Prices of unsold units at Sentosa Cove condo slashed by over 40%

Unsold units at The Residences at W Singapore Sentosa Cove will be up for sale at more than 40 per cent off their initial 2010 launch price.

- Joyce Lim

Cityview Place Holdings, which owns 203 units at the development, will be releasing 58 units for sale on April 15, with prices starting from $1,648 per sq ft (psf).

Cityview is an associate of City Developments (CDL), which is the developer of the 228-unit upscale condominium.

A Cityview spokesman told The Straits Times it is extending an offer price for these selected units as there has been increased interest and sales activity in Sentosa Cove properties in recent months.

Over the past week, property agents have been circulating pricing details and floor plans to potential buyers and inviting them to a preview of the property from April 10 to 14.

The 99-year leasehold condominium, which is part of the W hotel brand, was launched for sale during the property peak in 2010.

Back then, its two- to four-bedroom units and penthouses, with sizes from 1,227 sq ft to 6,297 sq ft, were priced from $2,500 psf to $3,000 psf.

But sales of condo units in Sentosa were hit by a series of property cooling measures introduced from 2010.

When the project was completed in 2011, cooling measures were further tightened with the introduction of the additional buyer's stamp duty (ABSD).

Urban Redevelopment Authority data showed only 20 caveated transactions for the development to date - all in 2010 - with just five units resold from 2012 to 2023.

A caveat is lodged with the Singapore Land Authority, and it secures a property for the buyer. But not all buyers lodge caveats.