How did Sentosa Cove property sales fare in H1?

Sales and prices rose but the worst isn't over yet.

The Sentosa Cove bungalow market showed faint signs of life in the first six months of the year. According to CBRE, caveats were lodged for Sentosa Cove bungalows in H1, an impressive feat considering that only three such transactions occurred in the whole of 2014.

The two bungalows sold reflected an average price of $2,011 per square foot, which is 20% higher than the $1,676 psf derived from the three bungalows sold in 2014.

However, these figures don't necessarily mean that Sentosa Cove property prices are finally headed for a rebound.

"The price anomaly in 2014 was due to product attributes such as non-sea facing orientation, smaller land and built-up areas. CBRE REsearch expects a drag on the recovery of the bungalow market in Sentosa Cove," said the report.

"Besides the barriers posed by property measures, locals are less keen to invest because they can buy a freehold bungalow on the mainland for the same price. As such, sellers should lower their price expectations when potential buyers come knocking on their door," CBRE Research said.

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