Sentosa Cove property market stabilising

Keshia Faculin31 Jan 2018


Amidst the recovery of Singapore’s private housing market, prices of luxury properties in Sentosa Cove have stopped declining last year and appear to be finding a firm footing, according to Colliers International’s Singapore Research Head Tricia Song.

She told Reuters that the area’s property market suffered the most when Singapore home prices started falling since end-2013. In fact, prices of Sentosa Cove apartments slumped by 35 percent, while prices of dwellings in mainland Singapore dropped 10 percent over the same period, then edged up by 1.1 percent last year.

However, Song believes that the potential rebound in prices in Sentosa Cove would be smaller than what high-end properties in the mainland are expected to see, as the former’s location is less convenient.

Nevertheless, JLL’s Research Director for Singapore Ong Teck Hui revealed that home sales in the posh enclave more than doubled from 31 units in 2016 to 65 units last year.

“As prices in Sentosa Cove have fallen significantly, some buyers are seeing value in the properties there, leading to a pick-up in transaction volume,” he said.

While the recovery in demand in the island appears to be returning more slowly than in other parts of Singapore, he expects sales to increase this year, with prices forecasted to rise by four percent to seven percent for the whole of 2018.


This article was edited by Keshia Faculin.


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