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View Full Version : The Coast @ Sentosa (D4, 99 year, Ho Bee)



gingkonut
06-10-06, 00:27
From the Baywater Collection.

1,916 sq ft - 4,306 sq ft.

The only Sentosa condo that commands FULL SEA VIEW.

Will update with pics soon.

mr funny
06-10-06, 18:33
Hmmm, I thought Oceanfront@Sentosa Cove was the only one with the full sea view?

mr funny
11-10-06, 02:26
Singapore
Published October 10, 2006

90 Sentosa condos sold at average $1,500 psf

By KALPANA RASHIWALA

HO Bee Group has sold about 90 units at The Coast condo at Sentosa Cove since Friday at an average price of $1,500 per square foot - and plans to raise prices gradually.

http://img172.imageshack.us/img172/599/bt492429109102006481ba7hr8.jpg (http://imageshack.us)
The Coast: Ho Bee officials expect prices of condos at Sentosa Cove to hit $2,000 psf in the next 12 to 18 months

The average price achieved so far for the 249-unit, 99-year leasehold condo is almost double the $785 psf at which Ho Bee launched its first condo at Sentosa Cove about two years ago. And Ho Bee officials expect prices of condos at Sentosa Cove to hit $2,000 psf in the next 12 to 18 months.

'As the precinct gets developed over time, people will appreciate the concept of waterfront living in a gated community,' Ho Bee chairman and chief executive Chua Thian Poh said in an interview yesterday.

Ho Bee executive director Ong Chong Hua added: 'The integrated resort/casino will provide the X factor for Sentosa Cove. We're very bullish.'

Noting that prices of 99-year leasehold bungalow lots at Sentosa Cove have surpassed those of freehold land in prime districts on mainland Singapore, Mr Ong predicts that the same trend will manifest itself over time for condo values in the upscale waterfront housing district.

'There's scarcity value at Sentosa Cove', which will have about 2,500 homes when development is completed in about four years. Ho Bee is understood to be holding back further sales at the condo until later this week.

Of the 90 units sold at The Coast so far, 45 per cent were bought by foreigners and permanent residents, including Indonesians, Hongkongers, Europeans and Americans.

The project is being marketed by CB Richard Ellis and DTZ Debenham Tie Leung.

All units at the development - one block of which is six storeys high and the rest eight storeys - boast seafront and waterway views. Prices range from around $3 million for a three-bedder to $6.4 million for a penthouse.

Analysts estimate Ho Bee's breakeven cost could be around $930-$950 psf, which translates to a pre-tax profit of around $300 million for its 90 per cent share in the joint venture company that is developing The Coast. The other 10 per cent is held by Engro Corporation.

For the six months ended June this year, mainboard-listed Ho Bee Investment reported a group net profit of $37.5 million - close to the $38 million achieved for the whole of last year.

Ho Bee officials did not comment on profits from developing The Coast yesterday, but said proceeds from sales will help lower the group's gearing ratio to 0.5 to 0.6 by year-end from 0.9 as at June 30.

The reduction in gearing will be supported by cashflow from The Berth by The Cove condo - Ho Bee's maiden project on Sentosa Cove - when it receives its Temporary Occupation Permit this month, signalling the collection of a substantial portion of sales proceeds from buyers, said Ho Bee executive director Desmond Woon.

Besides the two condos at Sentosa Cove, Ho Bee is developing an eight-unit terrace house project called The Berthside (fully sold) and a total of 50 bungalows on two man-made islands.

The group has sold 20 of 21 bungalows on Coral Island and expects to launch Paradise Island, with 29 bungalows, towards the year-end or early next year.

On the mainland, Ho Bee expects to release a 60-unit freehold condo in Orange Grove Road around December.

