Waterfront condo at Sentosa sold at $3.8m loss

Regardless of an uptick in appeal over the previous two months, property values in Sentosa Cove stay pushed down, with an area of 4,069 square feet waterfront apartment positioned at Seascape sold at a cost of nearly S$4 million, stated The Straits Times in their report.

Bought in year 2010 by Lim Tze Jong the chairman and chief executive of Dyna-Mac Holdings for about S$12.8 million, the leisure apartment went for around S$9 million in the previous month, presented Urban Redevelopment Authority (URA) data.

It was sold to a foreigner after about six months on the market.

The $2,212 psf price attained for the unit was an upgrade from $1,524 psf price reached for a same unit earlier in the year. Positioned at the advanced level of Seascape, the apartment was successfully sold for S$6.2 million, which rendered to an eye-bursting cost of S$6.6 million assumed that it was attained for S$12.8 million in June of year 2010.

Knight Frank exposed that it was the reddest ink deal further than the 16-loss making transactions recorded from April 2016 to 31 March 2017. As a matter of fact, only 11 out of 30 dealings including Sentosa Cove properties jagged up increases all through the period.

“The property market is moving nevertheless Sentosa is a very inconsistent market,” said Mr. Alan Cheong, the research head of Savills Singapore.

“Prices have gotten a point where they are nearly the middle-tier market on the mainland, that is why interest is increasing for Sentosa Cove properties.”

The Knight Frank’s head of consultancy and research, Alice Tan, stated that though most individuals are looking at Sentosa Cove, the extent is not “a main goal compared with major districts 9 and 10”.

Still, though it may not be a good time to sell sentosa property, but it definitely a good time to source for good buy at Sentosa Cove. Some of the existing condo for sale at Sentosa include Residences @ W and Seascape.