After price cut, 65 units were sold in a condo at Sentosa

The Residences at W Singapore Sentosa Cove sold 65 units between April 15-16, with prices reduced by more than 40% from the initial launch in 2010.

A spokesperson for Cityview Place Holdings said that around 3,200 people attended the viewings between April 10 and 14. The company owns 203 apartments at the development.

Cityview, a subsidiary of City Developments, released 58 units on the first sale day. 45 units were sold, including 4 penthouses.

The Straits Times reported that Cityview sold 20 additional units on April 16.

The 65 units sold averaged $1,780 per square foot (psf).

Comparatively, the median price for Sentosa Cove condominiums that were sold between January and March 2024 was $1999 per sq. ft.

Cityview’s spokesperson said that 94% of buyers were Singaporeans or permanent residents. The rest came from China, France, and the United States.

CDL initially offered the units in 2010 for sale at a price between $2,500 and $3,000 per square foot. In 2010, only 20 units were sold.

Five resale deals were recorded between 2012, the year that the development was finished, and 2023.

The Residences at W was withdrawn from the market after several rounds of cooling measures were implemented in 2010.

The Chuan Park at Lorong Chuan

Experts in the industry have unanimously pointed out that the pricing strategy was the primary reason for the almost 80 per cent unit take-up on the first day.

Competitive pricing was a major factor in attracting such savvy buyers. The price per square foot is attractive for an exclusive property in Sentosa.

The perceived inconveniences associated with Sentosa Cove have been reduced by the availability of hybrid work arrangements, as well as the convenience of the last-mile delivery service.

The majority of buyers are over mid-40s, looking for a home that is quiet and peaceful away from the bustle and noise of the city. These units are available to move in immediately.

Three-bedroom homes sold more than two-bedroom homes on the first day.

The units are a good investment for those who have a real desire to live on the waterfront.

Buyers should still be aware that the potential capital gains are lower than those of suburban condos.

The Residences at W are priced at a level that is similar to the prices of resale condos at Sentosa Cove.

The median price of Sentosa Cove condos in 2022 and 2023 exceeded $2,000 per square foot, thanks to the sale of Cape Royale units, which ranged between $2,000 and $2,300 per square foot.

Nine years after completion, the upscale project completed in 2013, the development will be available on the market in 2022.

Urban Redevelopment Authority data shows that, with Cape Royale removed, the median price per square foot for a resale condo in Sentosa Cove is $1,577.

Cityview’s April 16 release of units included a 3,486 sq ft, three-bedroom unit with a pool, priced at around $4 million or $1,620 per square foot.

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