The group is on the lookout for more sites in Singapore and is eyeing new overseas markets - India, possibly second-tier cities such as Hyderabad and Pune, and Vietnam. Ho Bee has effective stakes of nearly 10 per cent in two Shanghai projects.

alibaba
08-02-07, 16:32
http://img151.imageshack.us/img151/4527/coast1ds2.jpg

http://img151.imageshack.us/img151/9048/coast2sx7.jpg

http://img151.imageshack.us/img151/2027/coast3gz5.jpg

http://img151.imageshack.us/img151/6816/coast4aj2.jpg

Unregistered
09-07-07, 17:22
Got tsunami how?

Unregistered
09-07-07, 19:07
Got tsunami how?

Study some geography and you will discover there is zero chance of Tsunami hitting these shores.

evelyn owner
09-07-07, 20:23
i think coast is a good buy now with duchess transacting above 2k psf. how much is coast going for now? anybody wanna sell below 2k?

Unregistered
10-07-07, 09:10
Study some geography and you will discover there is zero chance of Tsunami hitting these shores.

Global warming and Singapore coastal lines recede how?

Unregistered
10-07-07, 11:45
Study some geography and you will discover there is zero chance of Tsunami hitting these shores.

Study some history and you will discover 5 of the 7 ancient wonders of the world were believed to be destroed by earthquake. One is still standing (in Egypt) and the other believed to be destroyed by arson. I believe Tsunami will hit the Cove because it is very exposed to the elements. But it's my belief only.

Unregistered
11-07-07, 10:22
Study some history and you will discover 5 of the 7 ancient wonders of the world were believed to be destroed by earthquake. One is still standing (in Egypt) and the other believed to be destroyed by arson. I believe Tsunami will hit the Cove because it is very exposed to the elements. But it's my belief only.

Very nice condo. Really at sea-edge. Not sure if got tsunami (which is caused by earthquake). It will be a pity because it's quit a nice condo. Can buy insurance or not.

Unregistered
11-07-07, 11:18
Study some history and you will discover 5 of the 7 ancient wonders of the world were believed to be destroed by earthquake. One is still standing (in Egypt) and the other believed to be destroyed by arson. I believe Tsunami will hit the Cove because it is very exposed to the elements. But it's my belief only.


No lah, The tear faults that are likely to cause Tsunami is on the West of Sumatera and South of java. We are covered by these two big Islands. So no tsunami here in Singapore.

Water in northern part of Java all the way to Singapore is only 50 m deepest. So no concern regarding Tsunami.

Water in western Sumatra and southern Java are 1000-3000m deep and full of underwater volcanoes. Thats the place of concern.

Unregistered
12-07-07, 17:18
Any seafront property like The Coast is rare in Singapore and is worth every cent. Seafront properties hold a special premium in every great city. Sentosa Cove is special as it also has the IR as the backdrop and it may become the "Peak" (in HK) of Singapore where the richest residents live on. Other seafronts projects will be ECP and Pasir Ris beach. Marina Bay is not seafront but bayfront. The condos are not exactly by the sea. But bayfront also commands a huge premium. Another potential seafront areas in Singapore could be Upper East Coast and Changi Beach.

beach lover
12-07-07, 22:27
I agree Sentosa Cove is exclusive.
Only high end condos and bungalows there. And sharing the island with a casino, luxurious marina and the most high end hotel in Singapore, Capella.To top it off it has terrific branding and foreigners would know of it.

But being seafront does not automatically make a location prestigious.Pasir Ris is still one of the cheapest areas. So is the beach by Sembawang.Meyer is probably the best of "seafront" locations altho it is still not considered prime.Other parts of East coast are more like highway front than seafront. Below 8th floor you can only see highway. Condos beside highways, shopping centres and HDBs will never be prime. Pasir panjang was once beachfront too but now it is staring at the giant West Coast flyover front and port front.

Unregistered
12-07-07, 23:52
Any seafront property like The Coast is rare in Singapore and is worth every cent. Seafront properties hold a special premium in every great city. Sentosa Cove is special as it also has the IR as the backdrop and it may become the "Peak" (in HK) of Singapore where the richest residents live on. Other seafronts projects will be ECP and Pasir Ris beach. Marina Bay is not seafront but bayfront. The condos are not exactly by the sea. But bayfront also commands a huge premium. Another potential seafront areas in Singapore could be Upper East Coast and Changi Beach.


