Singapore Property Scene Discussion

[Volvobrick]

On 4/9/2024 at 5:40 PM, therock said:

Slash prices:

https://www.straitstimes.com/singapore/prices-of-unsold-units-at-the-residences-at-w-singapore-sentosa-cove-slashed-by-nearly-half 

Cheap! 1700 psf. Buy buy bye bye! 

Edited April 9, 2024 by Volvobrick

[Mkl22]

On 4/9/2024 at 6:05 PM, Volvobrick said:

Cheap! 1700 psf. Buy buy bye bye! 

Will be cheaper. Did anyone Huat buying property in Sentosa? I think Pulau Blakang Mati lives up to its name! 🤣

[Wt_know]

Sentosa is for "certain" group of buyers to park their wealth here in SG

and the "certain" group is NOT doing well 

[Windwaver]

On 4/9/2024 at 5:40 PM, therock said:

Slash prices:

https://www.straitstimes.com/singapore/prices-of-unsold-units-at-the-residences-at-w-singapore-sentosa-cove-slashed-by-nearly-half 

https://www.edgeprop.sg/property-news/residences-w-sentosa-cove-relaunches-prices-1648-psf-40-below-peak

The Residences at W Singapore Sentosa Cove relaunches at prices from $1,648 psf, 40% below the peak

Cityview Place Holdings, an associate company of listed property City Developments Ltd (CDL), is releasing 58 of the remaining 203 units it still owns at The Residences at W Singapore Sentosa Cove for sale. "In recent months, there has been increased interest and sales activity in Sentosa Cove properties," says a spokesperson for Cityview Place Holdings.

The 58 units will open for viewing from April 10 to 14, with sales to begin on April 15. PropNex, ERA, Huttons and SRI are the joint marketing agents for The Residences at W.

Located along Ocean Way in Sentosa Cove, the low-rise luxury condo has 228 units, with a mix of two-, three- and four-bedrooms. The development was completed in 2011 and has a 99-year lease from 2006. Hence, it has a remaining lease of 81 years.

Prices of two-bedroom units of 1,227 sq ft will start from $2.118 million ($1,726 psf). The three-bedroom units, from 1,625 sq ft, will have prices upwards of $2.678 million ($1,648 psf), and four-bedroom units, from 2,067 sq ft, will be north of $3.488 million ($1,687 psf).

'Prices comparable to OCR homes'

"Prices in Sentosa Cove remain attractive," says Marcus Chu, CEO of ERA Singapore. The Residences at W's starting prices from $1,648 psf "presents an opportunity for homebuyers and investors to acquire a unit in a coveted luxury oceanfront development at a price comparable to today's Outside Central Region (OCR) homes."

Based on caveats lodged, there have been 25 transactions at The Residences at W. The 24 units sold by the developer from 2010 to 2014 averaged $2,736 psf. The latest selling price, from $1,648 psf, is a 39.8% markdown from the average transacted price a decade ago.

The latest resale at The Residences at W was for a 1,259 sq ft, two-bedroom unit that changed hands for $2.2 million ($1,747 psf) in September 2023. The previous owner purchased the unit in April 2010 for $3.66 million ($2,907 psf). The sale price is 40% below the previous purchase price.

"The year 2010 was the peak of the market at Sentosa Cove," says Dominic Lee, head of luxury at PropNex. The starting prices at The Residences at W today – from $1,648 psf – reflect the current resale prices at other luxury condos at Sentosa Cove of a similar age.

Two other condos in Sentosa Cove completed in 2011 were the 124-unit Marina Collection and the 151-unit Seascape. At Marina Collection, a 2,185 sq ft, four-bedroom unit changed hands for $3.8 million ($1,739 psf) based on a caveat in December 2023. The seller purchased the unit for $4.37 million ($2,000 psf) in October 2012.

At the 151-unit Seascape, a 2,174 sq ft, three-bedroom unit was sold for $4.11 million ($1,890 psf) in December. The previous owner purchased the unit for $5.877 million ($2,703 psf) in April 2010, when the project was launched.

