Two-Thirds of Sentosa Cove Properties Resell at a Loss with Average Loss Topping S$1 Million Since 2023

Data compiled by Mogul.sg covering landed and non-landed homes showed that 64.5 per cent of resale transactions between May 2023 and June 2026 were unprofitable, up from 62.8 per cent between March 2020 and April 2023.

While the average loss on loss-making transactions narrowed to S$1.28 million from S$1.56 million, gross gains on profitable resales fell by about 62 per cent to S$655,590 from S$1.75 million, indicated Mogul.sg. The figures exclude stamp duties, property tax, legal fees, and agent commissions.

“Overall, things are not looking good for the property owners of Sentosa Cove,” said Nicholas Mak, chief research officer at Mogul.sg. The median loss widened to 36.3 per cent, from S$271,225 to S$369,640, while the share of loss-making transactions edged up to 64.3 per cent from 63.9 per cent.

Separate analyses by property consultancies Cushman and Wakefield and Newmark found that most resale transactions in the enclave were unprofitable. Landed homes, however, fared slightly better, with roughly half of landed resale deals closing above water since 2023. For landed resale homes, 23 out of 47 transactions were profitable.

Wong Xian Yang, head of research for Singapore and South-East Asia at Cushman and Wakefield, said that landed homes generally held their value better than non-landed properties. Still, slightly more than half of landed resale transactions remained loss-making, “indicating that pricing pressures were not confined to the condominium segment”.

As at the second quarter of 2026, Sentosa had about 392 landed homes against 1,766 non-landed homes, indicated Cushman and Wakefield. Combined resale volume for landed and non-landed homes fell to 126 between May 2023 and June 2026, from 208 between March 2020 and April 2023.

Capital values of the 99-year leasehold homes built on Sentosa have long trailed properties on the mainland. Several factors weigh on the enclave: accessibility and pricing concerns, limited buyer pool, niche demand, and steeply higher stamp duties for foreign buyers that have cut off demand since 2023. Sentosa Cove is the only place in Singapore where foreigners can buy a landed property with government approval.

Non-landed resale prices at Sentosa Cove rose 18.1 per cent on a psf basis from Q1 2021 to Q2 2026, but transaction volume dried up after successive rounds of cooling measures. There were 68 non-landed deals in the first half of 2021, against 35 in H1 2026.

Sentosa Cove’s longer-term outlook could be shaped by the limited supply of new residential land. No new residential land parcels have been sold there since 2008. The 302-unit Cape Royale, completed in 2013, has been the last major new condominium development. CDL relaunched The Residences at W Singapore Sentosa Cove in April 2024 at an average of S$1,780 psf, 36 per cent below the S$2,793 psf average transacted price at its initial launch.