Price gap between GCBs and Sentosa Cove bungalows narrows further

The development offers a range of apartments with varying sizes suitable for every type of family. Residents will also appreciate the lovely views of the lush surroundings, and the excellent facilities that enhance the property’s resort-like atmosphere. Woodlands Champions Way Condo is the perfect home for those looking for a luxurious lifestyle in the heart of vibrant Woodlands. With its convenient access to numerous amenities, and its unique and modern design, Champions Way Condo is sure to provide an unforgettable and enjoyable living experience.

Foreign buyers of residential property in Singapore have been facing higher costs since April this year when the additional buyer’s stamp duty (ABSD) rate for them was raised from 30% to 60%. This has had an impact on the sales volume of luxury private homes at exclusive enclaves such as Sentosa Cove.Data from the Urban Redevelopment Authority (URA) showed active transaction of non-landed homes and detached houses in Sentosa Cove in the first three months of this year, while the sales of two detached houses were also recorded. However, this number dropped to four in April and May, following the introduction of the ABSD hike.The only central location in Singapore to offer such lifestyle environment, Sentosa Cove’s appeal among foreign buyers lies in its beachfront properties, marina-facing homes, and the fact that it is the only location where foreigners are eligible to purchase landed homes. Partial appreciation of the relative affordability of the 99-year leasehold properties of Sentosa Cove compared to freehold Good Class Bungalows (GCBs) also contributes to its appeal.Due to the ABSD rate, Han Huan Mei, director of research at List Sotheby’s International Realty, expects the buying mood for Sentosa Cove bungalows to remain muted for the rest of 2023. Moreover, sellers may have to drop their price expectations to make any deal struck more feasible for potential buyers, who will have to bear the burden of the ABSD rate.Despite this, some foreign buyers may have sensed an opportunity in the enclave, with three foreigners purchasing apartments in June and four Singapore permanent residents closing deals on four apartments in July. Han forecasts a pick-up in Sentosa Cove sales next year even while predicting that prices this year will remain similar to last year – with the exception of bungalows with land areas of more than 18,000 sq ft, which are likely to fetch higher prices due to high demand.

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