Sentosa residential sales surge 74.1% year-on-year

Sentosa's residential property market has seen a resurgence in market interest, with transaction volume surging 74.1% year-on-year. The number of transactions rose from 58 in 1H2023 to 101 in 1H2024.

The relaunch of The Residences at W Sentosa Cove in April was the primary driver behind the renewed interest, offering highly attractive pricing in an enclave renowned for its luxury properties and lifestyle amenities. Caveats lodged since the relaunch show that 72 units at W Sentosa Cove have been sold at an average price of $1,793 psf.

Consequently, the median price in the area fell by 9.9% from $1,999 psf in 1Q2024 to $1,801 psf in 2Q2024.

The largest transaction on the island by absolute quantum in 1H2024 involved a detached house along Ocean Drive. 

In February, the 8,675 sq ft property changed hands for $16 million, translating to a land rate of $1,844 psf. The property was previously purchased by the seller for $13.4 million in 2018, netting the seller a profit of $2.6 million, or a 19.6% gain over six years.

The second-largest deal in Sentosa was the sale of a 99-year leasehold unit at The Oceanfront @ Sentosa Cove. The 4,865 sq ft unit was sold in February for $8.1 million ($1,665 psf). The property had been bought for $6.4 million ($1,315 psf) in March 2017, yielding the seller a profit of $1.7 million (26.6%).