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The Billionaire Haven in Singapore Suffering a Lost Decade

  • Landed home prices in Sentosa at lowest since 2009, data show
  • Loss-making deals make up almost half of all sales: Cushman
Sentosa Cove
Sentosa CoveSource: Sentosa Development Corp.
Updated on

Sentosa Cove, a residential enclave nestled on an island off the coast of Singapore, is quiet at the best of times. On
a weekday, its frangipani-lined streets are mostly devoid of life, save the odd domestic helper taking her four-legged charge out for a walk.

The stillness, however, belies the real estate shuffling taking place behind the scenes. Property listings here have been rising. But unless you’re buying, there’s no cause for celebration: sellers are stomaching losses as steep as 40 percent. Average prices are down almost 30 percent from their 2011 highs, a far more severe slump than in prime central London areas reeling from Brexit.