{"id":108094,"date":"2019-06-14T12:21:08","date_gmt":"2019-06-14T05:21:08","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-condo-sold-at-50-loss\/"},"modified":"2019-06-14T13:05:54","modified_gmt":"2019-06-14T06:05:54","slug":"sentosa-cove-condo-sold-at-50-loss","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-condo-sold-at-50-loss\/","title":{"rendered":"Sentosa Cove condo sold at 50% loss"},"content":{"rendered":"


\nCushman & Wakefield data showed that resale property prices on the resort island fell to $1,367 per sq ft (psf) \u2013 a record low since luxury residential properties were first launched in Sentosa Cove in November 2004.
\nThe property cooling measures rolled out by the government in July 2018 has significantly affected property prices at Sentosa Cove, with a condominium unit at the island recently sold at a 50 percent loss.
\nBased on Urban Redevelopment Authority Realis data, the three-bedroom unit at Seascape was sold on 23 May for $3.1 million, or $3.2 million below the original purchase price of $6.27 million in 2010, reported Today Online.
\nCushman & Wakefield data showed that resale property prices on the resort island fell to $1,367 per sq ft (psf) \u2013 a record low since luxury residential properties were first launched in Sentosa Cove in November 2004.
\nTwo other non-landed properties on the island were also sold at a loss in May.
\nA 4,779 sq ft unit at The Coast at Sentosa Cove was sold for $6.52 million, down 3.8 percent from its original purchase price of $6.78 million in 2006.
\nA 1,302 sq ft unit at The Berth by the Cove was sold at $1.78 million, a 1.1 percent drop from its $1.8 million purchase price in 2007.
\nAnalysts, however, noted that the new cooling measures are just one side of the story.
\nThis comes as non-landed property prices at the resort island have been on the downtrend since 2011, way before the new cooling measures were introduced last year.
\nWhen private property prices in Singapore rebounded following a four-year slump and rose 9.1 percent from 2017 and 2018, non-landed properties in Sentosa only posted a slight uptick of 0.8 percent in 2017 and 1.6 percent in 2018.
\nOther factors that could have contributed to the drop in home prices at the island were rising interest rates, earlier cooling measures and stricter credit controls in China, they said.
\nBut with home prices now similar to some new condo projects targeted at the mass market on the mainland, buyers may realise that Sentosa Cove properties could still hold value on the long term.
\nIn fact, Knight Frank senior director Lee Nai Jia is already seeing more interest for Sentosa Cove properties over the past month.
\nAccording to him, the city-state is still considered as a safe haven compared to other luxury property markets within the region, and that may attract investors keen on wealth preservation.
\nLooking to buy a private condo? Get more insights on the right locations for your new home at\u00a0AreaInsider.
\nFiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email\u00a0fiona@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Sentosa Cove condo sold at 50% loss<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Cushman & Wakefield data showed that resale property prices on the resort island fell to...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-108094","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-s7s","jetpack-related-posts":[{"id":121723,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-sales-in-sentosa-cove-reach-new-record\/","url_meta":{"origin":108094,"position":0},"title":"Home sales in Sentosa Cove reach new record","date":"August 30, 2021","format":false,"excerpt":"\r Home sales in Sentosa Cove reach new recordSome analysts believe the high transaction volumes in Sentosa is a spillover from the growing demand for luxury homes within the Rest of Central Region (RCR), considering that prices on the island remain relatively lower compared to those on the mainland. Sentosa\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/08\/Sentosa-cove-apartments-1.jpg?fit=819%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":121332,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pandemic-may-have-boosted-demand-for-sentosa-properties\/","url_meta":{"origin":108094,"position":1},"title":"Pandemic may have boosted demand for Sentosa properties","date":"August 10, 2021","format":false,"excerpt":"\r Prices and transaction volumes for Sensota properties\u00a0grew from 2019 to 2020 and this increase continued in the first half of 2021. The COVID-19 pandemic may have boosted demand for luxury properties on Sentosa following a relatively subdued market prior to the pandemic, reported TODAY. Data from various property consultancies\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/08\/Sentosa-cove-apartments.jpg?fit=819%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":81488,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-penthouse-sold-at-2-4-million-loss\/","url_meta":{"origin":108094,"position":2},"title":"Sentosa Cove penthouse sold at $2.4 million loss","date":"March 1, 2018","format":false,"excerpt":"\r The four-bedroom unit at The Berth by the Cove was sold for $3.25 million, or $1,105 psf. (Photo: Edmund Tie)\u00a0 A two-level penthouse at Sentosa Cove\u2019s posh The Berth by the Cove was sold on mortgagee sale at an auction on Wednesday (28 Feb) for $3.25 million, which works\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":65058,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/waterfront-condo-at-sentosa-sold-at-3-8m-loss\/","url_meta":{"origin":108094,"position":3},"title":"Waterfront condo at Sentosa sold at $3.8m loss","date":"August 31, 2017","format":false,"excerpt":"\r \u00a0 Despite an uptick in interest over the last two months, property prices in Sentosa Cove remained depressed, with a 4,069 sq ft waterfront apartment at Seascape sold at a loss of almost S$4 million, reported The Straits Times. Bought in 2010 by Dyna-Mac Holdings chairman and chief executive\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":78941,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-penthouse-up-for-auction\/","url_meta":{"origin":108094,"position":4},"title":"Sentosa Cove penthouse up for auction","date":"February 5, 2018","format":false,"excerpt":"\r The last owner paid $5.64 million, or $1,919 psf for the four-bedroom unit in 2011. (Photo: Edmund Tie and Co) A two-level penthouse on the sixth storey of The Berth by the Cove will be placed under the hammer on 28 February at The Amara Hotel Singapore, revealed Edmund\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":66046,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/kong-hees-sentosa-home-relisted-for-11-5m\/","url_meta":{"origin":108094,"position":5},"title":"Kong Hee\u2019s Sentosa home relisted for $11.5m","date":"September 11, 2017","format":false,"excerpt":"\r There has been an increased interest in Sentosa Cove homes as prices have gradually moved closer to that of mass market condos. In a sign that the luxury condo market is picking up steam again, the Sentosa Cove penthouse unit of City Harvest Church founder Kong Hee was relisted\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/108094"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=108094"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/108094\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=108094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=108094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=108094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}