Sentosa Cove Condo sells 65 units at a 40% price drop

The Residences at W Singapore Sentosa Cove saw their prices drop by more than 40 per cent compared to its initial 2010 sales launch. A total of 65 units were sold between April 15-16.

Around 3,200 guests attended the viewings held from April 10-14, according to a spokesperson for Cityview Place Holdings. The developer owns approximately 203 homes in the complex.

Cityview is an associate of City Developments. They released 58 condos for sale the first day. On that day, 45 units, including four Penthouses, were sold.

The Straits Times quoted a Cityview spokesman as saying that on April 16th, Cityview offered additional units for purchase and 20 more units were sold.

The 65 units were all sold for an average price of $1780 per sq. ft.

In comparison, Sentosa Cove condominiums selling from January to March 2020 had a median price per square foot of $1,999.

Cityview’s spokesman revealed that 94% are Singaporeans.

CDL first launched the units to be sold in 2010 between $2,500 psf – $3,000 psf. Only 20 units had been sold.

Five resale transaction were recorded between the completion of the development in 2012 and 2023.

A number of measures implemented to cool the property markets since 2010 affected The Residences at W. It was taken off sale.

As a result of the sale on April 15-16, industry experts have all agreed that the pricing strategies were the key reason behind the 80 per-cent take up on the very first day.

See also: Grand Dunman

Pricing that is competitive has been the key to attracting these shrewd buyers. Priced per square foot, a Sentosa property is a very good deal.

The convenience of last mile delivery services and hybrid work arrangements have also helped to reduce the perceived inconveniences that were previously associated with Sentosa Cove.

The buyers tend to be older, over the mid-40s. Many are looking for a quieter lifestyle away from the busy city. All the units can be moved into immediately.

On the opening day, there were more sales of three-bedroom apartments than two-bedroom apartments.

Buyers with a true desire for a waterfront property are more likely to be satisfied by their investment.

However, buyers need to be aware of a lower potential for capital growth compared with condos in suburbs.

The Residences at W’s current price is essentially the same as that of condos for sale in Sentosa Cove.

Cape Royale condominiums, sold for between $2,000 and $3,000 psf each, helped to drive the price up in 2022.

The project that was completed nine years ago, in 2013, will not be available until 2022.

Urban Redevelopment Authority statistics show that without Cape Royale the median psf cost for a resale apartment in Sentosa Cove was $1 577.

Cityview has released a number of new units for sale. One was a 2,486-square-foot three-bedder, with a swimming pool. It is priced at $4 million. This works out to $1,620/sq.ft.

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