Two major private home launches slated for July
Two major private home launches slated for July. AFTER 9 YEARS OF RENTAL, the luxury development Cape Royale at Sentosa Cove is now for sale. The 99-year leasehold project’s joint developers, IOI Properties and Ho Bee Land, will begin sale previews on Tuesday (June 28), and bookings will begin on July 6 with prices starting at $2,103 per square foot (psf).
This will be the first large-scale Sentosa Cove condo launch in over a decade, according to Nicholas Mak, ERA Realty’s head of research and consultancy. Seascape and Residences at W, the most recent developments, were launched in March 2010 with median prices of S$2,680 psf and S$2,816 psf, respectively.
The Sentosa Cove condo rental market, according to Mak, has been on the rise since 2021. The median rental rate for Sentosa condos increased by 5.2 percent quarter on quarter and 15.1 percent year on year to S$4.43 per square foot in the first quarter of this year. He anticipates that rental demand in the area will remain strong as Singapore’s relaxed border restrictions allow more expats to return to the city-state. Meanwhile, the number of condo rental contracts fell by 11.2% quarter on quarter to 165 in Q1, as the number of vacant units available for rent falls. This means that rents in the area may continue to rise.
Mak, on the other hand, stated that Sentosa condo prices have been recovering since the drop caused by cooling measures in 2018. In 2021, the median price of condominiums in Sentosa Cove will rise by 7.5 percent year on year, according to him. This is lower than Singapore’s overall residential market’s 10.6 percent annual growth rate, but higher than the Core Central Region’s 3.8 percent increase. Sentosa Cove condo prices rose 8.6 percent in the first five months of 2022, reaching S$1,688 per square foot, the highest psf price in the area since 2012.
Cape Royale’s upcoming launch will have indicative prices ranging from S$2,103 psf to S$2,186 psf for 3-bedroom units ranging from 1,679 sq ft to 1,905 sq ft. This equates to approximately S$3.6 million to S$3.7 million. 4-bedders ranging in size from 2,508 to 2,530 square feet will be priced between S$2,211 and S$2,268 per square foot, for a total of S$5.5 million to S$5.7 million. According to a Ho Bee report, approximately 95% of Cape Royale’s 302 units are currently rented and will be sold with tenancy.
The new property launches this year have been in high demand. Piccadilly Grand by City Developments and MCL Land sold 77 percent of its 407 units on the first weekend of sales in May, at an average price of S$2,150 per square foot. Similarly, at launch, Bukit Sembawang’s Liv @ MB sold more than 75% of its 298 units at an average price of S$2,387.
The Cape Royale development is one of two large 99-year leasehold developments set to open next month, the other being AMO Residence at Ang Mo Kio Avenue 1. United Venture Development, a joint venture between UOL Group, Kheng Leong Company, and Singapore Land Group, will build AMO Residence, which will have 372 units spread across two 25-story blocks.
Its 2-bedroom apartments range in size from 614 to 743 square feet, and its 3-bedroom apartments range in size from 958 to 1,136 square feet. The 4- and 5-bedroom units are 1,292 and 1,475 square feet, respectively, while the 3-bedroom penthouse apartments are 2,293 to 2,497 square feet. Property agents estimate that the development’s median price will be around S$2,200 psf. AMO Residence previews are scheduled from July 9th to July 19th, with sales beginning on July 23rd.
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