Two major private home launches slated for July
Two major private home launches slated for July. THE LUXURY DEVELOPMENT CAPE ROYALE AT SENSOSA COVE IS NOW FOR SALE, AFTER 9 YEARS OF RENTAL. The joint developers of the 99-year leasehold project, IOI Properties and Ho Bee Land, will begin sale previews on Tuesday (June 28), and bookings will begin on July 6 with prices beginning at $2,103 per square foot (psf).
According to Nicholas Mak, ERA Realty’s head of research and consultancy, this will be the first large-scale Sentosa Cove condo launch in over a decade. The most recent developments, Seascape and Residences at W, were launched in March 2010 with median prices of S$2,680 psf and S$2,816 psf, respectively. According to Mak, the Sentosa Cove condo rental market has been on the rise since 2021. In the first quarter of this year, the median rental rate for Sentosa condos increased by 5.2 percent quarter on quarter and 15.1 percent year on year to S$4.43 per square foot.
He expects rental demand to remain strong in the area as Singapore’s relaxed border restrictions allow more expats to return to the city-state. Meanwhile, the number of condo rental contracts fell by 11.2 percent quarter on quarter to 165 in Q1, as the number of available vacant units fell. As a result, rents in the area may continue to rise. However, Mak added that Sentosa condo prices have been recovering since the drop caused by cooling measures in 2018. He stated that the median price of condominiums in Sentosa Cove will increase by 7.5% year on year in 2021. This is lower than the 10.6 percent annual growth rate of Singapore’s overall residential market, but higher than the Core Central Region’s 3.8 percent increase.
Sentosa Cove condo prices increased 8.6 percent in the first five months of 2022 to S$1,688 psf, the highest psf price in the area since 2012. The indicative prices for Cape Royale’s upcoming launch will range from S$2,103 psf to S$2,186 psf for 3-bedroom units ranging from 1,679 sq ft to 1,905 sq ft. This is equivalent to S$3.6 million to S$3.7 million. 4-bedders with floor plans ranging from 2,508 to 2,530 square feet will cost between S$2,211 and S$2,268 per square foot, for a total of S$5.5 million to S$5.7 million. According to a Ho Bee report, approximately 95% of the 302 units at Cape Royale are currently rented and will be sold with tenancy.
This year’s new property launches have been met with strong demand. Piccadilly Grand by City Developments and MCL Land sold 77% of its 407 units on launch weekend in May, at an average S$2,150 psf. Similarly, Bukit Sembawang’s Liv @ MB sold more than 75% of its 298 units at an average price of S$2,387 at launch.
Cape Royale is one of two large 99-year leasehold developments set to launch next month, the other being AMO Residence at Ang Mo Kio Avenue 1.
AMO Residence, developed by United Venture Development, a joint venture between UOL Group, Kheng Leong Company, and Singapore Land Group, will have 372 units spread across two 25-story blocks. Its 2-bedroom apartments are 614 to 743 square feet in size, and its 3-bedroom apartments are 958 to 1,136 square feet in size. The 4- and 5-bedroom penthouse apartments are 1,292 and 1,475 square feet, respectively, while the 3-bedroom penthouse apartments are 2,293 to 2,497 square feet.
Property agents estimate that the median price for the development will be around S$2,200 psf. AMO The residence previews will take place from July 9th to July 19th, with sales starting on July 23rd.
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