Sentosa Cove condo sells 65 units after a price reduction

The Residences at W Singapore Sentosa Cove, which had its prices cut by over 40% since the launch of sales in 2010, sold 65 units on April 15 and 16th.

From April 10 to 14 around 3,200 visitors attended the viewings. Cityview Place Holdings owns the 203 units in the development.

Cityview, the associate of City Developments (CDL), a condominium developer, released 58 apartments for sale on its first day. Of those, 45 were sold including four penthouses.

The Straits Times reports that Cityview’s spokesman said they sold another 20 units after releasing additional units to the market on April 16.

The 65 units were sold on average at $1,780 a sq ft.

The median price of Sentosa Cove condos sold between January 2024 and March 2024 is $1,999 psf.

Cityview’s spokesman stated that 94 percent of buyers are Singaporeans, permanent residents and China. The remainder came from France, the United States and China.

CDL launched its units for sale between $2,500 per sq. ft. and $3,000 per sq. ft. in 2010. The units sold in 2010 were only 20.

Between 2012 when the project was completed and 2023 five resale sales were recorded.

The Residences at W were pulled off the market as a result of several measures taken to cool down the real estate market since 2010.

The pricing strategy is the reason why the units were sold at nearly 80 percent on the first sales day, according to industry experts.

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These astute buyers were attracted by the competitive pricing. A prime property at Sentosa is priced very competitively per square feet.

The perception of inconvenience associated with Sentosa Cove has been mitigated by hybrid work arrangements as well the convenience and ease of last-mile deliveries.

Most of the buyers in this market are older than mid-40s. They are likely looking for a lifestyle home, away from city life. The units are ready to be occupied immediately.

On the first sale day, three-bedroom units sold more than those with two bedrooms.

Investors who buy the units because they have a genuine desire to own a waterfront home are likely find satisfaction in their investment.

But buyers should know that suburban condos offer a lower capital gain potential.

The Residences at W is currently priced at the same level as resale condos at Sentosa Cove.

Cape Royale condos sold between $2,000psf to $2,300psf in 2022, and the median price was above $2,000psf by 2023.

Nine years after the completion of the project in 2013, the new development that was completed in 2013 will only be on the market by 2022.

Urban Redevelopment Authority (URA) data show that after excluding Cape Royale, the median psf for a resale condominium in Sentosa Cove with a 99-year leasehold was $1,577.

Cityview sold a three-bedder unit of 2,486 square feet with a private swimming pool for $4 million. That’s $1,620 per sq. ft.

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