HOW ABOUT SEMBAWANG?? It is a seafront also. Why nobody want to build condo over there????

Unregistered
13-07-07, 10:13
HOW ABOUT SEMBAWANG?? It is a seafront also. Why nobody want to build condo over there????

Take it easy pal. The seafront living concept is only just starting to catch on with Singapore's imagination. Even the NDP wants to hold it on waters. The truely seafront properties like Sentosa Cove, Pasir Ris, certain parts of East Coast Park and even Sembawang have a good chance of being the super prime water sites in Singapore. It's the "Water Collection".

Unregistered
13-07-07, 10:15
I agree Sentosa Cove is exclusive.
Only high end condos and bungalows there. And sharing the island with a casino, luxurious marina and the most high end hotel in Singapore, Capella.To top it off it has terrific branding and foreigners would know of it.

But being seafront does not automatically make a location prestigious.Pasir Ris is still one of the cheapest areas. So is the beach by Sembawang.Meyer is probably the best of "seafront" locations altho it is still not considered prime.Other parts of East coast are more like highway front than seafront. Below 8th floor you can only see highway. Condos beside highways, shopping centres and HDBs will never be prime. Pasir panjang was once beachfront too but now it is staring at the giant West Coast flyover front and port front.

Bluwaters 2 (dubbed the Condo by the sea) launching now for a 3 bedroom at about $1 million and selling well. It's really a bargain for such a seafront condo.

Unregistered
13-07-07, 11:29
Bluwaters 2 (dubbed the Condo by the sea) launching now for a 3 bedroom at about $1 million and selling well. It's really a bargain for such a seafront condo.

Bluwaters 2 and some other condos by Pasir Ris beach is a good buy for those who love the sea but can't afford Sentosa Cove.

DRSG
13-07-07, 11:32
Ya unless you buy the penthouse you see only trees.No water for Bluwater.Anyway it has been reserved or sold.

Unregistered
13-07-07, 14:03
Ya unless you buy the penthouse you see only trees.No water for Bluwater.Anyway it has been reserved or sold.

Sea view is good, but the point is seafront condos - can walk to the beach (within 10 minutes walk). On this, Sentosa Cove is sea-grade aaa. Pasir Ris (Jln Loyang Besar) is sea-grade aa+. The very good condos by ECP is sea-grade aa-. Most there will be sea-grade bb+. Sembawang got potential also. But must wait for the right time. Too early to call.

Unregistered
13-07-07, 14:05
Take it easy pal. The seafront living concept is only just starting to catch on with Singapore's imagination. Even the NDP wants to hold it on waters. The truely seafront properties like Sentosa Cove, Pasir Ris, certain parts of East Coast Park and even Sembawang have a good chance of being the super prime water sites in Singapore. It's the "Water Collection".

Yo, agree totally man. Many foreigners now are from europe, america, australia, NZ the pacific etc, and they are different from city lovers like HK and Indonesia. They look for seafront living. Like you say - the Water Collection.

Unregistered
13-07-07, 14:09
Yo, agree totally man. Many foreigners now are from europe, america, australia, NZ the pacific etc, and they are different from city lovers like HK and Indonesia. They look for seafront living. Like you say - the Water Collection.

Water Collection for Water People. Hmmm, this water forum is very interesting. My bets for the Water Collection in no order or merit:

- Sentosa Cove.
- Marina Bay.
- Tg Rhu.
- Pasir Ris (Jalan Loyang Besar (JLB) and Elias).
- East Coast Park.

Unregistered
13-07-07, 14:11
Ya unless you buy the penthouse you see only trees.No water for Bluwater.Anyway it has been reserved or sold.

PH at Bluwaters more than 2 million lar. Can't afford.

