Advertisement
From Crazy Rich Asians to a poor man’s Bali: the rise and fall (and rise) of Sentosa Cove, Singapore’s ‘Monte Carlo’
- Singapore’s Sentosa Cove was once touted as a home for the rich and famous
- Twenty years on, with property prices in the doldrums, some wonder if it is more Bali than Monte Carlo. Still, there are signs its fortunes are turning
Reading Time:5 minutes
Why you can trust SCMP
In Singapore’s exclusive Sentosa Cove residential enclave – touted as “the world’s most desired address” – the Cape Royale development stands out as one of the tallest buildings on the man-made island.
Advertisement
The luxury condominium was one of the latest additions to the prestigious waterfront haven, boasting unparalleled views of the South China Sea. It even landed a cameo in last year’s Hollywood box-office hit Crazy Rich Asians .
Beneath that shiny facade, though, there is another reality: not a single one of the 302 units at Cape Royale has been sold.
Developer Ho Bee Land and its partner IOI Properties had decided to hold off launching the project a few years ago in view of weak market sentiment at the time, and rented out the flats instead. Even then, as of April 2018, only about 80 per cent of the units had been leased out.
Advertisement
The empty rooms are a microcosm of Sentosa Cove’s broader malaise. Nearly two decades since it was launched and billed as Singapore’s answer to Monte Carlo, the hype surrounding Sentosa Cove has deflated. Property prices are mired in the doldrums, while the government’s property cooling measures and tighter immigration laws have deterred buyers and investors.
Advertisement