Sentosa Cove condo prices down a whopping 36% from 2011 peak

Old developments are hardest hit.

Prices of some prime Sentosa Cove projects have fallen by a whopping 36% from their last peak in 2011, according to a report by Barclays.

Barclays noted that The Berth by the Cove, the oldest Sentosa Cove condo which was completed in 2006, last traded at $1,230psf.

This is down 36% from $1,919psf in recorded in Oct 2011 before the Additional Buyer’s Stamp Duty (ABSD) rules kicked in, which aimed to control speculative property buying among foreigners.

Other projects have fallen by a smaller but still painful 25%, such as The Oceanfront, which was completed in 2010.

The Oceanfront last traded at $1,954psf, down 25% from its peak of $2,605psf in Sep 2011 before the ABSD rules.

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