Located in a beautiful corner of Singapore’s renowned resort island, Sentosa Cove has been a residential precinct since 2006, boasting over 2,000 homes, from high-rise condominiums to luxurious villas.
Sentosa Cove was established to attract hot money from those seeking unique properties in a stable country. This relatively exclusive residential area will surely surprise your friends and colleagues when they find out you live here.
Properties in Sentosa Cove have a significant number of foreign buyers, primarily High Net Worth Individuals from regional countries such as China, Indonesia, and Malaysia. Meanwhile, buyers from Hong Kong, Taiwan, and the United States have also shown increasing interest.
Our research indicates that villa sales in Sentosa Cove may be comparable to 2022 levels, driven by interest from foreign investors. This is due to the easing of border restrictions and pent-up demand for Singaporean property from foreign buyers.
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In 2022, 18 Villas Were Sold for a Total Transaction Value of S$337.7 Million
Considered the centerpiece of Singapore’s multi-billion dollar Sentosa Island master plan, Sentosa Cove is regarded as one of the world’s most prestigious integrated marina residential communities.
Sentosa Cove Pte Ltd (a wholly-owned subsidiary of Sentosa Development Corporation), a government statutory board, is responsible for the master planning, infrastructure development, project management, and land sales of Sentosa Cove.
Reasons people buy properties in Sentosa Cove include its status as a private enclave near the ocean, an integrated marina residential community, stable property prices in Singapore suitable for wealthy investors, a coveted postal code, and its location in the Core Central Region.
As of December 15, 2022, based on caveats lodged, the number of villas sold increased to 18, with a total transaction value of S$337.7 million.
In comparison, a total of 26 villas changed hands in 2021, with a total transaction value of S$440.44 million. The highest transaction volume was in 2012, when 25 villas were sold for a total of S$513.9 million (S$2,150 per square foot).
Some villas were sold without caveats being lodged, with 10 such transactions in 2022. Many high-net-worth buyers purchase these properties without lodging caveats and with brokers involving non-disclosure agreements.
Landed Homes from S$7.68 Million to S$88 Million
The cheapest Sentosa Cove property listed on real estate websites is a five-bedroom, five-bathroom terraced house priced at S$7.68 million, with a land area of 2,352 square feet. This translates to an estimated monthly mortgage payment of S$21,290 over a 30-year loan tenure. The unit includes a basement and an attic.
If you have a spare S$21,000 per month, this house is for you. Don’t forget the 25% down payment of S$1.92 million.
In 2022 and 2021, most of the detached villas (or detached homes) priced between S$10 million and S$12 million, or S$1,300 to S$1,400 per square foot, were sold. Today, the asking price for villas in Sentosa Cove exceeds S$13 million, at S$1,700 to S$1,800 per square foot.
These homes are popular because there are only about 350 of them in Sentosa Cove. But ultra-high-net-worth individuals (or the super-rich) often look for “double plots” of at least 15,000 square feet, equivalent to a Good Class Bungalow (GCB).
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Another listing offers three villas for S$83.88 million, with a total built-up area of 24,285 square feet, located next to each other. The land area is 8,095 square feet, and each unit comes with a swimming pool and a yacht berth.
The villas also feature a swimming pool, reflection pool, indoor elevator, private jacuzzi, wet and dry kitchens, entertainment hall, private garden, and two living rooms. There are a total of seven bedrooms and six bathrooms.
There is also a six-bedroom, six-bathroom detached villa for S$88 million, covering 20,500 square feet. This means an estimated monthly mortgage payment of S$243,949. The property is priced at S$4,292.68 per square foot.
This property boasts stunning sea views, modern fixtures, and high-quality interiors.
For an S$88 million property, you would need a down payment of S$22 million (25%), with the remaining S$66 million financed with a 75% loan-to-value ratio. Of course, it is better to pay for this property in full rather than taking out a loan, as the interest of around 3% would accumulate into a substantial amount.
Condominiums in Sentosa Cove
The transaction prices for luxury condominiums in Sentosa Cove have risen in tandem with the prices of luxury villas.
In 2021, a total of 124 condominium units were transacted for S$459 million, or S$1,614 per square foot. The transaction value in 2021 was the highest since 2010, when 140 condo units were sold for S$695 million (S$2,300 per square foot).
Last year, a total of 107 condo units were transacted for S$485.63 million, averaging S$1,945 per square foot.
It is likely that the launch of the 302-unit Cape Royale in June last year contributed to the rise in the average price of Sentosa Cove condominiums throughout 2022.