Unregistered
13-07-07, 17:42
I doubt foregners wld buy Pasir Ris and Sembawang despite the seafrontage. When those locations start to move, you know it's near the market peak ;)

Unregistered
13-07-07, 17:47
I doubt foregners wld buy Pasir Ris and Sembawang despite the seafrontage. When those locations start to move, you know it's near the market peak ;)

Lots of foreigners living in Pasir Ris already. It's a good place for those working in the east or even central, like tampines, changi airport, east coast, parkway parade etc.

Unregistered
17-07-07, 14:14
Japan coast hit by earthquake. Many houses toppled. Earthquake created tsunami. Not sure if it will hit Sentosa Cove. The condo there all look very vulnerable. They are the frontline against any possible tsunami. It can happen, due to global warming, climate change, plates movement and ocean changes. I presonally think it's going to hit.

moonk123
24-11-08, 13:44
Project Name-THE COAST AT SENTOSA COVE
Developer-Ho Bee Cove Pte Ltd(Ho Bee Group)
Property Type-Condominium
Tenure - 99 Yrs From 18/03/2004
Total Units - 249
Completion Date - Est 30 Jun 2010
District - 4

http://www.virtualhomes.sg/FileUpload/Project/176/Images/a2.jpg

http://www.virtualhomes.sg/FileUpload/Project/176/Images/a3.jpg

http://www.virtualhomes.sg/FileUpload/Project/176/Images/floor_typeB2.jpg

http://www.virtualhomes.sg/FileUpload/Project/176/Images/e1.jpg

hey,see the 720 degree virtual tour on the coast construction site from:
http://www.virtualhomes.sg/thecoastatsentosacove

:)

kalumder
28-03-09, 19:16
some units are now going for 1300psf. Lower than the azure.

http://www.propertyguru.com.sg/listing/309657/for-sale-the-coast-at-sentosa-cove

http://www.propertyguru.com.sg/listing/309370/for-sale-the-coast-at-sentosa-cove

august
28-04-09, 16:45
i prefer this project to azure, wonder if will hit 1k psf... :o

Property_Owner
28-04-09, 16:48
Heard it's going to TOP soon right?

proud owner
28-04-09, 16:54
Heard it's going to TOP soon right?

was it launched at 1800 psf ?

Property_Owner
28-04-09, 17:02
was it launched at 1800 psf ?

No idea. Got to check around. Bro, do you think Sentosa is good for investment? Share you views on pro and cons. thanks:)

august
28-04-09, 17:03
was it launched at 1800 psf ?

should be around 1.5k psf

kalumder
28-04-09, 17:17
No idea. Got to check around. Bro, do you think Sentosa is good for investment? Share you views on pro and cons. thanks:)

Con
One really big con, is lack of nearby schools for the kids. So if you rent it out, it can be a drawback for expats.
The area (west coast) is still quite under-developed, alot will depend on what happens the next 10 years
Rental for the Azure and the Berth, has been quite poor, so why should the coast be better?

Pros
Best finish imo, compared to other condo´s on Sentosa. (Oceanfront might be better, will have to see)
Great seaviews
Marina views on the back.
This type of property is unique in Singapore
Unless they create a new island nearby, one should be free of construction noise, for a few years, once everything is completed!


However, given the choice of spending 1300psf on the coast or the sail (marina bay units), I would always go for the sail.

What are the condo management fees?

PN
28-04-09, 17:21
should be around 1.5k psf

Launch price is around 1500-1600psf. Oct06 transactions done these prices
2024sqft unit sold at 3.08mil
2077sqft unit sold at 3.37mil

proud owner
28-04-09, 17:26
i know of someone living on sentosa...one of those bungalows.. like damn glam ... house damn nice ... spent a bomb ..

though no amenities .. all forms of shopping has to be done on mainland ..

BUT it suits him really well ..becos his daughter is autistic ... sad sad .. and cannot mix around with others .. so sentosa is their first choice ...

i agree ..school is a problem, .. traffic is a problem ..though now VIVO city has closed the carpark on the sentosa entrance side to reduce jam ..but still ..just to get to that opening during peak hr can vomit blood ...

somemore everytime go visit them have to argue with the booth people why i should pay for driving into sentosa ..sian ..like prison like that ..

having said all that ..yes in 5-10 yrs things shud change, improve ...

focus
28-04-09, 20:29
proud owner.. don't be so proud..

