The Residences at W Singapore Sentosa Cove relaunches at prices from $1,648 psf, 40% below the peak

By Cecilia Chow and Nicholas Lam

/ EdgeProp Singapore |

April 9, 2024 9:31 PM SGT

The 228-unit The Residences at W Singapore Sentosa Cove, where 58 of the 203 remaining units are offered for sale (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Cityview Place Holdings, an associate company of listed property City Developments Ltd (CDL), is releasing 58 of the remaining 203 units it still owns at The Residences at W Singapore Sentosa Cove for sale. "In recent months, there has been increased interest and sales activity in Sentosa Cove properties," says a spokesperson for Cityview Place Holdings.

The 58 units will open for viewing from April 10 to 14, with sales to begin on April 15. PropNex, ERA, Huttons and SRI are the joint marketing agents for The Residences at W.

Located along Ocean Way in Sentosa Cove, the low-rise luxury condo has 228 units, with a mix of two-, three- and four-bedrooms. The development was completed in 2011 and has a 99-year lease from 2006. Hence, it has a remaining lease of 81 years.

Prices of two-bedroom units of 1,227 sq ft will start from $2.118 million ($1,726 psf). The three-bedroom units, from 1,625 sq ft, will have prices upwards of $2.678 million ($1,648 psf), and four-bedroom units, from 2,067 sq ft, will be north of $3.488 million ($1,687 psf).

Recent transactions at The Residences at W Singapore Sentosa Cove (Source: EdgeProp Landlens/URA Realis)

'Prices comparable to OCR homes'

"Prices in Sentosa Cove remain attractive," says Marcus Chu, CEO of ERA Singapore. The Residences at W's starting prices from $1,648 psf "presents an opportunity for homebuyers and investors to acquire a unit in a coveted luxury oceanfront development at a price comparable to today's Outside Central Region (OCR) homes."

Based on caveats lodged, there have been 25 transactions at The Residences at W. The 24 units sold by the developer from 2010 to 2014 averaged $2,736 psf. The latest selling price, from $1,648 psf, is a 39.8% markdown from the average transacted price a decade ago.

The latest resale at The Residences at W was for a 1,259 sq ft, two-bedroom unit that changed hands for $2.2 million ($1,747 psf) in September 2023. The previous owner purchased the unit in April 2010 for $3.66 million ($2,907 psf). The sale price is 40% below the previous purchase price.

"The year 2010 was the peak of the market at Sentosa Cove," says Dominic Lee, head of luxury at PropNex. The starting prices at The Residences at W today – from $1,648 psf – reflect the current resale prices at other luxury condos at Sentosa Cove of a similar age.

Two other condos in Sentosa Cove completed in 2011 were the 124-unit Marina Collection and the 151-unit Seascape. At Marina Collection, a 2,185 sq ft, four-bedroom unit changed hands for $3.8 million ($1,739 psf) based on a caveat in December 2023. The seller purchased the unit for $4.37 million ($2,000 psf) in October 2012.

At the 151-unit Seascape, a 2,174 sq ft, three-bedroom unit was sold for $4.11 million ($1,890 psf) in December. The previous owner purchased the unit for $5.877 million ($2,703 psf) in April 2010, when the project was launched.

Meanwhile, the 302-unit Cape Royale was completed in 2013, but units were held for rent until the end of June 2022, when the developer released 50 units for sale in the initial phase. Based on caveats lodged, five units were sold in 2024 at an average price of $2,215 psf. In 2023, 40 units were sold at an average of $2,231 psf; in 2022, the average price of 46 units sold was $2,206 pf. Hence, prices have remained relatively stable above $2,200 psf.

Quayside Isle with F&B and lifestyle amenities and the marina are just across the street from The Residences at W Singapore Sentosa Cove (Photo: Samuel Isaac Chua/EdgeProp Singapore)

'Limited supply'

According to an ERA research report on April 9, average home prices in the Core Central Region (CCR) reached $2,510 psf in 2023, compared to $1,992 psf at Sentosa Cove. Average prices at Sentosa Cove are, therefore, about 20.6% below that of similar condos in the CCR today.

In the whole of Sentosa Cove, there are only 10 luxury condos with 1,766 units in total. "No further new residential supply will be available in Sentosa Cove," says Mark Yip, CEO of Huttons Asia.

Of all the condos in Sentosa Cove, The Residences at W is the most conveniently located, Yip adds, with the F&B and lifestyle amenities at Quayside Isle just across the street, the boardwalk along the marina. The 240-key hotel, W Singapore – Sentosa Cove, is also next door. The bus stop for the shuttle service from Sentosa Cove to VivoCity is just across the street.

PropNex's Lee believes the units at The Residences at W will appeal to owner-occupiers. "The sizeable units and lifestyle at The Residences at W cannot be replicated," he says. He adds that a two-bedroom unit of 1,227 sq ft at The Residences at W is larger than most compact three-bedroom apartments at new launches in the OCR today. "Buyers can even add an extra room in the two-bedder at The Residences at W if they wish."

Given the attractive price points, Ken Low, managing partner of SRI, expects interest from investors, too, as rental demand in Sentosa Cove has been strong in recent years, especially since Covid. "In Sentosa Cove, the bigger units are very much in demand from families who want to be away from the hustle and bustle of the city," he says. "There is a strong expatriate community in Sentosa."

Low highlights that Cityview is releasing only 58 units in the first phase at such prices - from $1,726 psf for a two-bedroom and $1,648 psf for a three-bedroom. "We expect future phases [at The Residences at W] to be released at slightly higher psf prices," he adds.

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