full control of W Singapore-Sentosa Cove and Quayside Isle as it seeks to ride on the government's plans to reshape Sentosa. At an earnings briefing on Thursday morning, group chief executive officer Sherman Kwek said that the...
Sentosa Property
Property developers City Developments Ltd (CDL) and Ho Bee Land typically aim to sell off all units in their residential property developments, but in the waterfront housing district of Sentosa Cove, they have been leasing out some units in their respective projects in recent years. This is not by choice, but due to the tough condo sales market in the locale. Transactions have been relatively few at...
As prices of Sentosa Cove properties drop to a record low, a condominium unit at a development called Seascape on the resort island was recently sold at a 50 per cent loss. The 2,336 sq ft three-bedroom unit was sold for S$3.1 million on May 23, which is S$3.2 million below its original purchase price of S$6.27 million in 2010, based on information from the Urban Redevelopment Authority’s transaction...
Sentosa Cove, a residential enclave nestled on an island off the coast of Singapore, is quiet at the best of times. On a weekday, its frangipani-lined streets are mostly devoid of life, save the odd domestic helper taking her four-legged charge out for a walk. The stillness, however, belies the real estate shuffling taking place behind the scenes. Property listings here have been rising. But unless...
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 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...
A three-bedroom villa at luxury hotel Capella Singapore is being offered for long-term rentals at S$42,000 a month, making it one of the most expensive rental properties here. "We are targeting at least a two-year lease," said Mr Robert Lagerwey, general manager of the five-star hotel, which opened on the leafy tropical island of Sentosa in March 2009. The house, which covers 4,693 sq ft on two floors,...
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...
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...
Property agents receiving more enquiries about units at the Cove BUYING and selling activity is returning to Sentosa’s home market, the district billed as a premier waterfront living dream, after suffering lacklustre demand during the shock of the global financial meltdown late last year. The hard-hit months of October and November saw zero caveats lodged, according to data on the Urban Redevelopment...