reporter2
23-12-22, 10:27
Prices of luxury homes in Sentosa Cove ‘at a tipping point’
December 23, 2022
Home sales in Sentosa Cove slowed in 1Q2022 following the cooling measures in December 2021. Still, momentum edged up in 2Q2022 and 3Q2022 as Singapore reopened in April after the pandemic, bringing the number of bungalows sold to 17 with a total transaction value of $320.65 million, based on caveats lodged as of Dec 15, 2022.
For the whole of 2021, a total of 26 bungalows changed hands for $440.44 million. It was the highest number of transactions since 2012, when 25 bungalows were sold for $513.9 million ($2,150 psf).
While transaction volume in 2022 may be lower than that of 2021’s, the average price of bungalows transacted was 8.55% higher at $1,930 psf compared with $1,778 psf the previous year.
https://i.imgur.com/WnknyPE.jpg
https://i.imgur.com/BSo28MI.jpg
A seafront bungalow at Ocean Drive sitting on a 99-year leasehold site of 17,110 sq ft that changed hands for $34.5 million ($2,016 psf) in July 2022 was the highest transacted bungalow in 2022. But it was the bungalow at Cove Grove, sitting on a 9,182 sq ft, 99-year leasehold site, that scored the highest psf price of $2,396 psf when it was sold for $22 million in October.
Steve Tay, senior associate vice president, List Sotheby’s International Realty, brokered the sale of the bungalow at Cove Grove that fetched the highest psf price. Other bungalow deals in Sentosa Cove that he brokered this year include another property at Cove Grove that changed hands for $21 million ($2,076 psf) in April and a seafront unit at Ocean Drive that went for $18.5 million ($1,961 psf) in August.
https://i.imgur.com/RYmDgBZ.jpg
https://i.imgur.com/uhjURon.jpg
More at: https://www.edgeprop.sg/property-news/prices-luxury-homes-sentosa-cove-%E2%80%98-tipping-point%E2%80%99
December 23, 2022
Home sales in Sentosa Cove slowed in 1Q2022 following the cooling measures in December 2021. Still, momentum edged up in 2Q2022 and 3Q2022 as Singapore reopened in April after the pandemic, bringing the number of bungalows sold to 17 with a total transaction value of $320.65 million, based on caveats lodged as of Dec 15, 2022.
For the whole of 2021, a total of 26 bungalows changed hands for $440.44 million. It was the highest number of transactions since 2012, when 25 bungalows were sold for $513.9 million ($2,150 psf).
While transaction volume in 2022 may be lower than that of 2021’s, the average price of bungalows transacted was 8.55% higher at $1,930 psf compared with $1,778 psf the previous year.
https://i.imgur.com/WnknyPE.jpg
https://i.imgur.com/BSo28MI.jpg
A seafront bungalow at Ocean Drive sitting on a 99-year leasehold site of 17,110 sq ft that changed hands for $34.5 million ($2,016 psf) in July 2022 was the highest transacted bungalow in 2022. But it was the bungalow at Cove Grove, sitting on a 9,182 sq ft, 99-year leasehold site, that scored the highest psf price of $2,396 psf when it was sold for $22 million in October.
Steve Tay, senior associate vice president, List Sotheby’s International Realty, brokered the sale of the bungalow at Cove Grove that fetched the highest psf price. Other bungalow deals in Sentosa Cove that he brokered this year include another property at Cove Grove that changed hands for $21 million ($2,076 psf) in April and a seafront unit at Ocean Drive that went for $18.5 million ($1,961 psf) in August.
https://i.imgur.com/RYmDgBZ.jpg
https://i.imgur.com/uhjURon.jpg
More at: https://www.edgeprop.sg/property-news/prices-luxury-homes-sentosa-cove-%E2%80%98-tipping-point%E2%80%99