Sentosa Cove prices inch up again

Sentosa Cove prices inch up again

SINGAPORE - BUYING interest has crept back into the exclusive Sentosa Cove estate, which boasts some of the most expensive waterfront homes in Singapore, after a lull in sales last year.

But market activity in the millionaires' playground is still far from its heyday a few years ago.

Developers have sold 65 apartments so far this year, more than the 55 units for the whole of last year.

This is, however, still well down on the 141 units sold in 2010, according to caveats lodged with the Urban Redevelopment Authority (URA).

On the landed property front, 23 homes have changed hands so far this year, largely in line with last year's total of 24 transactions.

But despite the uptick, the market was again down from the 62 landed homes sold in 2010.

Experts note that the landed and non-landed segment of Sentosa Cove are two distinct markets that do not necessarily move in tandem.

The landed segment of the market has enjoyed new price records this year even though sales volumes have only held firm.

Average prices for landed homes have risen 6 per cent from $2,097 per sq ft (psf) of land area to $2,216 psf this year, according to the URA caveats.

A 10,111 sq ft bungalow on Ocean Drive, for instance, was recently sold for $32.5 million, which works out to $3,214 psf of land area.

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