Meanwhile, the 302-unit Cape Royale was completed in 2013, but units were held for rent until the end of June 2022, when the developer released 50 units for sale in the initial phase. Based on caveats lodged, five units were sold in 2024 at an average price of $2,215 psf. In 2023, 40 units were sold at an average of $2,231 psf; in 2022, the average price of 46 units sold was $2,206 pf. Hence, prices have remained relatively stable above $2,200 psf.

'Limited supply'

According to an ERA research report on April 9, average home prices in the Core Central Region (CCR) reached $2,510 psf in 2023, compared to $1,992 psf at Sentosa Cove. Average prices at Sentosa Cove are, therefore, about 20.6% below that of similar condos in the CCR today.

In the whole of Sentosa Cove, there are only 10 luxury condos with 1,766 units in total. "No further new residential supply will be available in Sentosa Cove," says Mark Yip, CEO of Huttons Asia.

Of all the condos in Sentosa Cove, The Residences at W is the most conveniently located, Yip adds, with the F&B and lifestyle amenities at Quayside Isle just across the street, the boardwalk along the marina. The 240-key hotel, W Singapore – Sentosa Cove, is also next door. The bus stop for the shuttle service from Sentosa Cove to VivoCity is just across the street.

PropNex's Lee believes the units at The Residences at W will appeal to owner-occupiers. "The sizeable units and lifestyle at The Residences at W cannot be replicated," he says. He adds that a two-bedroom unit of 1,227 sq ft at The Residences at W is larger than most compact three-bedroom apartments at new launches in the OCR today. "Buyers can even add an extra room in the two-bedder at The Residences at W if they wish."

Given the attractive price points, Ken Low, managing partner of SRI, expects interest from investors, too, as rental demand in Sentosa Cove has been strong in recent years, especially since Covid. "In Sentosa Cove, the bigger units are very much in demand from families who want to be away from the hustle and bustle of the city," he says. "There is a strong expatriate community in Sentosa."

Low highlights that Cityview is releasing only 58 units in the first phase at such prices - from $1,726 psf for a two-bedroom and $1,648 psf for a three-bedroom. "We expect future phases [at The Residences at W] to be released at slightly higher psf prices," he adds.

 

Anybody going viewing today? 

Edited April 9, 2024 by Windwaver

[jcmm]

On 4/9/2024 at 9:42 PM, Wt_know said:

Sentosa is for "certain" group of buyers to park their wealth here in SG

and the "certain" group is NOT doing well 

From the top, "houses are for living, not for speculation."

[Ginyu]

On 4/8/2024 at 1:05 PM, therock said:

Yeah some buyers are just one downturn away from poverty.. 🤔 

They find living in public housing is shameful so overstretched themselves to go for private beyond their means🤣

Edited April 10, 2024 by Ginyu

[Throttle2]

Sentosa is meant for foreigners generally speaking.  

with 60% Stamp duty, any foreigner subjected to it knows that they will not be making money.  so it is going to take a certain breed of buyers.

Definitely not your mum and pop Singaporean with a only a few million dollars.  

Its more like Iskandar, where you can well afford and you buy to enjoy it or as a holiday home.  dont expect to be making money, more of an expense.  accept that then you can buy it.

 

Those who got f**ked at $2500psf, just have to accept that they got f**ked.  Too bad.  the only thing is to enjoy it, thats all.  yup Sentosa is only for owner occupiers.

Otherwise sell and take whatever money is left, back.  No different from Steven Lim Didi who f**ked himself with Singpost shares , worse still by selling his HDB.

   

 

 

 

 

Edited April 10, 2024 by Throttle2

[13177]

On 4/15/2024 at 9:36 AM, metalstream said:

How come the national press didn't mention about the 4 digit monthly conservancy charges at Sentosa Cove condominiums?

If the person can afford to buy a sentosa cove property, 4 digit monthly conservancy charges to them is peanut lo. So no need to mention la.

