{"id":25027,"date":"2021-09-01T08:59:05","date_gmt":"2021-09-01T01:59:05","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=25027"},"modified":"2021-09-01T10:28:16","modified_gmt":"2021-09-01T03:28:16","slug":"sentosa-cove-home-sales-this-year-increased-by-72-amounting-to-610m","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/sentosa-cove-home-sales-this-year-increased-by-72-amounting-to-610m\/","title":{"rendered":"Sentosa Cove home sales this year increase by 72%, amounting to $610M"},"content":{"rendered":"

Analysts believe Sentosa\u2019s high transactions\u00a0are due to relatively lower prices compared to\u00a0those\u00a0on the mainland\u00a0<\/span>\u00a0<\/span><\/p>\n

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Sentosa Cove started as a residential zone in 2006, consisting of 2,160 homes that range from high-rise condominiums to luxury bungalows. RaphaelPang\/Shutterstock<\/figcaption><\/figure>\n

According to\u00a0PropertyGuru\u00a0Singapore<\/a>, the island of Sentosa\u00a0reached a new record\u00a0in home sales during the first eight months of 2021.\u00a0<\/span>\u00a0<\/span><\/p>\n

Data from the Urban\u00a0Redevelopment Authority (URA) revealed that there have been 103 transactions on Sentosa Cove as of August 16.\u00a0<\/span>\u00a0<\/span><\/p>\n

The transactions comprised 85 condominiums and 18 landed homes, an 84 percent increase from the 43 condominiums and 13 landed homes throughout 2020. <\/span>\u00a0<\/span><\/p>\n

This year\u2019s sales surged 72 percent from last year, amounting to SGD610 million (USD453.7 million).\u00a0<\/span>\u00a0<\/span><\/p>\n

Some analysts believe that this new transaction record is a spillover from the growing demand for luxury homes in the Rest of Central Region (RCR), as Sentosa Cove\u2019s prices are relatively lower\u00a0than\u00a0those on the mainland.\u00a0<\/span>\u00a0<\/span><\/p>\n

URA data also showed that overall private property prices in Singapore were up 4.1 percent in H1 2021 and 7.1 percent in H2 2021. <\/span>\u00a0<\/span><\/p>\n

Nicholas Mak, head of research and consultancy at ERA Realty, said the mainland\u2019s surge in property prices \u201cmakes the resale prices in Sentosa Cove look relatively attractive\u201d. He added that Sentosa homes could experience a\u00a0price\u00a0recovery from this year\u2019s high transaction volume.\u00a0<\/span>\u00a0<\/span><\/p>\n

Sentosa Cove started as a residential zone in 2006, consisting of 2,160 homes that range from high-rise condominiums to luxury bungalows.\u00a0<\/span>\u00a0<\/span><\/p>\n

Condominium prices on the island declined by around 40 percent since its peak in 2010, while landed home prices started dropping in 2016.\u00a0<\/span>\u00a0<\/span><\/p>\n

However, Sentosa Cove prices have been increasing since 2020, with\u00a0Singaporeans\u00a0accounting for half of the buyers this year.\u00a0<\/span>\u00a0<\/span><\/p>\n

More: Singapore real estate rebounds as luxury sales amount to $7.5 billion in 2021<\/strong><\/a><\/p>\n

Property agents pointed to the pandemic as a key reason for Singaporeans increased interest in Sentosa Cove homes. <\/span>\u00a0<\/span><\/p>\n

Nicole Teo,\u00a0senior\u00a0associate\u00a0group\u00a0director at\u00a0OrangeTee\u00a0& Tie,\u00a0said,\u00a0\u201cAfter a few years of languishing in the property market due to the introduction of\u00a0<\/span>ABSD (Additional Buyer\u2019s Stamp Duty) for foreigners<\/span>, it\u2019s Sentosa\u2019s moment in the sun now.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

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The Property Report editors wrote this article. For more information, email:\u00a0<\/span><\/i>propertyreport@propertyguru.com<\/span><\/i><\/a>.<\/span><\/i><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Analysts believe Sentosa\u2019s high transactions\u00a0are due to relatively lower prices compared to\u00a0those\u00a0on the mainland\u00a0\u00a0<\/p>\n","protected":false},"author":12,"featured_media":25028,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[889,1282,2300,110],"class_list":["post-25027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-home-sales","tag-property-prices","tag-sentosa-cove","tag-singapore","news_country-singapore","news_author-property-report"],"acf":[],"yoast_head":"\nSentosa Cove home sales this year increase by 72%, amounting to $610M | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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