A 40 per cent price reduction for Sentosa condominium homes saw 65 units sold in two days on Apr. 15 and 16.
Apartments at The Residences at W Singapore Sentosa Cove had their prices slashed by over 40 per cent compared to when they were first originally offered for sale in 2010, due to lacklustre demand.
A total of 58 units were released for sale on the first day, of which 45 units were sold, including four penthouses, The Straits Times reported.
On the second day, more units were released for sale and another 20 units were sold.
The 65 units were sold at an average selling price of S$1,780 per sq ft.
The units were released for sale by Cityview Place Holdings, a unit of property developer City Developments Ltd (CDL).
Prior to the sale, Cityview Place Holdings owned 203 units at the development.
Some 3,200 visitors showed up for the viewings from Apr. 10 to 14, a spokesman for Cityview Place Holdings told ST.
Crowds of potential buyers were seen at the viewing.
@sharollorahs The amount of liquidity in the market 😱 Booking of units released in the first phase will be concluded today (15 April), am expecting a good takeup judging from the crowd over the past few days and today. If youve missed the preview, more units should be released very soon! Ive shared my views on the project in my previous video so do head over if youre considering to enter Sentosa. But of course there are alot more data and details Id love to share which I cant fit into the short video, so as usual feel free to reach out via DM or at 83328191 for my inputs and recommendations! #sgproperty #sgrealestate #singaporeproperty #propertysg #sgfiresale ♬ Weekend - Ashley Mehta
Previous selling prices
The price reductions were substantial.
The median price of Sentosa Cove condominiums sold from January to March 2024 was SS$1,999 per sq ft.
The Cityview spokesman said that 94 per cent of the buyers are Singaporeans and permanent residents.
The rest hail from China, France and the United States.
Lacklustre demand
In 2010, CDL launched the units for sale at between S$2,500 psf and S$3,000 psf, ST also reported.
A total of 20 units were sold that year.
The development was completed in 2012.
Between 2012 and 2023, five resale transactions were recorded.
News of the lacklustre demand made it into The New York Times in 2015.
The Residences at W was pulled from sale after several rounds of measures in Singapore were rolled out to cool the property market from 2010, ST reported.
It was also reported that investing in Sentosa Cove has considerable risk, given that 63 per cent of resale transactions over the past decade resulted in losses.
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