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The Residences At W Sentosa Cove Sold 65 Units in One Week: Who Were These Luxury Condo Buyers?

The Residences At W Sentosa Cove Sold 65 Units in One Week: Who Were These Luxury Condo Buyers?
The Residences At W Sentosa Cove Sold 65 Units in One Week: Who Were These Luxury Condo Buyers?

Note: This article includes insights by Dr Lee Nai Jia, Head of Real Estate Intelligence, Data and Software Solutions, PropertyGuru Group and data from Datasense by PropertyGuru.

On 9 April 2024, 58 units of The Residences at W Sentosa Cove were released at a ‘discount’. These units ranged from $2.1 million for a 2-bedroom unit to $3.5 million for a 4-bedroom unit. Per square foot (PSF) costs started at $1,726 for 2-bedroom units and $1,648 for 3-bedroom units.

How did the Core Central Region (CCR) luxury condo perform in the week thereafter? According to Cityview Place Holdings, a subsidiary of Cityview Developments Limited (CDL), from 10 to 14 April 2024, The Residences at W Sentosa Cove saw around 3,200 visitors.

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Due to the strong demand for the sale units, more units were put up for sale. Ultimately, 65 The Residences at W Sentosa Cove units were sold.

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The Residences at W Sentosa Cove

Name

The Residences at W Sentosa Cove

TOP date

2012

Tenure

99-year leasehold

Units available

228

Types of units available

2-bedroom to 5-bedroom units

District

Harbourfront / Telok Blangah (D04)

Address

Ocean Way

Developer

Cityview Place Development

If this is the first time you’ve heard about The Residences at W Sentosa Cove, the above table includes an overview of the luxury condo.

In 2024, the dream of owning a luxury condominium with a waterfront view at a prestigious address persists among property seekers. About a year prior, we compiled a list of ‘affordable’ Sentosa Cove landed homes; if you’re a foreigner, you may be glad that Sentosa is the only ‘neighbourhood’ in Singapore where you can buy landed homes.

Regarding property prices, however, it’s becoming more challenging to own one due to continuously high property prices. According to the URA’s Q1 2024 flash estimates, private residential prices rose again by 1.5% quarter-over-quarter (QoQ), following the 6.8% year-on-year (YoY) increase in 2023.

This is why when we heard 65 The Residences at W Sentosa Cove units had been snatched up, we couldn’t help but wonder who these buyers may have been and what could have driven them to purchase.

The Residences at W Sentosa Cove: Buyer Demand and Profiles

1. Demand Jumped More Than 11 Times Since Sale

The Singapore Property Sale Demand Index for The Residences at W Sentosa Cove grew more than elevenfold on the day of the announcement on 9 April 2024 and peaked on 10 April 2024. While interest has declined, it remained higher than average for some time.

The conclusion from the views from the listings from 9 to 10 April 2024 was further validated by the approximated 3,200 visitors and 65 units sold at an average price of $1,780 PSF.

Remarkably, 94% of buyers were Singapore Citizens and Singapore Permanent Residents (PRs), the remainder being foreigners from China, France, and the US.

2. Interest Seemed Quite Spread Out Across Singapore

Notably, recent The Residences at W Sentosa Cove PSF prices have been comparable to major new condo launches in Q1 2024 (e.g. HillhavenThe ArcadyLentoria, and Lentor Mansion). This made us curious: did recent The Residences at W Sentosa Cove buyers tend to stay nearby already, or were they spread more across other parts of Singapore?

Analysing mobility data from a third-party provider aggregating user location pings, we found that nearly 50% of the sampled visitors of The Residences at W Sentosa Cove came from outside D4 (Sentosa, Harbourfront, and Telok Blangah).

Notably, about 7% came from D19 (Hougang, Punggol, and Sengkang), while another 4% hailed from D10 (Tanglin, Holland) and D23 (Bukit Batok and Bukit Panjang). This diverse geographic distribution suggests that the discounted prices could have attracted buyers from any part of the island.

Interestingly, the proportion of foreign visitors in the pings was not significant enough to influence the analysis, which aligns with the small percentage of foreign buyers.

The Residences at W Sentosa Cove Sale: Did It Affect Other Condo Sales Performances?

The promotion at W Sentosa Cove also appeared to affect other new launches. Using a view index from a recent launch, we observed that visitor numbers for another upcoming project, The Hill @ One-North, dropped during the promotion period at Sentosa Cove. However, this impact was temporary, as visitor numbers rebounded shortly after.

This preliminary analysis suggests that strategic pricing can attract many buyers and temporarily influence the broader market, even in a high-price environment. As we continue to monitor trends, it will be interesting to see if these dynamics hold across the rest of 2024.

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