A total of 75 units were launched for sale (by co-developers Ho Bee Group and IOI Properties), and by the end of November, more than 73% had been sold. The average price of the sold units was S$2,206 per square foot.
Many buyers paid in cash, and some purchased multiple units.
For reference, when the 99-year leasehold condominium Cape Royale was launched for sale, 95% of the units were already rented out. Monthly rents ranged from S$10,000 to S$22,000.
These units include three- and four-bedroom apartments. There are also 10 penthouses.
Completed in 2013, Cape Royale is one of only two high-rise condominiums in Sentosa Cove, the other being the 293-unit The Oceanfront. The other condominiums in Sentosa Cove are low-rise buildings.
Sentosa Condos:
Foreign Buyers and Leasing
You may have noticed an increasing number of foreigners relaxing on Sentosa, looking as if they live there. In fact, they very likely do.
In Sentosa Cove, foreigners are only allowed to purchase one detached house, and it must be for their own use. Only Singapore citizens are permitted to buy multiple detached houses and rent them out.
Expatriates are also drawn to the waterfront lifestyle offered by Sentosa Cove. This has driven up rental demand. For detached houses, rents have doubled from S$18,000 – S$25,000 a year ago to S$40,000 – S$50,000 today. Some newly listed properties have rents of at least S$60,000 per month.
The attractive rental prices have enticed some Singaporean investors to buy condominiums for rental purposes. Some Singaporeans also purchase these homes as party houses or holiday homes.
Foreigners wishing to purchase/acquire restricted residential properties in Sentosa Cove can get fast-track approval from the Singapore Land Authority’s Land Dealings Approval Unit (LDAU).
Foreign buyers of restricted residential properties in Sentosa Cove can also apply for a long-term social visit pass under this scheme to facilitate their entry into Singapore. Sentosa Cove Pte Ltd manages the Long-Term Social Visit Pass (LTSVP) scheme for Sentosa Cove on behalf of the Sentosa Development Corporation.
Why Does the Singapore Government Offer These Passes or Fast-Track Approvals? How Can I Qualify for These Schemes?
The aim is to facilitate foreign individuals and their families residing in Sentosa Cove. It provides convenient access to Singapore.
To qualify for the LTSVP scheme, an applicant needs to own at least one restricted residential property in Sentosa Cove (including only land or a building on the land) for their own occupation (renting out is not permitted). The LTSVP scheme was implemented on July 1, 2006.
For owners of restricted residential properties in Sentosa Cove, the LTSVP is valid for up to three years on the first application. The LTSVP will remain valid as long as the applicant maintains their owner-occupier status of the Sentosa Cove restricted residential property and does not breach the terms and conditions of the LTSVP scheme.
The applicant’s family members, including spouse, unmarried children (whether minors or not), parents, and parents-in-law, are eligible to apply for the LTSVP scheme separately.
Meanwhile, ⚠️ please note: the sale of an applicant’s restricted residential property in Sentosa Cove may result in the cancellation of the LTSVP for the applicant and their family members.
Amenities in Sentosa Cove
There are over 15 restaurants and bars nearby, such as Rock Bar Burger & Steakhouse, Miska Café, Greenwood Fish Market, Mykonos On The Bay, Two Chefs Bar, and Blue Lotus Singapore.
Quayside Isle is just a short walk from Sentosa Cove, where you can take a bus or a quick drive to dine. There are also supermarkets like Jasons Deli and Cold Storage Sentosa Cove.
Schools include Quayside Isle Preparatory School and Trident Marine Asia. Healthcare Medical @ Sentosa provides services for health emergencies or regular check-ups.
There are also unique natural attractions like the Sentosa Serapong Reefs, and the residential area provides easy access to other parts of Sentosa Island, including the beaches.
There are also hotels such as W Singapore and One15 Marina Sentosa Cove. W Singapore is a 240-room five-star luxury resort hotel known for providing a wide range of services and facilities, including the Whatever/Whenever service. The hotel is connected to the 228 residential units (W. Residences) at Quayside Isle.
One15 Marina Sentosa Cove is a boutique 26-room hotel located at the Sentosa Cove marina. It is also a members’ club and manages the berthing arrangements for yachts at the Sentosa Cove marina.
You can also enjoy a relaxing spa treatment at Spa Rael at ONE°15 Marina Sentosa Cove and AWAY Spa at W Singapore.
Just a short drive away, you can reach Universal Studios Singapore on Sentosa Island. There are abundant dining options and a theme park.
You can also easily drive to the city in 10 minutes from Sentosa Island and visit the nearby shopping mall, VivoCity, for other needs or to explore more amenities.
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