The Sentosa residential property market saw a resurgence in interest, resulting in a 74.1% y-o-y jump in transaction volume, according to research by SRI. Transaction numbers grew from 58 deals in 1H2023 to 101 transactions in the first half of 2024

According to Mohan Sandrasegeran, head of research and data analytics for SRI, the relaunch of The Residences at W Sentosa Cove in April was a main driver for the resurgence in interest, with its attractive prices in a region known for its luxury properties and amenities. Caveats lodged since the relaunch showed that 72 units were sold at The Residences at W Sentosa Cove at an average price of $1,793 psf.

As a result, the median price for the area fell from $1,999 psf in 1Q2024 to $1,801 psf in 2Q2024, marking a 9.9% decrease.

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The largest transaction by absolute price recorded on the island for 1H2024 involved a detached house along Ocean Drive. The 8,675 sq ft house was sold for $16 million, reflecting a land rate of $1,844, in February. The property was previously purchased by the seller for $13.4 million in 2018. Thus, the seller made a profit of $2.6 million, or 19.6%, over six years.

The second largest transaction at Sentosa was the sale of a 99-year-leasehold unit at The Oceanfront @ Sentosa Cove. The 4,865 sq ft unit was sold for $8.1 million ($1,665 psf) in February. The property was previously purchased for $6.4 million ($1,315 psf) in March 2017. Thus, the seller made a profit of $1.7 million (26.6%).