[Windwaver]

Across the road also will kena? 

https://www.asiaone.com/singapore/i-smell-oil-every-day-buangkok-residents-complain-foul-air-8-exhaust-pipes-rooftop

'I smell oil every day': Buangkok residents complain of foul air from 8 exhaust pipes on rooftop of neighbouring mall

Residents in a Buangkok HDB block have been left fuming following the installation of exhaust pipes on the rooftop of a neighbouring mall.

One resident surnamed Sun complained about the smell of oil and smoke emanating from the exhaust pipes which are visible from her flat window. 

The 44-year-old who lives at Block 999B Buangkok Crescent told Shin Min Daily News that her home faces Buangkok Square shopping mall. 

She purchased the high-rise unit early last year, and claimed that there was no such smell when renovations were ongoing then. 

The eight exhaust pipes on the mall's rooftop were install to get rid of the fumes from the F&B establishments inside the mall. 

"Every time I open the window there's an oil smell. It forces me to shut the windows or open them slightly." 

Sun installed an air purifier in her home, and has placed several fragrance bags around the house to combat the smell. 

She has also made complaints through the OneService app, but was told that the installation of the exhaust pipes comply with regulations as they did not directly face her flat. 

"I spent about $600,000 buying this unit, hoping to get a breath of fresh air. But I work from home and I smell oil every day, which is ridiculous," the woman lamented, adding that the stench gets worse when there's no wind. 

Sun said she would consider moving if the situation doesn't improve.

Another resident surnamed Huang, who stays on the 10th floor in the same block told Shin Min he's been complaining about the smell since 2020. 

Although the authorities have tried to mitigate the situation, the 36-year-old feels that their efforts are not enough. 

"Previous, the two large exhaust pipes were uncovered and we could smell the oil every day. Since then, they've added covers.

"Although the exhaust pipes face downwards, the situation hasn't improved and the smell of smoke and oil is still very pungent," said Huang. 

Another resident also surnamed Huang said the smell isn't the only problem. 

"They are very noisy, especially when I live on the same level opposite [the pipes]. I realised that many exhaust pipes in shopping malls are built in the basement. Why are the ones here installed on the rooftop?" 

Exhaust pipes comply with regulations: HDB 

In response to Shin Min's queries, a spokesperson from the Housing Development Board (HDB) said that the exhaust pipes comply with regulations. 

The spokesperson said that authorities had studied the site before installing the exhaust pipes and did not find any issues. 

"To mitigate any odour which might seep into residents' homes, the exhaust pipes on the rooftop of Buangkok Square were originally designed to face Buangkok Crescent with a four-lane road separating it from Block 999B. 

"Buangkok Square is 60m away from the HDB flat which exceeds the minimum requirement of 20m," said the spokesperson.

The National Environment Agency told Shin Min that their inspections show no excessive odour emitting from the exhaust pipes. They added that their air purification systems are also in working condition. 

The F&B operators also regularly hire contractors to carry out regular maintenance works on the exhaust pipes. 

[Throttle2]

On 4/15/2024 at 10:08 AM, Windwaver said:

Across the road also will kena? 

https://www.asiaone.com/singapore/i-smell-oil-every-day-buangkok-residents-complain-foul-air-8-exhaust-pipes-rooftop

'I smell oil every day': Buangkok residents complain of foul air from 8 exhaust pipes on rooftop of neighbouring mall

Residents in a Buangkok HDB block have been left fuming following the installation of exhaust pipes on the rooftop of a neighbouring mall.

One resident surnamed Sun complained about the smell of oil and smoke emanating from the exhaust pipes which are visible from her flat window. 

The 44-year-old who lives at Block 999B Buangkok Crescent told Shin Min Daily News that her home faces Buangkok Square shopping mall. 

She purchased the high-rise unit early last year, and claimed that there was no such smell when renovations were ongoing then. 

The eight exhaust pipes on the mall's rooftop were install to get rid of the fumes from the F&B establishments inside the mall. 

"Every time I open the window there's an oil smell. It forces me to shut the windows or open them slightly." 

Sun installed an air purifier in her home, and has placed several fragrance bags around the house to combat the smell. 

She has also made complaints through the OneService app, but was told that the installation of the exhaust pipes comply with regulations as they did not directly face her flat. 

