For prospective buyers looking for the ultimate in waterfront living, a 1,647 sq ft unit at The Oceanfront @ Sentosa Cove is listed for sale on TheEdgeProperty.com at $2.1 million, or $1,275 psf.
The property’s asking price is close to the launch price in 2006. In August 2006, a 1,647 sq ft low-floor unit changed hands at $2.25 million, or $1,368 psf. Another low-floor unit measuring 1,701 sq ft was sold in the same month for $2.27 million, or $1,334 psf.
Prices of similar-sized units spiked in 2007, breaching the $1,600 psf mark. Two units on low floors measuring 1,679 sq ft and 1,701 sq ft found buyers at $1,660 psf and $1,638 psf respectively.
Historical transactions of 1,600 to 1,701 sq ft units at The Oceanfront @ Sentosa Cove
The Oceanfront @ Sentosa Cove is a 264-unit luxury condominium developed by City Developments. It was completed in 2010. Nearby amenities include Quayside Isle and ONE°15 Marina Club.
A 1,647 sq ft unit at The Oceanfront @ Sentosa Cove is listed for sale on
TheEdgeProperty.com at $2.1 million, or $1,275 psf
Like the rest of the high-end segment, residential prices at Sentosa Cove continued to languish from the slew of cooling measures, including a hefty additional buyer’s stamp duty rate for foreigners. According to URA, prices of high-end non-landed homes have fallen 9% since the peak in 1Q2013 and have returned to 2010 levels.
There was one rental contract involving a similar-sized two-bedroom unit in the development in March for $5,200 a month. Based on the listing price of $2.1 million, the rent translates into a potential rental yield of 3%. Rental volume for non-landed homes in Sentosa Cove surged 19.9% y-o-y in 3Q2015 to 211 contracts as median rents softened from $4.28 to $4.11 psf a month.
Rental transactions and median rent of non-landed projects in Sentosa Cove
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This article appeared in The Edge Property Pullout, Issue 705 (December 7, 2015) of The Edge Singapore.