People mending the booth is just doing their job... you want to complain ..write in to Sentosa Mgmt.

kalumder
28-04-09, 21:26
ah what the hell, I just found the deal of the day, to hech with the coast
For Sale -Sentosa Cove (D04)

S$ 1,600,000 Negotiable | 5 beds | 5 baths | 8,200 sqft / 762 sqm | S$ 195.12 psf (land) - 6,200 sqft / 576 sqm | S$ 258.06 psf (built-in)

Nested in the Sentosa cove development. This house will take your breath away. Modern classic design will ensure you that your house will be timeless. Comes complete with swimming pool and the seaviw will allow breeze to come into the house on a hot summer's day. Don't miss this opportunity to own one of the top elite houses in Singapore and the best thing is its ready for occupation...

http://www.propertyguru.com.sg/listing/330009/for-sale-sentosa-cove
This is what I call a property crash :D

focus
28-04-09, 21:40
Haha.. I wouldn't trust that agent to handle anything..

can't even post a simple ad...

Property_Owner
29-04-09, 12:18
Haha.. I wouldn't trust that agent to handle anything..

can't even post a simple ad...

Haha, you mean why he show the sea view with containers?

gfoo
29-04-09, 12:26
Haha, you mean why he show the sea view with containers?

no the idiot skipped one 'zero'. it's $16m, not 1.6m

Property_Owner
29-04-09, 12:42
no the idiot skipped one 'zero'. it's $16m, not 1.6m

I saw 16m, maybe he's reading this forum. Haha. Gfoo, you think sentosa good to go? My brother is tempt to enter this area. He see the IR once ready sure boost the rental for this area. You know, IR sure bring in their staffs. Maybe rent somewhere nearby. :)

gfoo
29-04-09, 12:55
I saw 16m, maybe he's reading this forum. Haha. Gfoo, you think sentosa good to go? My brother is tempt to enter this area. He see the IR once ready sure boost the rental for this area. You know, IR sure bring in their staffs. Maybe rent somewhere nearby. :)

staff cannot afford sentosa cove lah, they will rent in mainland and then cross bridge to work.

i personally don't like the place. History of dirtiness, mostly a ghost town as still very few living there, and even if IR is on sentosa it doesn't mean it'll be easy to access within walking distance. don't talk about the crappy island-mainland tpt links. inter-island tpt is also a problem.

august
29-04-09, 13:27
I saw 16m, maybe he's reading this forum. Haha. Gfoo, you think sentosa good to go? My brother is tempt to enter this area. He see the IR once ready sure boost the rental for this area. You know, IR sure bring in their staffs. Maybe rent somewhere nearby. :)
the management type staff who can afford sentosa cove would have arrived or coming onboard now, other staff types that come in later once IR in operation wont be able to afford sentosa cove.. if they r pinoys or others they more likely to rent hdb or mass mkt condos..

Lord Anus
29-04-09, 13:30
I saw 16m, maybe he's reading this forum. Haha. Gfoo, you think sentosa good to go? My brother is tempt to enter this area. He see the IR once ready sure boost the rental for this area. You know, IR sure bring in their staffs. Maybe rent somewhere nearby. :)

IR staff live in Sentosa Cove? Hmmm... Maybe can sub-split a 3 bedroom into 9 bedrooms and rent to 18 waitresses/dealers from China/Philippines.

Each one collect $700 per month enough liao.

You are dreaming man..

Property_Owner
29-04-09, 21:09
IR staff live in Sentosa Cove? Hmmm... Maybe can sub-split a 3 bedroom into 9 bedrooms and rent to 18 waitresses/dealers from China/Philippines.

Each one collect $700 per month enough liao.

You are dreaming man..

I don't have to dream. Unlike you!

