DEAL WATCH: Sentosa Cove condo selling at 2010 prices

By Tan Chee Yuen
/ The Edge Property |
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Buyers looking for investment opportunities or seafront living may be keen on this listing. A 1,701 sq ft unit at The Azure in Sentosa Cove is being put up for sale on at $2.83 million, or $1,664 psf. The unit is understood to be tenanted at $6,000 a month.
The asking price of $1,664 psf bears a resemblance to 2010 prices. In February of that year, a 1,701 sq ft unit on the same floor level as the subject property was sold for $2.88million, or $1,693 psf.
Based on the URA Property Price Index, prices of high-end non-landed homes in the Core Central Region have fallen 9% since the peak in 1Q2013 and have returned to 2010 levels. At the height of the market, a comparable unit fetched $2,049 psf in a transaction inked in October 2012.
The Azure is a 99-year-leasehold condominium located on Ocean Drive in Sentosa Cove. Completed in 2008, the development comprises just 116 units on six floors.
The listed property at The Azure is understood to be tenanted at $6,000 a month.
Click here for listings at The Azure and nearby projects.
There were eight rental contracts in 4Q2015 for three-bedroom units measuring 1,700 to 1,800 sq ft at The Azure. Monthly rents averaged $6,325, or $3.60 psf, which translates into a potential rental yield of 2.7%, based on the listing price of $2.83 million.
This article appeared in The Edge Property Pullout, Issue 715 (February 15, 2016) of The Edge Singapore.

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