Several luxury condominium projects in Sentosa Cove have seen prices plunge 36 percent from their last peak in 2011, revealed Barclays and reported in the media.
The Berth by the Cove, which is the oldest condominium project in Sentosa Cove, last transacted at $1,230 psf, noted Barclays.
This translates to a 36 percent drop from $1,919 psf posted in October 2011 prior to the implementation of the Additional Buyer’s Stamp Duty (ABSD) rules, which aims to curb speculative property buying among foreigners.
Barclays noted that other condos registered a smaller yet equally painful drop of 25 percent.
Completed in 2010, The Oceanfront saw its prices fall 25 percent from $2,605 psf in September 2011 to $1,954 psf.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
