Rewritten:
At Sentosa Cove, the luxurious waterfront condo Turquoise has recently listed three duplex penthouses for sale at a price of $23 million. The largest of the three is a five-bedroom, 7,987 square foot unit which is also the largest among the ten penthouses in the 99-year leasehold development.
The five-bedroom penthouse boasts a wine cellar, kitchen, living area, four en suite bedrooms, two utility rooms, and a balcony on the lower level. The upper level features the master bedroom suite, with a private infinity pool, pool deck, and outdoor shower. This unit is being offered at $12 million ($1,502 per square foot).
The second-largest penthouse at Turquoise is a four-bedroom, 3,746 square foot unit listed at $5.99 million ($1,599 per square foot). The upper floor of this penthouse features a large open-air terrace with a built-in jacuzzi and stunning views of Sandy Island and Sentosa’s southern waterfront.
The final penthouse for sale is a three-bedroom, 3,111 square foot unit with a guide price of $5 million ($1,607 per square foot). All three penthouses are located on the sixth floor and feature private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies, and attached ensuite bathrooms in each bedroom.
Turquoise offers residents a range of amenities, including a gym, barbeque pits, a swimming pool, a steam room, and 21 private berths for residents. Developed by Ho Bee Land, the 99-year leasehold development was completed in 2010 and features 91 units spread across three 6-storey blocks. The typical units are a mix of three and four-bedroom apartments, with sizes ranging from 2,088 to 3,050 square feet. The penthouses range from 3,111 to 7,987 square feet, while the sky villas are 6,900 to 7,987 square feet.
The developer still owns the largest penthouse, which is the current unit on the market for $12 million. According to URA caveats, the second-largest penthouse was purchased by a Korean national for about $9.5 million ($2,545 per square foot) in November 2007, during the initial launch of Turquoise. The three-bedroom penthouse was purchased by an African national for just over $8 million ($2,579 per square foot) in December 2007, also during the initial launch.
According to senior associate VP Michele Cabasug from List Sotheby’s International Realty, foreign buyers initially purchased these waterfront homes for investment and as holiday homes. The current owner of the four-bedroom penthouse has been leasing the unit for the past two years for $18,000 per month, and the current market rental rate for the unit is still $18,000. This means that a new buyer purchasing the unit at $5.99 million will enjoy a gross rental yield of 3.6% if they choose to lease out the unit.
During the initial launch period, the developer sold 39 units at an average price of $2,596 per square foot. After the Global Financial Crisis in 2008, prices at Turquoise have softened, with units changing hands at an average price of $2,471 per square foot between 2008 and 2012. In February 2021, prices hit a new low of $1,165 per square foot when a four-bedroom unit was sold for $2.8 million.
In April of the same year, the developer released its remaining 16 units for sale at promotional discounts ranging from $500,000 to $750,000 per unit and prices ranging from $1,290 to $1,536 per square foot. The developer reported that these were primarily lower-floor units.
In 2020, the average price of units sold at Turquoise was $1,427 per square foot across four recorded resale transactions. According to Cabasug, the two foreign owners at Turquoise are now motivated to sell their properties after holding onto them for nearly 18 years, as they intend to pursue other investment opportunities.
The four-bedroom penthouse owner would lose approximately $3.5 million, or 36.8% below the purchase price, if the unit is sold. Similarly, the three-bedroom penthouse owner would lose around $3 million, or 37.5% below the purchase price. Last year, the average price of units sold at Turquoise was $1,427 per square foot across four recorded resale transactions.
Cabasug notes that the buyer profile at Turquoise has shifted, with more buyers looking to purchase a primary residence rather than a holiday home. When the project first launched, 59% of the 39 buyers were foreign nationals, with Singaporeans accounting for 25.6% of purchases. Since its completion in 2010, 57.4% of transactions at Turquoise have been by Singaporeans, 32.3% by PRs, and only 8.8% by foreign buyers. The last resale transaction was to a company.
Cabasug adds that many potential buyers in the Sentosa market intend to reside in their properties, with some being empty nesters or retirees seeking a slower pace of life, and others young families with drivers to take their children to school. She also notes that the increased prevalence of working from home has improved buyers’ sentiments about purchasing a home in Sentosa, and there are more first-generation PRs or new citizens who are used to a slower pace of living.
Ho Bee Land was a first-mover in Sentosa Cove, developing Turquoise, The Berth by the Cove, The Coast, Seascape, and Cape Royale. The developer also developed the bungalows at Coral Island and Paradise Island, two of the four man-made islands at Sentosa Cove.