The Residences at W Singapore Sentosa Cove have sold a total 65 units at a price cut of over 40% compared to the original launch in 2010.

Cityview Place Holdings which owns 203 of the units at the project, said that approximately 3,200 people visited the viewings during the period April 10-14.

Cityview (an associate of City Developments) released 58 condominium units for sale in the first 24 hours. Of these, 45 were purchased, including four luxury penthouses.

The Straits Times was told by a Cityview spokesperson that 20 additional Cityview units were released for sale on 16 April.

The 65 units sold were on average priced at $1,780 sq ft.

Comparatively, from January through March 2024, the median selling price of condominiums in Sentosa Cove was $1,999 per square foot.

Cityview spokesperson stated that 94% were Singaporeans and permanent resident, while the remainder were from China France and United States.

CDL sold the first units in 2010 at $2,500 to $3,000 per square feet. There were only 20 units sold.

Five resale agreements were made between 2012 (when the project was finished) and 2023.

A series of measures to cool off the property market that began in 2010 affected The Residences at W. They were pulled from sale.

The industry experts who spoke about the sales of April 15 and 16 unanimously agreed that pricing strategy was the major reason for nearly 80 percent take-up units on the day one.

This is due to the low prices. Per square foot, the price for a Sentosa prime property is quite attractive.

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The prevalence of hybrid working arrangements and the convenience provided by last-mile services has also reduced the perceived inconvenience that was previously associated to Sentosa Cove.

The majority of buyers is older than mid-40s. This group of buyers may be looking for an urban lifestyle, but the units in question are ready to move into right away.

On the first sales day, more two-bedders than three-bedroom units.

If you are buying these units for the purpose of a waterfront house, your investment is likely to pay off.

The potential for greater capital gains is lower in suburban condos.

The Residences at W currently sells at prices that are similar to those of the condos available for resale in Sentosa Cove.

Cape Royale’s sales, at a price between $2,000 psf – $2,300 psf per unit, helped push the median Sentosa Cove condos prices above $2,000 in 2022 & 2023.

The development, which was completed in 2013, won’t be ready for the market until 2022, or nine years later.

Urban Redevelopment Authority figures show that, after excluding Cape Royale from the equation, the median psf value for a resale, 99-year leasehold condominium in Sentosa Cove would be $1,577.

Cityview had released a selection of apartments for sale on 16 April, including a 3,486 sf three-bedder. The unit has a private pool and is priced around $4,000,000, or about $1.620 psf.