Lamborghinis, Porsches and Bentleys fill the driveways of multimillion-dollar villas in Sentosa Cove. Yachts line the 400-berth marina nearby. A number of homes have guardhouses for security.
But signs of a slowdown are just beneath the shiny surface. The grass on front lawns has turned brown from neglect. Two condominiums last summer went for less than half their original price, while others sit empty.
At the W Residences, one of the newest condominiums, fewer than half of the units have been sold. Walking around a lavish showroom apartment with infinity pool, Sheena Teng, a sale consultant for City Developments Limited, the developer of the W Residences, says that prospective buyers in Sentosa once were rich Asians looking for vacation homes. She said most of the current occupants at the W Residences were expatriate professionals in Singapore — and they are renting.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at email@example.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.