By Romesh Navaratnarajah:
What could be seen as renewed interest in Singapore’s luxury residential market, a posh penthouse at The Residences at W Singapore (pictured) in Sentosa Cove fetched a sale price of S$ 7.8 million, The Straits Times reported.
The unit was sold following the highly-anticipated opening of the nearby boutique W Singapore hotel. The price of the 3,000 sq ft-plus apartment translates to over S$ 2,300 psf.
According to the developer City Developments Limited (CDL), the recent opening of W hotel has resulted in an increase in “expressions of interest and more inquiries from investors as well as parties interested in staying on the island”. As such, CDL is looking to release several apartments for sale early next year.
Marketing for the project was delayed since its launch in 2010 considering the slowdown in the luxury segment back then, said Chia Ngiang Hong, Group General Manager of CDL.
“More importantly, there was the conclusion that potential buyers were not able to fully appreciate the W brand and its value while the hotel was still being built,” he added.
“The completion of W Singapore – Sentosa Cove hotel allowed all to see and appreciate the value and branding of The Residences.”
The W Residences comprises a total of 228 apartments, of which some 50 were launched in 2010. Since then, over 20 units have been sold while many have been leased out by CDL.
Prices of those units sold in 2010 ranged from over S$ 2,500 to S$ 2,900 psf and above.
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