65 units at The Residences at W Singapore Sentosa Cove have been sold after prices were slashed by over 40%.
Housing developer Cityview Place Holdings which owns 203 units at the apartment complex sold the 65 units within just two days.
The units were sold at an average price of S$1,780 per sq ft.
According to The Straits Times (ST), around 3,200 visitors attended the unit viewings from 10 to 14 April.
Thereafter, Cityview released 58 units for sale on Monday (15 April). Buyers quickly snatched up 45 units including four penthouses.
The next day, the developer rereleased additional units and sold an extra 20.
A spokesperson for Cityview Place Holdings told ST that 94% of the buyers were Singaporeans and permanent residents (PRs), while the remaining 6% were from China, France and the United States (US).
According to EdgeProp Singapore, the lower prices for the units were a limited-time offer.
Source: Flo Yeow on Google Maps
1,227 sq ft two-bedroom units were selling for S$2.118 million, or S$1,726 psf.
On the other hand, 1,625 sq ft three-bedroom units were selling for S$2.678 million, or S$1,648 psf.
The prices were roughly 40% below the peak prices of The Residences at W when it first launched in 2010.
The Business Times noted that before the latest sale, only 20 units were sold since April 2010 at a median unit price of S$2,810 psf.
Industry experts have agreed that Cityview’s pricing strategy was the main reason why viewers wanted to purchase the in-demand units.
Also read: Yishun HDB flat sold for S$1.2M sets new record price for resale flats in the area
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Featured image adapted from Google Maps.
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