reporter2
15-11-12, 11:04
http://www.straitstimes.com/archive/wednesday/premium/money/story/w-residences-penthouse-sentosa-cove-sold-78m-20121114
W Residences penthouse in Sentosa Cove sold for $7.8m
Published on Nov 14, 2012
By Esther Teo, Property Reporter
A PENTHOUSE at The Residences at W Singapore in Sentosa Cove was recently sold for a cool $7.8 million. The sale reflects a return of buying interest on the back of the opening of luxury boutique hotel W right next door.
The Straits Times understands that the sale price works out to more than $2,300 per sq ft for the more than 3,000 sq ft apartment.
Developer City Developments (CDL) said the recent opening of W Singapore hotel has led to the firm "receiving expressions of interest and more inquiries from investors as well as parties interested in staying on the island".
It plans to release for sale a selective number of apartments early next year.
Mr Chia Ngiang Hong, group general manager of CDL, said marketing was halted after its initial launch in 2010 given the subdued state of the luxury market segment after the global recession.
"More importantly, there was the conclusion that potential buyers were not able to fully appreciate the W brand and its value while the hotel was still being built," he added. "The completion of W Singapore - Sentosa Cove hotel allowed all to see and appreciate the value and branding of The Residences."
Sales of non-landed homes in Sentosa Cove have floundered amid sluggish sales and a general slowdown in the luxury home sector in recent years. Experts blame attractive deals elsewhere, a lack of new launches and foreign buyers deterred by the additional buyer's stamp duty.
Some of the W Residences' units sold in 2010 ranged from over $2,500 psf to more than $2,900 psf.
The W Residences has 228 units. Just over 50 units were launched in 2010. More than 20 apartments have been sold since then, with CDL also leasing out "quite a number" of the remaining units.
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W Residences penthouse in Sentosa Cove sold for $7.8m
Published on Nov 14, 2012
By Esther Teo, Property Reporter
A PENTHOUSE at The Residences at W Singapore in Sentosa Cove was recently sold for a cool $7.8 million. The sale reflects a return of buying interest on the back of the opening of luxury boutique hotel W right next door.
The Straits Times understands that the sale price works out to more than $2,300 per sq ft for the more than 3,000 sq ft apartment.
Developer City Developments (CDL) said the recent opening of W Singapore hotel has led to the firm "receiving expressions of interest and more inquiries from investors as well as parties interested in staying on the island".
It plans to release for sale a selective number of apartments early next year.
Mr Chia Ngiang Hong, group general manager of CDL, said marketing was halted after its initial launch in 2010 given the subdued state of the luxury market segment after the global recession.
"More importantly, there was the conclusion that potential buyers were not able to fully appreciate the W brand and its value while the hotel was still being built," he added. "The completion of W Singapore - Sentosa Cove hotel allowed all to see and appreciate the value and branding of The Residences."
Sales of non-landed homes in Sentosa Cove have floundered amid sluggish sales and a general slowdown in the luxury home sector in recent years. Experts blame attractive deals elsewhere, a lack of new launches and foreign buyers deterred by the additional buyer's stamp duty.
Some of the W Residences' units sold in 2010 ranged from over $2,500 psf to more than $2,900 psf.
The W Residences has 228 units. Just over 50 units were launched in 2010. More than 20 apartments have been sold since then, with CDL also leasing out "quite a number" of the remaining units.
[email protected]