The median price of condos at Sentosa Cove fell 15% this year to $1,792 psf, from $2,100 psf in 2023. Property prices on the resort island shifted following the relaunch of 58 of the 203 remaining units at The Residences At W Singapore Sentosa Cove, priced from $1,648 psf.
Before the relaunch in April, 25 units were sold at an average price of $2,736 psf, a 39.8% markdown. Since its relaunch, the 228-unit luxury condo has moved 81 units at an average price of $1,798 psf.
“The sale of The Residences At W was inevitably a pivotal point for the condo market in Sentosa Cove,” says Han Huan Mei, director of Research at List Sotheby’s International Realty. “This could have resulted in some sellers accepting lower offers for their units at other
condos.”
Before this year’s dip, the median price of condos in Sentosa was trending upwards following the 2019 trough of $1,429 psf.
The median price crossed $2,000 psf in 2022 and $2,100 psf in 2023, underpinned by the launch of the 302-unit Cape Royale and the sale of the remaining units at the 151-unit Seascape, which averaged around $2,100 psf.
Since its relaunch, The Residences at W has moved 81 units at an average price of $1,798 psf (Photo: Samuel Isaac Chua / EdgeProp Singapore)
Spike in luxury condo transactions
This year’s price revision also triggered a spike in condo transactions on the resort island. Within three months of the condo’s early April relaunch, Sentosa Cove saw 89 deals compared to just seven from January to March.
Since the start of the year, 126 condos have changed hands as of Dec 19. This is a 45% y-o-y increase from the 85 condo deals recorded in 2023.
Source: Edgeprop
