Sentosa Cove properties see majority of resales at a loss

Approximately two-thirds of property resale transactions in Singapore’s Sentosa Cove have resulted in losses since 2023. Research indicates that the average loss for these unprofitable deals has exceeded S$1 million, with specific data from Mogul.sg showing an average loss of S$1.28 million.

Analysts attribute the downturn to a shrinking niche buyer pool, exacerbated by significantly higher stamp duties for foreign buyers implemented in 2023. While Sentosa Cove is the only area in Singapore where foreigners can obtain government approval to purchase landed property, the increased costs have dampened demand for these luxury homes.

Data shows that while landed homes have performed slightly better than condominiums—with roughly half of landed resale deals closing profitably since 2023—the overall outlook remains challenging. Profitable resale gains have also seen a sharp decline, dropping by approximately 60 to 62 per cent compared to previous periods.