DEAL WATCH: Sentosa Cove condo selling at 2006 price level
By Tan Chee Yuen
/ The Edge Property |
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 $1,638 psf respectively.
Historical transactions of 1,600 to 1,701 sq ft units at The Oceanfront @ Sentosa Cove
Contract date | Address | Area (sq ft) | Price ($) | Price ($ psf) |
|---|---|---|---|---|
15-Jun-07 | 287 Ocean Drive #xx-xx | 1,679 | 2,787,140 | 1,660 |
21-May-07 | 287 Ocean Drive #xx-xx | 1,701 | 2,786,238 | 1,638 |
15-Aug-06 | 287 Ocean Drive #xx-xx | 1,647 | 2,253,300 | 1,368 |
11-Aug-06 | 287 Ocean Drive #xx-xx | 1,701 | 2,268,000 | 1,334 |
Source: URA, The Edge Property
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 $4.11 psf a month.
Rental transactions and median rent of non-landed projects in Sentosa Cove
2014Q3 | 2015Q3 | % Change | |
|---|---|---|---|
Number of contracts | 176 | 211 | 19.9 |
Median rent ($ psf pm) | 4.28 | 4.11 | 4.0 |
Source: URA, The Edge Property
Looking for more value deals at The Oceanfront @ Sentosa Cove and nearby projects? Click here to start browsing.
This article appeared in The Edge Property Pullout, Issue 705 (December 7, 2015) of The Edge Singapore.
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