Cape Royale in Sentosa to be launched for sale, 9 years after completion
Cape Royale in Sentosa to be launched for sale, 9 years after completion. Units at the upscale Cape Royale on Sentosa island will go on the market soon, nine years after the development was completed.
When the leasehold condominium project was completed in 2013, prospective buyers were put on hold because developers IOI Properties and Ho Bee Land decided to rent out the apartments as sale prices began to fall following two rounds of property cooling measures that year.
However, it appears that some of the homes will finally be available.
A Ho Bee Land spokesman told The Straits Times on Wednesday (June 8) that the apartments will be sold “in the near future,” but provided no further details.
According to the ST, the developer has requested marketing proposals from real estate agents. Several Cape Royale sale listings on property portals have a guide price starting at $2,200 per square foot (psf).
According to a property agent who claimed to have been appointed by the developers, the sale will be rolled out in batches, with the launch scheduled for the end of the month.
He also stated that salespeople have been given floor plans for the three- and four-bedroom units, as well as information about their sales commission.
Ho Bee Land, which also built the Sentosa condos Turquoise, The Berth by the Cove, The Coast, and Seascape, released 16 units at Turquoise for sale last year, according to property portal EdgeProp.
The Cape Royale sales launch will coincide with rising demand for luxury apartments, as unsold inventory reached a multi-year low of 14,087 units on March 31.
According to Urban Redevelopment Authority data, condominium sales in Sentosa more than tripled last year compared to 2020.
“I think it’s an opportune time for Ho Bee Land to launch Cape Royale now,” said Ms Nicole Teo, senior associate group director at OrangeTee & Tie. Large-sized units are in high demand on the market right now, but supply on the mainland is extremely limited.
“The spacious unit sizes at Cape Royale put it in good stead, even if its age and location may turn off the usual buyers. However, we have seen an increase in interest in Sentosa properties, not only from foreign buyers but also from Singaporeans.
“Anecdotally, I’m seeing an increase in the number of local buyers interested in Sentosa properties, possibly due to the size premium they offer over the mainland, combined with the unobstructed sea views.
“Given that Seascape, which is adjacent to Cape Royale, is slightly older but has been transacting at $2,000 to $2,100 psf, I believe Cape Royale’s price is considered attractive.”
PropNex Realty chief executive Ismail Gafoor believes that an entry price of $2,200 psf is appealing for the high-end, ultra-posh waterfront enclave of Sentosa Cove, given that the average price of recent mainland launches like Piccadilly Grand and [email protected] both crossed the $2,000 psf mark, with over 70% of units sold on launch day for both projects.
Despite cooling measures, market observers expect Sentosa property sales to continue to rise.
ERA Realty’s head of research and consultancy, Mr Nicholas Mak, stated: “In comparison to the resale volume in 2021, the Sentosa Cove condo resale market has cooled slightly after the property curbs in December 2021. It is, however, gradually recovering from the impact of the property curbs.”
When compared to the peak around 2010, Sentosa condo prices fell nearly 40% to around $1,394 psf during the pandemic in 2020.
However, PropNex associate district director Alex Low, who specializes in Sentosa Cove homes, stated that he has seen many resale units sold for more than $2,000 psf in recent months.
“These are typically sea-facing units with a functional layout. Most buyers today are willing to pay a premium for a good sea view. Many of them are purchasing for their own use or for retirement “Mr. Low added.
According to Mr Mak of ERA Realty, the last condo project to be released for sale in Sentosa was Seascape and Residences at W Singapore Sentosa Cove in 2010.
“In the first five months of this year, the median price of resale condo units in Sentosa Cove was $1,688 psf,” he said.
“Cape Royale will almost certainly be priced higher than this. As a result, the opening of Cape Royale may raise the overall median price of condos in Sentosa Cove.”
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