Cape Royale’s launch after 9 years: Is Sentosa’s property market making a comeback?

by Albert02

Cape Royale’s launch after 9 years: Is Sentosa’s property market making a comeback?

Cape Royale’s launch after 9 years: Is Sentosa’s property market making a comeback? Cape Royale, a Sentosa Cove condominium, made headlines earlier this year when it went on the market nine years after it was finished.

Developers Ho Bee Land and IOI Properties sold roughly half of the 50 units available when the 302-unit luxury condo was unveiled on July 6. (according to reports by Forbes and The Business Times). A 3-bedroom unit cost S$4 million on average, while a 4-bedroom unit cost S$5.5 million. The psf price started at S$2,103. Surprisingly, this comes just months after a surge in Sentosa property sales in 2021 was reported. This comes after years of falling prices and sales. With the recent launch of Cape Royale, could the Sentosa property market be making a comeback? We examine Sentosa’s property landscape over time and how it is doing today.

Impact of 2013 cooling measures

Additional Buyer’s Stamp Duty (ABSD) for Singaporeans, PRs, and foreigners was raised as part of the cooling measures. The Total Debt Servicing Ratio was also implemented, which limited monthly loan repayments for buyers to 60% of their monthly income. At the time, the average price per square foot for Sentosa condos was S$2,153, down from S$2,233 in 2012. During the same time period, the number of sales fell from 70 to 37. Prices dropped even further in 2014, to S$1,718 psf, with only 22 transactions. As a result, the number of transactions decreased, and prices reached an all-time low of S$1,418 psf in 2020.

Find out the full details in the full report.

Click the image to read the full details of report.
Source:
https://www.99.co/singapore/insider/cape-royales-launch-sentosa-cove/


 
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