Condo market on resort island could see robust year

Prices at Sentosa Cove have been on an upward trend, rising from an average of $1,484 per sq ft (psf) last year to an average of $1,558 psf in the first quarter of this year.

Data from SRX, 99.co and ERA Research showed that at least 25 condo transactions at Sentosa Cove were recorded in the first quarter of this year.

"This is the highest quarterly sales volume since the fourth quarter of 2012," said Mr Pow Ying Khuan, data analyst of 99.co

He added that since 2015, Sentosa condo prices have been hovering between $1,500 and $1,600 psf and this year could see a more robust condo market in Sentosa.

Mr Nicholas Mak, ERA Realty's head of research and consultancy, said this year's transactions could potentially overtake last year's 44 transactions recorded.

Mr Mak said the psf price in Sentosa is comparable to the new launches of condo projects outside the central region. The bigger units and desired lifestyle in Sentosa could also seem more attractive to local buyers, he told The Straits Times.

Moreover, without new projects launching in Sentosa, buyers could feel more confident in their purchases. "They may be hopeful that they are buying at $1,500 psf now and maybe in the future, the price can be sustained or even increased," said Mr Mak.

Associate district director of PropNex Alex Low said that since the start of this year, he has received a lot more inquiries from local buyers. He said the two condo units he sold a week ago were bought by Singaporeans.

"I had a lot of locals who came to view Sentosa properties for the first time and immediately fell in love with the resort lifestyle here," he said. "With more people working from home these days, Sentosa has certainly regained its appeal to local buyers."

Joyce Lim

  • 25

    At least this number of condominium transactions in Sentosa Cove has been recorded in the first quarter of this year.

    44

    Number of such transactions last year.

A version of this article appeared in the print edition of The Straits Times on May 04, 2021, with the headline 'Condo market on resort island could see robust year'. Subscribe