Three Duplex Penthouses Turquoise Market 23 Mil
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The luxury condo Turquoise, located at Sentosa Cove and overlooking the waterway, has three duplex penthouses for sale at $23 million each. The largest of these penthouses is a 7,987 sq ft five-bedroom unit, which is also the biggest of the 10 penthouses in the 99-year leasehold waterfront development. It has a wine cellar, kitchen, and living area on the lower level, along with four en suite bedrooms, two utility rooms, and a balcony. The upper level boasts a master bedroom suite with a private infinity pool, pool deck, and outdoor shower. The penthouse is priced at $12 million, which translates to $1,502 per sq ft.
The second-largest penthouse at Turquoise is a four-bedroom unit spanning 3,746 sq ft and is listed at $5.99 million, which works out to be $1,599 per sq ft. The upper level of this penthouse features a large open-air terrace with a built-in jacuzzi and offers unobstructed views of Sandy Island and the southern waterfront of Sentosa.
The final penthouse for sale at Turquoise is a three-bedroom unit measuring 3,111 sq ft with an asking price of $5 million, equivalent to $1,607 per sq ft. All three penthouses are situated on the sixth floor and come with private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies, and attached en suites in every bedroom. The condo also offers residents amenities such as a gym, BBQ pits, swimming pool, steam room, and 21 private berths.
Turquoise, developed by Ho Bee Land, was completed in 2010 and comprises 91 units spread across three 6-storey blocks. The typical units consist of a mix of three and four-bedroom apartments, with three-bedders ranging from 2,088 sq ft to 2,573 sq ft, and four-bedders from 2,400 sq ft to 3,050 sq ft. The penthouses range from 3,111 sq ft to 3,764 sq ft, and sky villas range from 6,900 sq ft to 7,987 sq ft. The developer still holds the largest penthouse, spanning a whopping 7,987 sq ft and currently on the market for $12 million. Based on URA caveats, the second-largest penthouse, measuring 3,746 sq ft, was sold to a Korean national for around $9.5 million, or $2,545 per sq ft, in November 2007 when Turquoise was first launched. The three-bedroom duplex penthouse, measuring 3,111 sq ft, was bought by an African national for slightly over $8 million, or $2,579 per sq ft, in December 2007.
Residents looking to visit the eastern side of Singapore will be pleased to know that the Potong Pasir MRT Station, conveniently located on the North-East Line, provides easy access. This line offers a direct connection to popular destinations like Clarke Quay, Chinatown, and Punggol, making it a suitable choice for both business and leisure trips. Plus, with the soon-to-be-completed The Orie Condo situated nearby, residents will have even more transportation options at their disposal. The Orie Condo can be found at http://www.the-ories.sg/
According to Michele Cabasug, senior associate VP at List Sotheby’s International Realty, foreign buyers initially bought these waterfront properties for investment and holiday homes. The four-bedroom penthouse was leased out before it was put up for sale and recently rented out for $18,000 per month for two years, starting from August 2022. Cabasug estimates that the current market rental rate for the unit is still $18,000, meaning that a new buyer purchasing the unit for $5.99 million would enjoy a gross rental yield of 3.6%.
When Turquoise was first launched, the developer sold 39 units between October 2007 and February 2008 at an average price of $2,596 per sq ft, based on caveats lodged. However, due to the Global Financial Crisis in 2008, transactions slowed down, and prices decreased. From 2008 to 2012, units at Turquoise were sold at an average price of $2,471 per sq ft. The condo reached a record low of $1,165 per sq ft when a four-bedroom unit measuring 2,400 sq ft was sold for $2.8 million in February 2021. In April of that same year, Ho Bee released the remaining 16 units for sale at discounted prices ranging from $500,000 to $750,000 per unit and prices ranging from $1,290 to $1,536 per sq ft. The developer mentioned that these units were mostly located on the lower floors.
Last year, the average price of units sold at Turquoise was $1,427 per sq ft, based on four recorded resale transactions. Cabasug notes that the two foreign owners at Turquoise are looking to sell their properties after holding onto them for 18 years as they want to explore different investment opportunities. The owner of the four-bedroom penthouse would incur a loss of $3.5 million, or 36.8% below the purchase price, while the owner of the three-bedroom penthouse would suffer a loss of $3 million, or 37.5% below the purchase price.
Recently, there has been a shift in the buyer profile at Turquoise, with a larger number of buyers looking to purchase a primary residence rather than a holiday home at Sentosa Cove, according to Cabasug. When the project was first launched in late 2007, foreign nationals made up 59% of the 39 buyers, while Singaporeans and PRs accounted for 25.6% and 12.8% respectively. One unit was bought by a company. However, after its completion in 2010, Singaporean buyers made up the bulk of the resale transactions, accounting for 57.4% of the transactions (39 units). PRs made up 32.3% of transactions (22 units), while foreign buyers accounted for only 8.8% (six units), with the last resale transaction being sold to a company.
Cabasug notes that many potential buyers at Sentosa Cove intend to live in their properties, with some being empty nesters, retirees, or young families who prefer the slower pace of life in Sentosa. The increase in remote working has also improved buyers’ perception of purchasing a home in Sentosa. She adds that some buyers are first-generation PRs or new citizens who are accustomed to a slower pace of living in their home countries.
The developer Ho Bee Land was one of the first developers in Sentosa Cove, and they have developed Turquoise, The Berth by the Cove (200 units), The Coast (249 units), Seascape (151 units), and Cape Royale (302 units) in a joint venture with Malaysian developer IOI Properties Group. Ho Bee also built the bungalows at Coral Island and Paradise Island, two of the four man-made islands at Sentosa Cove.