"I spent about $600,000 buying this unit, hoping to get a breath of fresh air. But I work from home and I smell oil every day, which is ridiculous," the woman lamented, adding that the stench gets worse when there's no wind. 

Sun said she would consider moving if the situation doesn't improve.

Another resident surnamed Huang, who stays on the 10th floor in the same block told Shin Min he's been complaining about the smell since 2020. 

Although the authorities have tried to mitigate the situation, the 36-year-old feels that their efforts are not enough. 

"Previous, the two large exhaust pipes were uncovered and we could smell the oil every day. Since then, they've added covers.

"Although the exhaust pipes face downwards, the situation hasn't improved and the smell of smoke and oil is still very pungent," said Huang. 

Another resident also surnamed Huang said the smell isn't the only problem. 

"They are very noisy, especially when I live on the same level opposite [the pipes]. I realised that many exhaust pipes in shopping malls are built in the basement. Why are the ones here installed on the rooftop?" 

Exhaust pipes comply with regulations: HDB 

In response to Shin Min's queries, a spokesperson from the Housing Development Board (HDB) said that the exhaust pipes comply with regulations. 

The spokesperson said that authorities had studied the site before installing the exhaust pipes and did not find any issues. 

"To mitigate any odour which might seep into residents' homes, the exhaust pipes on the rooftop of Buangkok Square were originally designed to face Buangkok Crescent with a four-lane road separating it from Block 999B. 

"Buangkok Square is 60m away from the HDB flat which exceeds the minimum requirement of 20m," said the spokesperson.

The National Environment Agency told Shin Min that their inspections show no excessive odour emitting from the exhaust pipes. They added that their air purification systems are also in working condition. 

The F&B operators also regularly hire contractors to carry out regular maintenance works on the exhaust pipes. 

Stay near mall lor, very shiok mah....

[Wt_know]

alamak ... peach lobang liao ... how to sell no $1M no talk

must sell first then expose ma ... standard SOP ... LOL

Quote

"I spent about $600,000 buying this unit, hoping to get a breath of fresh air. But I work from home and I smell oil every day, which is ridiculous," the woman lamented, adding that the stench gets worse when there's no wind. 

Sun said she would consider moving if the situation doesn't improve.

Edited April 15, 2024 by Wt_know

[13177]

On 4/15/2024 at 10:19 AM, Throttle2 said:

Stay near mall lor, very shiok mah....

Aiya, stay near commercial building sure can smell smoke from exhaust pipes and even hear loud aircon compressor sound. Even if your blk below has coffeeshop also can smell smoke from exhaust pipes. This is the price that you have to pay for having convenience lo. 😅

[inlinesix]

On 4/15/2024 at 9:36 AM, metalstream said:

How come the national press didn't mention about the 4 digit monthly conservancy charges at Sentosa Cove condominiums?

W Residence

We do you expect

[denser]

wanna stay near mrt, complain noisy

wanna stay near sea, complain furniture rasty

wanna stay mall, complain smell

complain and complain...

[13177]

On 4/15/2024 at 1:57 PM, denser said:

wanna stay near mrt, complain noisy

wanna stay near sea, complain furniture rasty

wanna stay mall, complain smell

complain and complain...

Want good convenience to malls, shops, sea and MRT, then don’t complain the bad things happening around. 🙄

That’s why if i want a quiet surrounding, then i won’t complain that i need to take bus to MRT and even shops liao.

Edited April 15, 2024 by 13177

[Throttle2]

Reading all these makes me feel so happy and contented with my tiny house in this wonderful location. 
 

 

[Windwaver]

On 4/15/2024 at 3:40 PM, 13177 said:

Want good convenience to malls, shops, sea and MRT, then don’t complain the bad things happening around. 🙄

That’s why if i want a quiet surrounding, then i won’t complain that i need to take bus to MRT and even shops liao.

Yeah.

Now all the resale flat prices in her block and neighboring ones will be affected.

Good luck to her neighbors.

[Windwaver]

On 4/15/2024 at 5:02 PM, Throttle2 said:

Reading all these makes me feel so happy and contented with my tiny house in this wonderful location.