{"id":121723,"date":"2021-08-30T01:33:28","date_gmt":"2021-08-29T18:33:28","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-sales-in-sentosa-cove-reach-new-record\/"},"modified":"2021-08-30T10:02:59","modified_gmt":"2021-08-30T03:02:59","slug":"home-sales-in-sentosa-cove-reach-new-record","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-sales-in-sentosa-cove-reach-new-record\/","title":{"rendered":"Home sales in Sentosa Cove reach new record"},"content":{"rendered":"


\nHome 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.
\nSentosa Cove saw home sales hit a new benchmark during the first eight months of 2021, reported The Straits Times (ST).
\nUrban Redevelopment Authority (URA) data showed that there have been 103 transactions on the exclusive island as of 16 August \u2013 comprising 85 condominiums and 18 landed homes \u2013 or up 84% from the 43 condominiums and 13 landed homes shifted during the whole of 2020.
\nThe sales for this year amounted to $610 million, or up 72% from last year.
\nSome 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.
\nOverall private property prices in Singapore rose 4.1% in H1 2021, and 7.1% in H2 2021, revealed URA data.
\nNicholas Mak, Head of Research and Consultancy at ERA Realty, said the hike in property prices on the mainland \u201cmakes the resale prices in Sentosa Cove look relatively attractive\u201d.
\nHe noted that the high transaction volume this year could lead to a price recovery for Sentosa homes.
\n\u201cBased on overall market trend, Sentosa Cove property still has some room to run,\u201d he said as quoted by ST.
\nSentosa Cove started as a residential zone in 2006, making it the only enclave in Singapore where foreigners are allowed to acquire landed property, subject to approval.
\nRecommended read:\u00a0Who is Buying Good Class Bungalows (GCBs) in Singapore? (2021)
\nThe island has 2,160 homes, which range from high-rise condominiums to luxury bungalows that come with adjoining private berths for boats.
\nSentosa Cove\u2019s ultra-posh waterfront enclave has been home to high-profile entrepreneurs and celebrities.
\nIn 2020, home-grown beauty brand Bioskin founder, Mathilda Koh, who lives in a two-storey bungalow overlooking Serapong golf course, acquired a unit at Seascape for $3 million, or $1,327 per sq ft (psf). This is way lower compared to the $6.26 million paid by the seller in 2010.
\nCondominium prices on the resort island have dropped by about 40% since its peak in 2010, while landed home prices started to decline in 2016.
\nHowever, Sentosa Cove prices have been on the uptrend since 2020, with Singaporeans accounting for half of buyers this year.
\nIn May, the wife of DBS Bank Chief Executive Piyush Gupta snapped a three-bedroom condominium for $3.45 million or $1,705 psf \u2013 up from the development\u2019s average psf price of $1,500.
\nAn 8,384 sq ft landed home was sold for $20 million or $2,385 psf last month. The figure is higher than the average psf price of $1,841 for landed homes this year.
\nST noted that condominium prices now stand at about $1,500 psf to $1,600 psf, up from last year\u2019s average of $1,484 psf.
\nThe median transacted price for District 4 and the Central Region is about $1,800 psf.
\n\u201cA Sunday Times analysis of URA caveat information showed that of the 23 units sold at The Oceanfront in Sentosa Cove from January to 16 August this year, more than half recorded a loss,\u201d said ST.
\nUnits at projects such as Seascape and Turquoise registered more losses when they were transacted following the introduction of cooling measures.
\nNonetheless, property agents have been receiving more sale and rental inquiries since 2020.
\nThey pointed to the COVID-19 pandemic as a key reason for Singaporeans increased interest for Sentosa Cove homes.
\n\u201cAfter a few years of languishing in the property market due to the introduction of ABSD (Additional Buyer\u2019s Stamp Duty) for foreigners, it\u2019s Sentosa\u2019s moment in the sun now,\u201d said Nicole Teo, Senior Associate Group Director at OrangeTee & Tie.
\n\u201cWe\u2019re seeing a significant increase in inquiries and also viewings for Sentosa properties\u2026The experience of lockdowns and the prospects of restricted movements in the future, coupled with the work-from-home trend becoming a norm \u2013 all these are working in favour of Sentosa Cove,\u201d he said as quoted by ST.
\n\u201cSuddenly, inconvenience is no longer an objection as people no longer need to travel in and out to the office every day. In fact, being on an exclusive island away from the congested main island is a safer and more attractive idea now.\u201d
\nBut despite the increased demand, some Sentosa Cove owners decided to keep their homes as they generate good rental yields, said PropNex Associate District Director Alex Low.
\n\u201cThere are no new projects launching in Sentosa. Stock is limited. Unlike in the past when there were many vacant units, nowadays we get a new tenant even before the lease ends,\u201d he said as quoted by ST.
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email:\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Home sales in Sentosa Cove reach new record<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Home sales in Sentosa Cove reach new recordSome analysts believe the high transaction volumes in...<\/p>\n","protected":false},"author":1,"featured_media":121724,"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-121723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/08\/Sentosa-cove-apartments-1.jpg?fit=819%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vFh","jetpack-related-posts":[{"id":121332,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pandemic-may-have-boosted-demand-for-sentosa-properties\/","url_meta":{"origin":121723,"position":0},"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":59052,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sales-of-sentosa-cove-homes-rebound\/","url_meta":{"origin":121723,"position":1},"title":"Sales of Sentosa Cove homes rebound","date":"June 27, 2017","format":false,"excerpt":"\r \u00a0 Sales of upscale houses in Sentosa Cove is starting to pick up despite reports of many unoccupied units and home owners selling their homes houses at huge losses, reported The Straits Times. So far this year, caveats have been lodged for seven bungalows at the posh enclave collectively\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":121723,"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":78537,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-property-market-stabilising\/","url_meta":{"origin":121723,"position":3},"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. 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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":61282,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/strong-pick-up-in-sales-of-gcbs-and-sentosa-cove-homes\/","url_meta":{"origin":121723,"position":5},"title":"Strong pick-up in sales of GCBs and Sentosa Cove homes","date":"July 20, 2017","format":false,"excerpt":"\r View of waterfront bungalows in Sentosa Cove. Sales of good class bungalows (GCBs) and Sentosa Cove homes picked up in the first half of 2017 from a year ago, according to a report by List Sotheby\u2019s International Realty, Singapore. 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