Two-thirds of Sentosa Cove properties resell at a loss, with average loss topping $1m since 2023
Analysts point to small niche buyer pool in soft market weakened by cooling measures targeted at foreigners.
Nearly two-thirds of properties in Sentosa Cove, Singapore, have been resold at a loss over the past three years, according to research by analysts. Landed homes have performed slightly better than condominiums, with about half of landed resales closing above water since 2023. Sentosa Cove is the only place in Singapore where foreigners can purchase a landed property, subject to government approval.
The capital values of 99-year-leasehold homes built on the island have long been lower than those on the mainland. Since 2023, stamp duties for foreign buyers have increased, leading to a significant drop in demand for luxury homes on Sentosa Cove.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
