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Buy in Sentosa Cove – discounted luxury homes on the mainland
SINGAPORE (EDGEPROP) – Buying activity at Sentosa Cove has certainly picked up, especially in the second half of last year, after the “circuit breaker,” says Steve Tay, senior associate vice president at List Sotheby’s International Realty. Bungalows on Coral Island and Paradise Island with private berths along the waterway (Photo: Samuel Isaac Chua / EdgeProp Singapore) “I see more local Singaporeans looking at properties for investment potential and also for their own occupation,” he observes. . “At the same time, there has been an increase in permanent residents (PRs) looking to buy for their own occupation as well.” Most PRs looking to buy for their own use currently live in condos in the city, Tay adds. “They are drawn to the touristy Sentosa Cove lifestyle, as well as the prospect of owning a bungalow with more living space for the whole family, especially as more people are choosing to work from home amid the pandemic.” PR nationalities are also more varied, Tay notes. “I have met Indonesians, Indians, Chinese, an Italian family, as well as other Europeans and Americans.” Tay: Most RPs are drawn to Sentosa Cove’s touristy lifestyle, as well as the prospect of having a bungalow with more living space. for the whole family, especially as more people are choosing to work from home amid the pandemic (Photo: Albert Chua / EdgeProp Singapore) Most foreigners who are viewing Sentosa Cove properties have already been in Singapore since the early 2020, before the pandemic, he adds. Since the second half of 2020, Tay has noticed an increase in the number of high-net-worth Americans viewing villas in Sentosa Cove. “Some have flown for commercial reasons and have passed the quarantine period,” he explains. “They are looking for houses to settle their families while they attend to their business affairs in Singapore.” Don’t miss out on seeing Singapore’s newest launch condo and hottest new real estate property. This is because of the prices at Sentosa Cove, Singapore’s premier waterfront residential area. enclave and located within the Central Central Region: it looks attractive compared to the mainland today. Even at $ 1,500 psf, the median price for a private villa in Sentosa Cove is lower than some of the median prices achieved in suburban new condo launches (outside the Midwest) like Parc Clematis ($ 1,630 median psf) and Clavon ($ 1,640 psf average), says Han Huan Mei, director of research at List Sotheby’s. On the outskirts of the city or the rest of the Midwest, recent launches like Avenue South Residence and The Landmark have median prices of $ 1,937 psf and $ 2,137 psf respectively, according to Han.Sentosa Cove is the only address in Singapore that offers oceanfront living in a resort. island, with the enjoyment of space, serenity and security within a gated community (Photo: Samuel Isaac Chua / EdgeProp Singapore) ‘Life by the sea’ “Furthermore, Sentosa Cove is the only address in Singapore that offers life in front of the sea on a resort island, enjoying the space, serenity and security within a gated community, ”Han says. According to URA warning data, more than half of Sentosa Cove home buyers are foreigners and public relations. Sentosa Cove is also the only address in Singapore where foreigners can obtain approval from the Land Negotiations Approval Unit to purchase a bungalow for owner occupancy. “Foreign investors have found security in the way the government responded to the Covid-19 pandemic in terms of its support and fiscal policies for businesses, job security, and health and safety of residents,” says Lewis Cha, executive director of List Sotheby’s. “We can expect to see more wealthy foreigners coming to Singapore to establish businesses and bring their families here once travel restrictions are relaxed.” Based on bungalow transactions at Sentosa Cove last year, the average price reached based on land area was $ 1,724 psf, which is only marginally higher than the average price of $ 1,717 psf for the four bungalow offerings in 2019, Han observes (see Table 3). However, the prices of the bungalows depend on factors other than the location: there is also the orientation of the house, the size of the land, the built area, the architectural details, the quality of the finish and the age of the house, he notes. They have. Most bungalows are individually designed, especially those along Ocean Drive and Lakeshore View in North Cove, as well as Cove Way, Cove Drive, and Cove Grove in South Cove. “Some are oriented towards the sea, others towards the waterway or the golf course, and these factors will definitely affect prices,” adds Han.’Psf price equivalent to Serangoon Gardens’After all, there are only about 350 bungalows in Sentosa Cove, Tay points out. Some may argue that Sentosa Cove homes have 99-year leases. However, bungalows on the mainland, especially Good Class Bungalows in the main districts, which are freehold, are restricted to Singapore citizens only, he adds. “They would have to become Singapore citizens to buy houses on the mainland.” Tay feels prices at Sentosa Cove have taken their toll since 2011, when cooling measures included an increase in the additional buyer’s stamp duty (ABSD) for foreigners, which was 10% in December 2011, increased to 15%. in January 2013, and rose again to 20% in July 2018. Prices are now beginning to rebound as buyers recognize the value of these homes relative to those obtained in new apartments and condos. Elsewhere in Singapore (Photo: Samuel Isaac Chua / EdgeProp Singapore) In the heady days of 2010, there were 54 bungalow transactions at Sentosa Cove. The number of sales declined to just three or four annual sales in 2015 and 2016, Tay says. There was a pickup in 2017 with 10 bungalows changing hands. After the last ABSD increase in July 2018, the following year only four bungalow offers were made (see Table 2). Average bungalow prices fell from $ 2,998 psf a decade ago to just $ 1,100 to $ 1,200 psf for some transactions last year, the level of recent home transactions on the Serangoon Gardens estate, he notes. of these houses relative to those made in new apartments and condos in other parts of Singapore, Tay says. Based on the advisories posted, there have been two bungalow transactions so far since the beginning of 2021. A home on Paradise Island located on a 9,798-square-foot land area, changed hands for $ 12.7 million ($ 1,296 psf) to early February. The buyer is believed to be a citizen of Myanmar. Another house on Ocean Drive, located on a 9,042-square-foot lot, sold for $ 13.3 million ($ 1,471 psf). The buyers are believed to be two Singaporean doctors. The highest average price of psf achieved this year is due to two transactions in Seascape, the highest premium of the 10 condo projects in Sentosa Cove (Photo: Samuel Isaac Chua / EdgeProp Singapore) Condominiums – poised Interest has also returned to the condos in Sentosa Cove, and prices have also started to rebound (see Table 2). The higher average price of psf achieved this year is due to two transactions in Seascape, the highest premium of the 10 condo projects in Sentosa. Cove, in terms of quality of design, finishes, and fixtures, and most of all, in terms of its unblocked ocean views, Han notes. The two units at Seascape sold are 2,852-square-foot, four-bedroom apartments located on the sixth and seventh floor. floors respectively. They sold for $ 6 million each, or $ 2,103 psf. “It’s the highest psf price achieved since 2019,” Han says. “Setting aside age and design, current Sentosa Cove condo prices are considered a bargain,” says List Sotheby’s Cha. One could find an apartment size of 1,200 to 1,300 square feet, priced around $ 2 million in Sentosa Cove. The equivalent in the latest release, The Reef at King’s Dock in Keppel Bay on the mainland, just across the sea from Sentosa Cove, is priced at more than $ 3 million, he notes. “The upscale, quiet and resort-like lifestyle at Sentosa Cove might not be replicated anywhere else in Singapore,” adds Cha. “It is attractive to retirees and families with adult children who do not need to be near schools.” Check out the latest listings near Sentosa Cove, Seascape, Parc Clematis, Clavon, Avenue South Residence, The Landmark. 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