Property_Owner
12-05-09, 14:32
So far anyone view it?

hk2313
21-07-09, 21:51
thinking about renting something there for a year before our place at sky@eleven top's next year. will be in singapore next month. Wondering if anybody has seen the " finished product" ... lots and lots of apartments for rent on propertyguru etc

hk2313
24-07-09, 11:20
hmm..nobody been there after top or owns the place and can comment on it ?

Property_Owner
24-07-09, 11:46
hmm..nobody been there after top or owns the place and can comment on it ?

Lots of unit available. Pick your choice:)

august
24-07-09, 12:20
think only Berth has TOP, coast and nothers dun think so...

bargain hunter
24-07-09, 12:24
Azure has also TOPed last year and the coast just TOP a few months back. oceanfront probably coming up next year.



think only Berth has TOP, coast and nothers dun think so...

august
24-07-09, 12:39
i see, i see ~ :o

Regulators
24-07-09, 15:56
Those who bought Ocean Front during its peak 2 years back must be making substantial paper losses now. But again if they are loaded, it wouldnt create a dent in their bank accounts...

Property_Owner
25-07-09, 10:34
Those who bought Ocean Front during its peak 2 years back must be making substantial paper losses now. But again if they are loaded, it wouldnt create a dent in their bank accounts...

agree. The rich are still rich. Deep deep pockets.

sevol
07-09-09, 17:13
oceanfront asking for $1928 psf :scared-4:

what is the launch price for this devt anyone knows?

crap, wrong thread.

sori.

i was quoted 4mil for a slightly over 2000sgft unit :tongue3:

bargain hunter
07-09-09, 18:51
asking is asking mah, now anyhow ask already.



oceanfront asking for $1928 psf :scared-4:

what is the launch price for this devt anyone knows?

crap, wrong thread.

sori.

i was quoted 4mil for a slightly over 2000sgft unit :tongue3:

sevol
07-09-09, 19:07
sometimes the agents themselves are a turnoff, when that happens, i turn somewhere else to buy instead. it isn't like their unit for sale is going to be the best choice in these times :tongue3:

august
07-09-09, 20:47
The Coast @ Sentosa Cove, very nice leh... i like it, but no $$$ :p

focus
07-09-09, 22:22
asking is asking mah, now anyhow ask already.

Not now.. like I see The SeaView quoted at $1400psf..
I say I willing to buy at $1200psf..
the agent say .. sorry.. no deal... .. so asking price is now the fixed price tag..no discount type..keke

bargain hunter
07-09-09, 22:46
yah lah, so the options are to choose not to buy or bid very near the asking price or try luck like u said at 1200 (which is of little success). so there are still 2 choices, buy at ask to turn it into a real transaction or don't buy hee.



Not now.. like I see The SeaView quoted at $1400psf..
I say I willing to buy at $1200psf..
the agent say .. sorry.. no deal... .. so asking price is now the fixed price tag..no discount type..keke

khoolw
23-02-10, 09:00
Coast #06-15 sold for $2357 psf!!!

starrynight
10-09-13, 07:59
SINGAPORE: Angered by what they allege to be "defects" on their property - which include termite-infested pool decking, flooded staircases in common areas and incorrectly-installed electrical fittings - 108 owners of an upscale condominium on Sentosa Cove have taken property developer Ho Bee Investment and three contractors to court.

Ho Bee has denied some of the claims, said its Executive Director Desmond Woon. "We're looking into the matter. The amount they are suing us for is not quantified yet. It's very common to claim for defects... some claims are natural wear and tear; it's not just the termites," he said.

The property managers of The Coast filed papers in the High Court on July 31.

Ho Bee is represented by Mr Ling Tien Wah of Rodyk & Davidson while the homeowners are represented by Mr Edwin Lee of Eldan Law.

Court documents showed that the contractors being sued are Kim Seng Heng Engineering Construction, Architects 61 and Bescon Consulting Engineers.

