Buying interest seen in Sentosa Cove, Keppel Bay and Beach Road

A 1,658 sq ft, three-bedroom apartment on the fifth floor at W Residences at Sentosa Cove was sold for $4.5 million, or $2,726 psf

THE  EDGE SINGAPORE| September 2, 2013|

BY ADELE TEO

On Aug 7, a 1,658 sq ft, three-bed-room apartment on the fifth floor of W Residences at Sentosa Cove, located at the prestigious Sentosa Cove, was sold for $4.5 million, or $2,726 psf. The 228-unit, 99-year, leasehold high-end condominium project is part of the W Singapore-Sentosa Cove mixed-use development, which includes Quayside Isles, a commercial complex containing upscale restaurants, shops and supermarket overlooking the marina, and the adjacent 240-room W Hotel. The mixed-use development by listed property giant City Developments Ltd (CDL), was completed last year.

W Residences has seven sprawling six-storey blocks with apartments enjoying views of the waterway. Two-bedroom apartments start from 1,227 sq ft to four-bedroom units of 2,486 sq ft. Duplex penthouses range from a 2,217 sq ft two-bedroom unit to a 6,297 sq ft five-bedroom home.

CDL has sold more than 20% of the units to date, and is holding the majority of them for lease. In January, a 1,259 sq ft, two-bed-room unit on the fifth floor was sold for $3.66 million ($2,904 psf). Prices of units sold at W Residencess since it previewed in March 2010 range from $2,321 to $2,968 psf, according to caveats lodged with URA Realis.

Transaction volume in Sentosa Cove has been thin, admits Ray Ang, senior marketing director at ERA. Nevertheless, there has been some activity. However, he notes that most potential buyers prefer to purchase units directly from the developer rather than the secondary market, where units tend to be priced higher.

 For instance, at the 124-unit private condo Marina Collection, located next to One°15 Marina Club, three units on the first level were sold for $6.93 million ($2,900 psf) apiece. The apartments are all four-bedroom units of 2,390 sq ft each. Marina Collection by Indonesian tycoon Stephen Riady’s Lippo Group was completed two years ago.

Marina Collection

Meanwhile on Coral Island, also in Sentosa Cove, there are 21 bungalows, each with its own swimming pool and private berth. Completed in 2007, the bungalows were developed by Ho Bee Investments, a niche developer and first mover with eight residential projects in Sentosa Cove, making it the single largest stakeholder there. The latest transaction at Coral Island was for a bungalow sitting on a 6,986 sq ft plot, which changed hands for $18 million ($2,575 psf). The adjacent bungalow, which sits on a larger plot of 13,433 sq ft, changed hands for $28 million ($2,084 psf) in March. It was last sold in December for $26.5 million ($1,973 psf), according to caveats lodged with URA Realis.

Located across the water from Sentosa Island is the 1,129-unit Reflections at Keppel Bay. A 2,207 sq ft, three-bedroom apartment on the 30th floor of one of the highrise blocks changed hands for $4.5 million ($2,039 psf). The previous owner had purchased the unit from the developer, Keppel Land, for $4.24 million ($1,922 psf) when the 99-year leasehold private condo (designed by world renowned architect Daniel Libeskind) was launched in 2007.

Reflections at Keppel Bay

Meanwhile, along Beach Road, Concourse Skyline by listed developer Hong Fok Corp, saw a 1,163 sq ft, two-bedroom unit on the 11th floor of one of the condo blocks change hands in a sub-sale for $1.84 million ($1,583 psf) in early August. The seller had paid $1.4 million ($1,205 psf) for the unit in July 2009.

Concourse Skyline

The 99-year leasehold private condo, which will be located next to Hong Fok’s existing The Concourse office tower, contains 360 apartments, and is set to be completed by year-end. The project was first rolled out in September 2008, and of 342 units launched to date, 241 have been sold as at end-July.

The latest asking price for Concourse Skyline ranges from $2,500 to $3,200 psf, according to a property agent who declined to be named. At its launch in September 2008, units were sold at between $1,279 and $1,871 psf. Asking prices are on an uptrend, he says. Nearby at the junction of Bras Basah Road and Beach Road is an upcoming landmark mixed-use scheme by M+S (a joint venture between Malaysia’s Khazanah Nasional and Singapore’s Temasek Holdings). The project will contain two towers with Grade-A office space, a luxury hotel and residences. Some property agents reckon the residential scheme, called Duo Residences, is likely be launched sometime before the end of the year. That is expected to put the spotlight back on Beach Road.