Vacancies have been on the rise at Sentosa Cove, with some analysts estimating the rate to be as high as 30 percent at the close of 2016. And while being vacuous is often considered a hallmark of Sentosa Cove living, this time we’re really seeing something big.
The sheer number of mortgagee sales seen from 2014 to till today is a sure sign that landlords will be getting desperate – for many, some rent is better than no rent. And that’s why Singapore Cove may soon become an ideal place to rent.
Why might Sentosa Cove become the ultimate place to rent?
For a while, it seemed like the only good thing Sentosa had going was to be a tourist trap. But that’s no longer the case. Falling prices have taken this once ritzy area down by several notches, and the landlords are getting desperate zealously hunting for tenants.
Here are our reasons why we think rents in Sentosa Cove will rise:
- Sentosa Cove rentals are well priced for luxury properties
- The childcare options are surprisingly good
- It was quiet before. Now it’s like the town in that Silent Hill game.
- The old grocery issue has become less of a problem
Sentosa Cove rentals are well priced for luxury properties
If you look at average rental price for leases starting January 2015, it’s around $8,160 per month, in most units near Ocean Drive.
As of now however (leases beginning January 2017), the average for the same area is about $7,870 per month. Not only has the price gone down, but it’s much lower compared to other luxury areas. Most of the Orchard Road rentals, for example, are averaging around $10,520 per month as of January 2017.
For the jealous, non-rich people who are reading this: you may be rolling your eyes and saying “come on, these people don’t care about the money”. Well genius, maybe they do care, and that’s why they got rich.
For those of you who are serious about renting, do give the cost some thought. Sentosa is not as central as Orchard, but you’re getting a lot of space and top end facilities for the price.
The childcare options are surprisingly good
There was a time when Sentosa was a problem for families, due to the lack of child care (well, unless your idea of child care is strapping your children into amusement park rides for six hours a day).
Not a lot of people have realised those times are past. Sentosa does have a good preparatory school, the Quayside Isle Preparatory School, which is convenient for residents.
There’s an alternative option right across the bridge at Harbour Front, with Cherie Hearts which has a bigger mix of locals. It’s also convenient, since you can do your shopping on the way back.
It was quiet before. Now it’s like the town in that Silent Hill game
Some people will tell you Sentosa is great for its ocean view. Listen: no one likes the ocean view in Singapore okay? It’s just cargo freighters everywhere. It’s like being given a really boring tour of the Maersk warehouse, except things float.
What Sentosa Cove is great for is silence. This is something sorely lacking on the mainland, where the atmosphere is 70 percent traffic noises, and 30 percent Singaporeans complaining about something.
(However, if you want bustle though, don’t rent here.)
The old grocery issue has become less of a problem
There are grocers on Singapore, such as Cold Storage and Jason’s. But the grocers there tend to assume expats are some kind of rare animal, that can only eat steaks and foie gras in the way that pandas can only subsist on bamboo.
Sentosa Cove residents used to have a fit about getting a wider range (of more reasonably priced) groceries elsewhere. Well guess what: the problem of limited grocers has…not been solved. It just matters less now.
With Deliveroo and Red Mart and other online grocers taking off, it mostly mitigates this long-time problem of Sentosa Cove.
Check out other rental related articles here: Should Ask Questions (SAQ) for tenants in Singapore and How to tell if your rental property is being used for illegal activities
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