The latest news reveals that the W Residences at Sentosa Cove, Singapore, has once again caught the market's attention, reappearing with a price reduction of up to 40%. Reportedly, 58 units launched by Cityview Place Holdings, an affiliate of City Developments Limited (CDL), are priced from S$1,648 per square foot.
This move has stirred interest in the buyer market, particularly considering recent increased buyer interest and sales activity in the Sentosa Cove area. However, these units are not entirely new; they entered the sales market after being leased out in 2011 following the issuance of Temporary Occupation Permit.
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The W Residences project comprises a total of 228 units, with 203 units held by CDL's affiliated company. It is worth noting that despite the 40% price reduction, Sentosa Cove's transportation connectivity is relatively poor, which may impact future property prices, prompting potential buyers to consider carefully.
The units offered range from two-bedroom to four-bedroom units, with prices starting from S$2.118 million. While the price cut is substantial, the developer has raised funds for the project over the past few years through various loan and equity arrangements. In 2019, CDL repurchased a portion of the hotel and retail space equity for S$393 million, leaving only the residential portion.
It is noteworthy that according to data from ERA Realty Network's property research and market intelligence, the profitability of resale private homes in Sentosa Cove varies. Profit margins are higher for landed properties compared to non-landed ones. This is a factor to consider for buyers seeking capital appreciation.