Completed in April 2009, The Coast boasts 249 units of three- and four-bedroom apartments as well as luxury penthouses, 41 private berthing facilities and views of the South China Sea. It is one of Ho Bee's five developments on the exclusive enclave of Sentosa Cove.

According to Bloomberg, Ho Bee has blamed the defects on the management corporation's negligence and the developer said in its filings to the court that the responsibility for maintenance was handed over to the management committee in December 2010.

Residents TODAY spoke to detailed some of the alleged problems with the property.

One resident leasing a unit there, who declined to be named, claimed there were "a lot of cracks on the ceilings and walls, especially the floors".

A 49-year-old executive who wished to be known as Jeff, and who is part of the lawsuit, said that the management committee had hired experts to assess damages to the electrical cabling system and cracks in the walls.

Damage repairs, he claimed, would amount to S$6,000 to S$12,000 per unit.

Mr Jeff, who bought his property directly from the developer about five years ago, said most owners in the lawsuit did not want any impact on the price of their property.

They voted to take the case to court without asking for a specific quantum of damages as they "only want (the developer) to fix the problems", he added.

Ho Bee is a major developer on Sentosa Cove, with several condominium projects under its name. The residential enclave has attracted the rich and famous over the years.

In July, the Business Times reported that a company linked to Ms Gina Rinehart, Asia's richest woman according to the Bloomberg Billionaires Index, bought two apartments on the island for S$57.2 million.

According to the Urban Redevelopment Authority's records, two transactions were recorded on the property this year - a 3,100 square-foot unit fetched S$4.5 million in July, while a 2,024 square-foot apartment went for S$3.6 million in April.


-TODAY (http://www.todayonline.com)

maisonjai
01-07-14, 10:13
Published on Jun 30, 2014

Sentosa condo owners feel the blues

LEE MEIXIAN

TWO in five Sentosa condominium units have been resold at a loss in the past year, symptomatic of the plight of luxury homes here, as financing restrictions put off buyers, industry watchers said.

Since May last year, 31 units changed hands at six Sentosa projects: Marina Collection, Seascape, The Azure, The Berth, The Coast and The Oceanfront, according to data compiled by STProperty.sg from URA Realis.

The findings were in line with data gathered by HSR Research, which shows resale prices in the plush Sentosa district falling by 25 per cent to about $1,800 psf in the first five months of this year, from around $2,400 psf over the same period last year.

That said, the price movements tended to be volatile, given the single-digit number of transactions each month. There were five transactions altogether this year, with none last month, in March and in February.

Of the 31 transactions in the past year, a profitability analysis could not be done for seven because caveats, which include information on purchase prices, were not lodged for the units.

Profitability is calculated by subtracting purchase prices from selling prices. Of the remaining 24 transactions, 10 units were resold at a loss.

Among the transactions which led to losses, four were for units at The Berth, the debut project at the Cove which was launched in 2004 and completed in 2006.

Losses were incurred on transactions for three units at The Oceanfront, two at The Coast and one at The Azure.

Two transactions in particular led to huge losses.

A 2,982 sq ft unit at The Oceanfront was sold for $5.65 million ($1,895 psf) in November last year. It was purchased in April 2008 for $7.2 million ($2,415 psf). The loss was more than $1.5 million.

A 2,820 sq ft unit at The Coast was sold for $4.8 million ($1,702 psf) in January this year, two years after it was purchased for $6 million ($2,128 psf). The loss was $1.2 million.

SLP International executive director Nicholas Mak said that the sales could be due to owners struggling to find tenants for their units amid the weak leasing market. Some owners might have also not been able to secure high enough rental rates to service their loans.

He said that most Sentosa homes were bought not for occupation by owners, but as an investment. "So they may find it a better option to just liquidate," he said, adding that the location was also not the most convenient for expatriates to commute to the mainland for work.

Another industry watcher said that buyers who bought units at $2,100 psf and more appeared to have "overpaid". Those who profited from their resale deals mostly bought at lower psf prices; a handful even got their units at $800-, $900-plus psf back in 2006.

http://mypaper.sg/top-stories/sentos...blues-20140630