Sentosa by Beshef
Prices at the Sentosa Cove luxury enclave are showing tentative signs of a rebound.
In April, two condo units at The Oceanfront were sold around the $2,000 psf range.
Those two units done in April 2015 were transacted at $2,055 psf and $1,954 psf respectively:
1. A 2,788 sq ft four-bedder with a partial sea view was sold for $5.73 million.
2. The adjacent 1,765 sq ft, three-bedroom unit without much of a view, was sold at $3.45 million.
One other Sentosa Cove unit sold above the $2,000 psf mark, was done last October at $2,079 psf.
For the past two years, prices have stayed depressed in Sentosa Cove, having fallen way below the $2,000 psf mark.
In January 2015, prices sank to a low of $1,190 psf when a 2,626 sq ft unit at “The Coast” in Sentosa Cove was sold for $3.125 million. The four-bedroom, second-floor unit was purchased at $4.34 million - or $1,653 psf on March 8, 2007. The seller lost $1.215 million in the transaction.
Although two sales transactions doesn’t constitute a trend, nonetheless it is a good start.
Ms Jackie Yeh, who owns 11 condo units in Sentosa Cove, eight of them at The Oceanfront, remains optimistic. "Sentosa is very exclusive. I bought my units there at very affordable prices when the projects were first launched. If I am to sell any of my units now, I would still make a profit. But I am confident prices will pick up in the long term and I am holding out," she said.
Sentosa has always been trending at $2,000 psf or higher. Falling under the $2,000 psf mark would put it in direct competition with the Marina Bay, Districts 1 ad 9 segment.
To put it in perspective, at $2,000 psf, you can buy a freehold property in Orchard Road, but you won’t get the ambience and sea view that you get in Sentosa.
Source: Straits Times