Prices of unsold units at The Residences at W Singapore Sentosa Cove slashed by nearly half

The Straits Times04-09

SINGAPORE - Unsold units at The Residences at W Singapore Sentosa Cove will be up for sale at over 40 per cent off its initial launch price in 2010. Cityview Place Holdings, an associate of City ...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPrices of unsold units at The Residences at W Singapore Sentosa Cove slashed by nearly half\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-09 16:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.straitstimes.com/singapore/prices-of-unsold-units-at-the-residences-at-w-singapore-sentosa-cove-slashed-by-nearly-half><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SINGAPORE - Unsold units at The Residences at W Singapore Sentosa Cove will be up for sale at over 40 per cent off its initial launch price in 2010.\nCityview Place Holdings, an associate of City ...</p>\n\n<a href=\"https://www.straitstimes.com/singapore/prices-of-unsold-units-at-the-residences-at-w-singapore-sentosa-cove-slashed-by-nearly-half\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999016042.SGD","symbol_name":"Schroder Singapore Trust A Acc SGD","start_time":0,"source_url":"https://www.straitstimes.com/singapore/prices-of-unsold-units-at-the-residences-at-w-singapore-sentosa-cove-slashed-by-nearly-half","article_id":"2426526061","we_media_id":null,"thumbnails":[],"rights":{"source":"straits_highlight","url":"https://www.straitstimes.com/singapore/prices-of-unsold-units-at-the-residences-at-w-singapore-sentosa-cove-slashed-by-nearly-half","rn_cache_url":null,"customStyle":"","selectors":"body","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2426526061","pubTimestamp":1712652631,"sourceInfo":{"source_id":"straits_highlight","name":"Straits Times"},"weMediaInfo":null,"summary":"SINGAPORE - Unsold units at The Residences at W Singapore Sentosa Cove will be up for sale at over 40 per cent off its initial launch price in 2010.Cityview Place Holdings, an associate of City Developments  and developer of the 228-unit upscale condominium, will be releasing 58 units for sale on April 15, with prices starting from $1,648 per square foot .A Cityview spokesman told The Straits Times it is “extending an offer price for these selected units” as there has been increased interest and sales activity in Sentosa Cove properties in recent months.The 99-year leasehold condominium, which is part of the W hotel brand, was first launched for sale during the property peak in 2010. Back then, the two- to four-bedroom units and penthouses, with sizes from 1,227 sq ft to 6,297 sq ft, were priced from $2,500 psf to $3,000 psf.Ms Tricia Song, CBRE head of research for Singapore and Southeast Asia, expects transaction volumes in the Singapore luxury residential market to remain subdued in","collect":0,"end_time":0,"defaultTopTitle":"straitstimes.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SG9999016042.SGD":"Schroder Singapore Trust A Acc SGD","BK6512":"房地产股","BK6098":"多样化房地产活动","C09.SI":"城市发展","SG9999000475.SGD":"Aberdeen Standard Singapore Equity SGD","BK6027":"贸易公司与经销商","SG9999000343.SGD":"Schroder Singapore Trust A Dis SGD","BK6520":"工商业服务概念"},"translate_title":"新加坡圣淘沙湾W公寓的未售单位价格下跌近一半","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"RS1.SI":0.9,"C09.SI":0.69},"content_text":"SINGAPORE - Unsold units at The Residences at W Singapore Sentosa Cove will be up for sale at over 40 per cent off its initial launch price in 2010.\nCityview Place Holdings, an associate of City Developments (CDL) and developer of the 228-unit upscale condominium, will be releasing 58 units for sale on April 15, with prices starting from $1,648 per square foot (psf).\nA Cityview spokesman told The Straits Times it is “extending an offer price for these selected units” as there has been increased interest and sales activity in Sentosa Cove properties in recent months.\n\n\n\nOver the past week, property agents have been circulating pricing details and floor plans to potential buyers and inviting them to a preview of the property from April 10 to 14. \nThe 99-year leasehold condominium, which is part of the W hotel brand, was first launched for sale during the property peak in 2010. Back then, the two- to four-bedroom units and penthouses, with sizes from 1,227 sq ft to 6,297 sq ft, were priced from $2,500 psf to $3,000 psf.\nBut sales of condo units in Sentosa were hit by a series of property cooling measures introduced from 2010.