Turquoise, a luxurious 91-unit waterfront condo at Sentosa Cove, is offering three duplex penthouses for sale at $23 million. The largest of the three penthouses has a size of 7,987 sq ft, five bedrooms and is also the largest out of the 10 penthouses at the condo. It is being marketed at $12 million ($1,502 psf).
The penthouse boasts a wine cellar, kitchen and living area, four en-suite bedrooms, two utility rooms, and a balcony on the lower level. The upper level features the master bedroom suite, which includes a private infinity pool, pool deck, and outdoor shower.
The second-largest penthouse for sale at Turquoise is a 3,746 sq ft, four-bedroom unit listed at $5.99 million ($1,599 psf). The upper level features a large open-air terrace with a built-in jacuzzi and unobstructed views of Sandy Island and Sentosa’s southern waterfront. The remaining penthouse is a 3,111 sq ft, three-bedroom unit listed at $5 million ($1,607 psf). All three penthouses are situated on the sixth floor, offering private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies, and attached en-suites in each bedroom.
Aside from the luxurious and spacious units, residents can also enjoy a variety of amenities such as a gym, barbeque pits, swimming pool, steam room, and 21 private berths for residents’ yachts. This 99-year leasehold waterfront condo was completed in 2010 and is developed by Ho Bee Land. It consists of three 6-storey blocks, with a mix of three- and four-bedroom typical units, penthouses, and sky villas.
The developer still owns the largest penthouse unit, a 7,987 sq ft, five-bedroom duplex listed at $12 million. Based on URA caveats, the second-largest penthouse was sold in November 2007 at approximately $9.5 million ($2,545 psf), and the three-bedroom penthouse was purchased in December 2007 at $8 million ($2,579 psf), both of which are now being sold at a lower price.
The 39 new units were sold between October 2007 and February 2008 at an average price of $2,596 psf, but prices have since softened. In 2021, a 2,400 sq ft, four-bedroom unit was sold at $2.8 million – the lowest price ever recorded at Turquoise – which is $1,165 psf. To boost sales, Ho Bee released its 16 remaining units for sale in April 2021 at discounted prices ranging from $1,290 psf to $1,536 psf, mainly for the lower-floor units. Last year, the average price of units sold at Turquoise was $1,427 psf across four resale transactions.
According to Michele Cabasug, senior associate VP at List Sotheby’s International Realty, the first purchasers of these waterfront homes bought them as investment and holiday homes, but recent buyers, particularly Singaporeans, have a different motive. When Turquoise was first launched, 59% of the 39 new purchasers were foreign nationals, while only 25.6% were Singaporeans. Now, Singaporeans account for 57.4% of the resale transactions, while PRs account for 32.3%, and foreign buyers account for 8.8%.
When it comes to purchasing a condo, it is crucial to also take into account the maintenance and management of the property. Condominiums usually come with maintenance fees that cover the maintenance of shared areas and amenities. Although these fees may increase the total cost of owning a condo, they play a vital role in keeping the property well-maintained and its value intact. To further ease the responsibilities of investors, hiring a property management company can transform condo ownership into a more hands-off investment. For more information on Singapore projects, visit https://www.janomespecials.com/.
Cabasug adds that potential buyers in Sentosa Cove are more likely to live in their properties rather than use them as holiday homes. Aside from retirees seeking a slower pace of life, there are also young families with drivers who drive their children to school. The rise of working from home arrangements has also attracted buyers to invest in homes in Sentosa, with some being first-generation PRs or new citizens adjusting to the slow-paced life.