Nearly two in three Sentosa Cove homes resold between May 2023 and June 2026 changed hands for less than their previous purchase prices.
Data compiled by property platform Mogul.sg showed that 64.5 per cent of the resale transactions it examined were unprofitable, according to The Straits Times.
Among the loss-making deals, the average difference between the buying and selling prices was S$1.28 million.
That was only the loss on paper. The calculation excluded stamp duties, property tax, legal costs and agents’ commissions, meaning the sellers’ actual financial hit could have been larger.
The Average Loss Actually Became Smaller
As alarming as S$1.28 million sounds, it was the average only among loss-making transactions, not across all Sentosa Cove resales.
From March 2020 to April 2023, 62.8 per cent of the transactions analysed by Mogul.sg were unprofitable, with an average loss of S$1.56 million.
In other words, the proportion of owners losing money rose slightly, but the average loss among them narrowed.
The profitable deals also became considerably less rewarding. Average gross gains fell from S$1.75 million in the earlier period to S$655,590 between May 2023 and June 2026, a decline of about 62 per cent.
Separate research produced similar findings.
Cushman & Wakefield found that only 83 of 244 non-landed resales at Sentosa Cove between 2021 and the first half of 2026 were profitable. For landed homes, 23 out of 47 resales made money.
Why Sentosa Cove Behaves Differently
Singapore property prices can rise overall without every owner making a profit.
The Sentosa Cove figures compare the resale price of each property with what its seller previously paid. They therefore reflect when an owner entered the market, the price paid and the particular unit sold, rather than simply whether the area’s average price rose during the period.
Sentosa Cove also serves a much narrower group of buyers than most private housing estates.
Its large waterfront homes appeal to people seeking space, privacy and a resort-like environment. However, analysts told ST that many local families continue to prioritise convenient access to schools and amenities on mainland Singapore.
That smaller pool of potential buyers can make it harder for an owner to secure the desired price when it is time to sell.
The market is small in absolute terms too. Cushman & Wakefield estimated that Sentosa Cove had about 392 landed homes and 1,766 non-landed homes as at the second quarter of 2026.
Foreign Buyer Tax Rose to 60%
Foreign demand is particularly important to Sentosa Cove’s luxury market.
Foreign persons must obtain government approval before purchasing landed residential property in Singapore, including at Sentosa Cove, according to the Singapore Land Authority.
Demand from overseas buyers has also been affected by the Additional Buyer’s Stamp Duty, or ABSD. This is charged on top of the ordinary Buyer’s Stamp Duty.
From 27 April 2023, the ABSD rate for foreigners buying any residential property doubled from 30 per cent to 60 per cent.
For example, a foreign buyer purchasing a S$5 million home would face S$3 million in ABSD alone, before the standard Buyer’s Stamp Duty and other expenses. Buyers from countries covered by applicable free-trade agreements may qualify for the same stamp-duty treatment as Singapore citizens, subject to the relevant conditions.
With fewer foreign buyers willing or able to absorb those costs, sellers have a smaller market to work with.
The Homes Are Also Leasehold
Sentosa Cove homes generally sit on 99-year leases, unlike some freehold or 999-year properties in Singapore’s traditional prime districts.
A leasehold property does not automatically fall in value every year. Location, supply, demand and the condition of the home still matter.
However, the remaining lease can become a larger consideration as a development ages, especially when wealthy buyers can choose among other luxury properties with much longer tenures.
There are signs that prices have recently improved. Based on Realis data cited by analysts, non-landed resale prices at Sentosa Cove rose 5.7 per cent in the second quarter of 2026 from the previous quarter and 7.5 per cent from a year earlier.
But transaction numbers remained thin. There were 35 non-landed deals in the first half of 2026, compared with 68 in the first half of 2021.
So the striking loss figures do not mean every Sentosa Cove home is collapsing in value. They show that in a niche market with fewer potential buyers, a property can be worth millions and still be difficult to resell for more than its owner paid.
