{"id":121332,"date":"2021-08-10T01:47:57","date_gmt":"2021-08-09T18:47:57","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pandemic-may-have-boosted-demand-for-sentosa-properties\/"},"modified":"2021-08-10T10:02:55","modified_gmt":"2021-08-10T03:02:55","slug":"pandemic-may-have-boosted-demand-for-sentosa-properties","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pandemic-may-have-boosted-demand-for-sentosa-properties\/","title":{"rendered":"Pandemic may have boosted demand for Sentosa properties"},"content":{"rendered":"


\nPrices and transaction volumes for Sensota properties\u00a0grew from 2019 to 2020 and this increase continued in the first half of 2021.
\nThe COVID-19 pandemic may have boosted demand for luxury properties on Sentosa following a relatively subdued market prior to the pandemic, reported TODAY.
\nData from various property consultancies showed that sales transaction volume for non-landed and landed homes within\u00a0Sentosa have increased from 2019 to 2020. Property prices have also risen.
\nThe hike in transaction volume and prices continued in the first half of 2021.
\nAnalysts noted that the growing demand for properties on Sentosa is in tandem with the recovery seen in the broader housing market on mainland Singapore, particularly among luxury homes.
\nAlthough all indicators point to an improvement, the market remains far from its heyday in 2010, when median prices for non-landed homes at Sentosa Cove stand at $2,200 per sq ft (psf).
\nThese prices hovered at about $1,530 psf in H1 2021, showed data from various property consultancies.
\nThe figure is 5.8% higher from 2020\u2019s $1,446 psf and 1.2% higher from 2019\u2019s $1,429 psf.
\nSentosa\u2019s landed homes, on the other hand, saw their prices increase by over 8% to $1,650 psf in H1 2021 from $1,518 psf in 2020.
\nOver at the resale front, at least 60 condominiums and 12 landed properties on Sentosa were sold during H1 2021, up from 43 condominiums and 13 landed properties shifted throughout 2020.
\nCompared with the 23 condominiums and seven landed properties sold in 2019, 2020 saw condominium sales surge 87%, while sales for landed properties almost doubled.
\nMeanwhile, rental contracts for Sentosa properties remained stable even as more foreigners were seen leaving the city-state than entering since the COVID-19 pandemic began due to border restrictions.
\nThe number of rental contracts for condominiums in Sentosa Cove climbed 8.6% to 873 in 2020 from 804 in 2019. Rentals for landed properties showed no significant difference over the same period.
\nIn H1 2021, there were 394 rental contracts for non-landed properties and 32 for landed properties.
\nAnalysts attributed the hike in rental contracts for Sentosa properties to the delay in the completion of new housing projects as well as the need for more space amid the work-from-home arrangements.
\nWong Xian Yang, Cushman and Wakefield\u2019s Head of Research in Singapore, said the factors driving up sales in Sentosa are similar to trends seen in Singapore\u2019s overall residential market.
\nThis includes low interest rates and the long-term confidence of buyers\u2019 in the city-state\u2019s residential market.
\n\u201cSingapore has differentiated itself with high vaccination rates and a strong track record in containing the pandemic. This has inspired confidence among well-heeled foreign buyers looking for a safe haven amid the pandemic,\u201d he said as quoted by TODAY.
\nChristine Sun, OrangeTee and Tie\u2019s Senior Vice-President of Research and Analytics, believes the strong job creation and recovery of the country\u2019s wider economy in H1 2021 also helped attract buyers.
\nReports of fund flows into Singapore may have also provided a boost to the property market.
\nHuttons Asia CEO Mark Yip said the number of single-family offices doubled to about 400 as of end-2020 from 200 in 2019.
\nFamily offices refer to private wealth management advisory companies serving ultra-high-net-worth investors (UHNWI).
\n\u201cSome of these UHNWI were already residing in Singapore before the pandemic struck and have decided to buy a property as Singapore emerges as one of the best places to be during this pandemic,\u201d said Yip as quoted by TODAY.
\nThis has driven up demand for luxury properties, some of which spilt over to Sentosa Cove, said Wong.
\nSentosa Cove is the only place in Singapore where non-residents are allowed to acquire a landed home after securing the necessary approvals.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Pandemic may have boosted demand for Sentosa properties<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Prices and transaction volumes for Sensota properties\u00a0grew from 2019 to 2020 and this increase continued...<\/p>\n","protected":false},"author":1,"featured_media":121333,"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-121332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/08\/Sentosa-cove-apartments.jpg?fit=819%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vyY","jetpack-related-posts":[{"id":121723,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-sales-in-sentosa-cove-reach-new-record\/","url_meta":{"origin":121332,"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":78537,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-property-market-stabilising\/","url_meta":{"origin":121332,"position":1},"title":"Sentosa Cove property market stabilising","date":"January 31, 2018","format":false,"excerpt":"\r Amidst the recovery of Singapore\u2019s private housing market, prices of luxury properties in Sentosa Cove have stopped declining last year and appear to be finding a firm footing, according to Colliers International\u2019s Singapore Research Head Tricia Song. She told Reuters that the area\u2019s property market suffered the most when\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120009,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/growing-demand-for-sentosa-cove-bungalows\/","url_meta":{"origin":121332,"position":2},"title":"Growing demand for Sentosa Cove bungalows","date":"January 15, 2021","format":false,"excerpt":"\r Singapore continues to draw foreign buyers despite travel restrictions, partly due to\u00a0its success in handling the pandemic.\u00a0Sentosa Cove is the only place where a foreigner may seek approval to acquire a\u00a0landed residential property\u00a0for their own use. Real estate agents expect the healthy sales momentum for bungalows within Sentosa Cove\u2019s\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/01\/sentosa_cove.original.jpg?fit=840%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":108094,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-condo-sold-at-50-loss\/","url_meta":{"origin":121332,"position":3},"title":"Sentosa Cove condo sold at 50% loss","date":"June 14, 2019","format":false,"excerpt":"\r Cushman & 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. The property cooling measures rolled out by the government in July 2018\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":121332,"position":4},"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. 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