Please revise the attached article on the sale of three duplex penthouses at the luxury condo Turquoise, located at Sentosa Cove. These prestigious waterfront properties are being offered for a combined price of $23 million, with the largest penthouse being a 7,987 sq ft, five-bedroom unit priced at $12 million.
Turquoise, a 91-unit luxury condo situated along the waterway at Sentosa Cove, is currently offering three duplex penthouses for sale, with a combined asking price of $23 million. The largest of the three units, a sprawling 7,987 sq ft five-bedroom duplex, is not only the biggest among the 10 penthouses within the 99-year leasehold waterfront development, but also boasts of a number of luxurious features such as a wine cellar, kitchen, living area, four en suite bedrooms, two utility rooms, and a balcony on its lower level. The upper floor of this unit features a master bedroom suite with a private infinity pool, pool deck and outdoor shower, and is being offered for $12 million ($1,502 psf).
The second-largest penthouse at Turquoise is a 3,746 sq ft four-bedroom unit on the market for $5.99 million ($1,599 psf). It also features a spacious open-air terrace with a built-in jacuzzi and offers unobstructed views of Sandy Island and Sentosa’s southern waterfront. Similarly, the third and final penthouse for sale is a 3,111 sq ft three-bedroom unit with a guide price of $5 million ($1,607 psf). All three of the penthouses are located on the sixth floor and boast of private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies, and attached en suite bathrooms in each bedroom.
In addition to these impressive units, residents at Turquoise can also enjoy a range of luxurious amenities, including a gym, barbecue pits, a swimming pool, a steam room, and 21 private berths for boat owners. Developed by Ho Bee Land, the 99-year leasehold Turquoise was completed in 2010 and is comprised of 91 units spread across three 6-storey blocks. The typical units on offer are a mix of three- and four-bedroom apartments, with the three-bedders ranging from 2,088 sq ft to 2,573 sq ft, and the four-bedders spanning between 2,400 sq ft to 3,050 sq ft. The penthouses, on the other hand, vary from 3,111 sq ft to 3,764 sq ft, while the sky villas are much more spacious at 6,900 sq ft to 7,987 sq ft.
Interestingly, the developer still owns the largest penthouse at Turquoise – the aforementioned 7,987 sq ft five-bedroom duplex currently on the market for $12 million. Based on URA caveats, the second-largest penthouse for sale, a 3,746 sq ft four-bedroom unit, was purchased by a Korean national for approximately $9.5 million ($2,545 psf) back in November 2007, at the time of Turquoise’s launch. Similarly, the three-bedroom 3,111 sq ft penthouse was snapped up by an African national in December 2007 for just over $8 million ($2,579 psf), according to caveats lodged then.
In recent times, however, there has been a shift in the buyer profile at Turquoise, with a greater focus on owners seeking a primary residence as opposed to investors or holiday home buyers. This is reflected in the current buyer profile, with Singaporeans accounting for 57.4% of the transactions (corresponding to 39 units) at Turquoise since its completion in 2010. Another 32.3% of transactions (22 units) were made by PRs, while foreign buyers accounted for only 8.8% (or six units). In fact, the last resale transaction at Turquoise was to a company, with most buyers today looking for a home in Sentosa that offers a slower pace of living, attractive to both empty nesters or retirees, as well as young families with children. Moreover, the recent trend of working from home has further improved buyers’ sentiments towards properties in Sentosa.
However, the current owners of the two penthouses on the market are now motivated to divest their properties, having held on to them for almost 18 years. They are now looking to explore other investment opportunities. Due to the decline in property prices at Sentosa Cove over the years, if these two units were sold at their listed prices, the owner of the four-bedroom penthouse would make a loss of approximately $3.5 million (equivalent to 36.8% below the purchase price), while the owner of the three-bedroom penthouse would suffer a loss of approximately $3 million (equivalent to 37.5% below the purchase price).
When Turquoise was first launched back in late 2007, the developer sold 39 units between October 2007 and February 2008, at an average price of $2,596 psf, based on caveats lodged. However, following the Global Financial Crisis in 2008, transactions slowed down, causing a softening in property prices at Sentosa Cove. Between 2008 and 2012, units changed hands at an average price of $2,471 psf. However, prices saw a new low in February 2021, when a 2,400 sq ft four-bedroom at Turquoise was sold for only $2.8 million (equivalent to $1,165 psf).
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In April of the same year, the developer lured buyers in by offering a promotional discount of $500,000 to $750,000 per unit, with prices ranging from $1,290 psf to $1,536 psf for the remaining 16 units at Turquoise. The developer notes that these units were primarily located on lower floors. In 2020, the average price for units sold at Turquoise was $1,427 psf, based on four recorded resale transactions. The current buyers are hence offered an opportunity to acquire these prestigious penthouses at a significantly reduced price, with the potential for high rental yields in the future.