There are some faint signs that property prices at the luxury Sentoza Cove community may be improving. Recently released data shows that two Condos at The Oceanfront sold at roughly, 2,000 Singapore dollars per square foot in April. SRX Property says that prices in that area have fallen a great deal under $2,000 Singapore, per square foot for two years, the only exception being one unit, which sold in October 2014 for a total 4.32 million Singapore dollars, which calculates to 2,079 per square foot for Bellewoods.
January 2015 saw prices sink to S$1,190 per square foot, when at The Coast, Sentoza Cove a 2,626 square foot unit was sold at the price of $3.125 million Singapore. Caveat data published by Singapore’s Land Authority showed that this second floor, four bedroom unit was originally sold for $4.34 million Singapore, that is, 1,653 million Singapore dollars on 8th March 2007, meaning that its seller lost $1,215 million Singapore on the original price paid for Bellewoods.
Property Prices Rebound Bellewoods
Chestertons Managing Director Mr. Donald Han said that Sentoza Cove prices need to be above $2000 per square foot. Prices below that figure mean the Bellewoods are competing for business in the same market as the Marina Bay, District 1 and District 9 areas. When prices fall to nearer the $1,000 per square foot level, they become mass market, rather than luxury home, prices. Mr. Han cautioned that two sales are not a wave, but considered that they were a good omen.
The two units sold, in April 2015, at $2,055 per square foot and $1,954 per square foot. One unit, a 2,788 square foot four bedroom unit enjoying a part sea view, sold for S$5.73 million. Its adjacent unit, with does not enjoy as pleasant a view, is a three bedroom, 1,765 square foot property, sold at S$3.45 million.
Alex Low, PropNex Division Director, whose company has been actively engaged in marketing Sentoza Cove property, said that both properties are on the second level and do not have the good views available on the higher levels, and yet both had attracted a high per square foot price. He added that the last condo which he had sold at the Oceanfront, on a higher floor and thus with a complete sea view, sold, in October 2012, for S$2,190 per square foot. There had been no unit, which had sold above S$2,000 per square foot from then until the two sales in April this year. He added that the two sales were encouraging in a market where buyers usually dictate low prices.
Bellewoods EC Prices
Chief Executive Officer of Century 21 (Singapore division), Mr. Ku Swee Yong said that the sales of two units in the region of $2,000 per square foot will boost confidence in Sentoza Cove. He added that for $2,000 per square foot buyers could purchase a Bellewoods EC in Woodlands but that it would not come with the sea view or the surroundings that are available in Sentoza Cove.
Mr.Yong said that it was difficult to say whether the prices for these two units represented an upward trend in prices because two sales were too few from which to make out definite general movement. He said that even at $2,000 psf, prices would not reach their former 2008 peak.
Bellewoods EC in Woodlands Qingjian
Ms. Jackie Yeh is the owner of eleven condominium units in Sentoza Cove, eight of them at The Oceanfront. She is optimistic and feels that the Sentoza Cove units which had reportedly sold for huge losses were just flukes. She said that Sentoza Cove is an extremely exclusive area. She added that she had bought her units, when the developments were originally launched and had therefore paid very good prices. She added that were she to sell any of her units now, she would make a profit on what she originally paid, but that she was confident that prices will rise further over the long term and would wait in expectation.