\n\n\n\n\nWhen the project was completed in 2011, cooling measures were further tightened with the introduction of additional buyer’s stamp duty (ABSD). \n\nUrban Redevelopment Authority (URA) data showed only 20 caveated transactions for the development to date - all in 2010 - with just five units resold from 2012 to 2023.\nPrices of condos in Sentosa Cove - aimed at the ultra-rich with its resort-living lifestyle - had tumbled by about 40 per cent from 2010 to a median price of $1,394 psf in 2020.\nThe Covid-19 pandemic sparked a turnaround for Sentosa Cove homes, driven by shifts in lifestyle preferences during that period, anticipation of potential movement restrictions, and working from home becoming a norm. \n\n\n\nPrices started rising in 2021 and hit a median price of $2,215 psf in 2023. \nIn June 2022, developers IOI Properties and Ho Bee Land decided to put up units at Cape Royale for sale at $2,200 psf, nine years after their project was completed. The developers had rented out the 302-unit condominium after its completion in 2013, as sale prices were falling following two rounds of property cooling measures back then.\nThe move came at a time when demand for luxury apartments was rising, with unsold inventory of private homes at a multi-year low of 14,087 units as at March 31, 2022.\n\n\n\n\n\n\n\n\n\n\n\n\n\nMarket observers noted that the unsold units at The Residence at W Singapore will be launched at a time where fewer units are changing hands in the luxury property market.\nA CBRE market report in February noted a decline in sales for the luxury apartment sector in the second half of 2023, following the doubling of ABSD levied on foreigner buyers to 60 per cent last year.\nMs Tricia Song, CBRE head of research for Singapore and Southeast Asia, expects transaction volumes in the Singapore luxury residential market to remain subdued in the first half of 2024.\nShe attributed the continued softening of sentiment brought to economic uncertainties, cooling measures, and the ongoing money-laundering investigations.\n“In addition, despite stable rental yields, some owners may be compelled to put their properties for sale due to the rise in property tax bills for high-value properties,” said Ms Song.\n\n\n\n\n\nMore On This Topic\n\n \n\nSentosa Cove condo resale price surge surpasses increases on mainland\n\n\n\n \n\nFewer good class bungalows, luxury apartments sold in S’pore but prices stayed stable\n\n\n\n\n\n\n\n\n\nCDL had in 2014 partnered US investment giant Blackstone and Malaysia’s CIMB Bank to create an investment platform that would invest in the cashflows of CDL’s properties in Sentosa Cove, which include five-star hotel W Singapore, a retail property and The Residences at W. A total of S$1.5 billion was raised in the deal amidst a soft property market. \nAt the end of 2023, Blackstone sold its interests in the project to US investment firm BlackRock.\nMr Nicholas Mak, chief research officer at property portal Mogul.sg, noted that the median prices of condo units in Sentosa Cove are currently at about $2,000 psf, higher than before the pandemic. Residential rental rates are likely to soften this year, in line with the overall rental market, he added.\n“As the investment platform depends on rental cash flow, which could soften in the coming year, it is a good time to sell the units now,” he said.\n\n\n\n\n\n\n \n\n\n\n \n\n\nMarket observers were surprised by the starting selling price of around $1,600 for The Residences at W, and described the decision as one aimed at achieving rapid sales.\n“It is essentially priced to sell,” said Mr Mak, who added that another reason for the notably lower price could be the 2023 ABSD hike which has greatly reduced foreign demand. \nThis release of new units could increase sales and excitement in the Sentosa Cove sub-market, he said.\nBut Mr Mak also cautioned potential buyers who are hoping to make capital gains that Sentosa is less accessible than homes on the mainland, and it might take an extraordinary event like the pandemic or an easing of property cooling measures for prices in Sentosa Cove to rise again.\n\n\n\n\n\n\n \n\n\n\n\n\n\nMore On This Topic\n\n \n\nSocialite-influencer Jamie Chua treasures space and privacy in her Sentosa Cove home\n\n\n\n \n\n$15.5 million Singapore penthouse sale flops after three auctions","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2426526061"}