Archive for category: Misc

The additional buyer’s stamp duty (ABSD) for foreign buyers of residential property in Singapore has been doubled from 30% to 60%. This measure, which came into effect on April 27, has had a serious effect on the sales volume of luxury private homes in enclaves such as Sentosa Cove.

List Sotheby’s International Realty’s director of research, Han Huan Mei remarked, “We observed that transactions of non-landed homes and detached houses in Sentosa Cove were rather active in the first three months of this year, based on caveat data provided by URA. However, transactions slowed down in April and the pullback accelerated further in May, June and July.”

In February and March, 13 and 11 caveats respectively were lodged for apartments in Sentosa Cove, while two and three detached houses changed hands in those two months respectively. However, the property cooling measures, which took hold in April, saw a significant terror in transactions – eight condos and one landed purchase caveated each.

Han suggested, “This reduced sales momentum could be attributed — partly, if not entirely — to the hike in ABSD.” Sentosa Cove is a unique location in Singapore where foreigners are eligible to purchase landed homes, and is known for its beachfront properties, marina-facing homes and apartments.

Furthermore, its proximity to Tampines Ave 11 Condo, where a wide range of shopping facilities are available, translates to an even greater range of conveniences for residents.

Living at Tampines Avenue 11 also means easy access to several MRT stations and a number of expressways. With the Tampines East MRT Station at its doorstep, as well as being only a short distance away, residents have an almost effortless commute to almost any point in Singapore. Likewise, the interplay of expressways such as the Tampines Expressway and the Pan Island Expressway makes travelling to the rest of Singapore a breeze.

The abundance of nearby amenities and easy connections to the rest of Singapore are only some of the reasons why Tampines Ave 11 Condo is an attractive residential option for homebuyers. With various available unit layouts, complete with efficient and modern designs, not to mention convenient living, these make Tampines Ave 11 an ideal place to live for homebuyers and investors alike.

“We expect the buying mood for bungalows at Sentosa Cove to remain muted for the rest of 2023,” added Han. “For any deal to be struck, sellers may have to lower their price expectations to help ease the burden of the ABSD rate that buyers will have to bear, especially if they are selling to foreigners.”

However, there have been a few recent cases of foreign buyers attempting to scoop up deals. During June and July, three foreigners purchased three apartments, while four Singapore permanent residents closed deals on four apartments in Sentosa Cove.

As GCB prices have increased in recent years, the average price gap between Sentosa Cove bungalows and GCBs has narrowed from $11.65 million in 2021 to $5.37 million in 2023, according to research from List Sotheby’s International Realty. Han elaborated, “Considering that bungalows at Sentosa Cove are all 99-year leasehold properties, whereas nearly all GCBs are freehold, the former are generally priced lower than GCBs. But there is a premium attached to the types of sea views which only the bungalows at Sentosa Cove get to enjoy. These are the two main factors that draw investors to Sentosa Cove.”

Next year is likely to see an increase in sales activity, Han anticipated, with a fresh intake of newly minted permanent residents and citizens keen to restart their acquisition plans. She also expects prices to be similar next year with the exception of bungalows with land areas of over 18,000 sq ft, which are likely to fetch higher prices due to higher demand.