Set against the picturesque waterfront of Sentosa Cove is the luxurious condo, Turquoise, which comprises of 91 units. Among these, three duplex penthouses with five bedrooms are now available for sale at the price of $23 million. Standing at a whopping 7,987 square feet, this is the biggest penthouse among the 10 that are available in this 99-year leasehold development.
The extravagant penthouse boasts of a wine cellar, a kitchen and living area, four en-suite bedrooms, two utility rooms, and a balcony on the lower level. On the upper level lies the master bedroom suite, which comes with its own private infinity pool, pool deck, and outdoor shower. This unit is currently on the market for a price of $12 million, working out to $1,502 per square foot.
The second largest penthouse available at Turquoise is a four-bedroom unit measuring 3,746 square feet, and is being listed at $5.99 million ($1,599 per square foot). The upper level of this unit features a large open-air terrace with a built-in jacuzzi, providing its residents with uninterrupted views of Sandy Island and Sentosa’s southern waterfront.
The last of the three penthouses for sale is a three-bedroom unit with an area of 3,111 square feet, listed with a guide price of $5 million ($1,607 per square foot). These three penthouses are all located on the sixth floor, and come equipped with private lift lobbies, both wet and dry kitchens, floor-to-ceiling windows, open balconies, and en-suite bathrooms in each bedroom.
Turquoise offers its residents a plethora of amenities, including a gym, barbecue pits, a swimming pool, a steam room and 21 private berths for residents. Developed by Ho Bee Land, the 99-year leasehold Turquoise was completed in 2010. It boasts of 91 units spread across three 6-storey blocks, with a mix of three- and four-bedroom apartments. The three-bedroom units range from 2,088 square feet to 2,573 square feet, while the four-bedrooms range from 2,400 square feet to 3,050 square feet. As for the penthouses, they range from 3,111 square feet to 3,764 square feet, and the sky villas from 6,900 square feet to 7,987 square feet.
Another important highlight to note is that the developer still owns the biggest penthouse measuring 7,987 square feet, and is currently being offered for $12 million. According to URA caveats, the second-largest penthouse measuring 3,746 square feet was sold to a Korean national for approximately $9.5 million ($2,545 per square foot) in November 2007, during the launch of Turquoise. On the other hand, the three-bedroom duplex penthouse of 3,111 square feet was sold to an African national for just over $8 million ($2,579 per square foot) in December 2007, based on caveats lodged then.
As evident, these waterfront homes at Sentosa Cove were sought after by foreign buyers, who saw potential in owning them for investment and holiday purposes. The foreign buyers’ share was more than half (59%) of the total buyers (39 units) during the launch of Turquoise. This trend continued when the project was completed in 2010, with foreign buyers making up 58.4% of the total transactions (six units). Today, however, there has been a gradual shift in the profile of buyers at Turquoise, with more locals showing interest in owning properties at Sentosa Cove for their own use.
It is a noticeable fact that Singaporeans dominated the buyer profile at Turquoise, making up 57.4% of the total sales (39 units) since the project was completed in 2010. This is followed by Permanent Residents (22 units) that made up for 32.3%, and foreign buyers (6 units) at 8.8%. The last transaction was made by a company. Michele Cabasug, senior associate VP at List Sotheby’s International Realty, says that there has been a notable change in sentiment among buyers, with more seeking to purchase properties in Sentosa Cove for their own occupation. She further adds that some of these buyers are empty nesters, retirees, or young families with their own drivers to commute their children to school.
With a sudden surge in remote work last year, more people are now looking for properties that provide a serene and relaxing living environment. To meet their demands, Sentosa Cove presents itself as an ideal location for residential purposes. It is an added advantage that Sentosa Island is home to a variety of activities and attractions, proving to be the perfect getaway from the bustling city life.
Ho Bee Land, who were the first developers to make their mark in Sentosa Cove, have undertaken numerous projects like 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 IOI Properties Group, a Malaysian developer. The bungalows at Coral Island and Paradise Island, two of the four man-made islands at Sentosa Cove, were also developed by Ho Bee Land.
Understanding the regulations and limitations surrounding property ownership in Singapore is crucial for international investors. Luckily, foreigners have relatively few restrictions when it comes to purchasing condos, unlike landed properties which have stricter ownership guidelines. However, foreign buyers must keep in mind the Additional Buyer’s Stamp Duty (ABSD) of 20% for their initial property purchase. Despite this extra expense, the remarkable stability and potential for growth in the Singapore real estate market remains a magnet for foreign investment. With Singapore Projects continuously on the rise, it’s no wonder why investors are drawn to this lucrative market.
The condo saw a significant dip in prices when the Global Financial Crisis hit in 2008. However, it slowly started picking up pace, with units at Turquoise being sold at an average price of $2,471 per square foot between 2008 and 2012. However, in February 2021, prices at Turquoise hit a new low of $1,165 per square foot when a 2,400 square foot, four-bedroom unit was transacted for $2.8 million. The developer decided to release their remaining 16 units for sale in April the same year, at promotional discounts ranging from $500,000 to $750,000 per unit, and prices varying between $1,290 per square foot to $1,536 per square foot. These mainly comprised of the lower-floor units as reported by the developer.
In the past year, the average transacted price at Turquoise has been $1,427 per square foot across four resale transactions. Cabasug shared that the two foreign owners at Turquoise are now motivated to sell their properties after holding on to them for almost 18 years, to explore other investment opportunities. If sold at the listed prices, the owner of the four-bedroom penthouse would face a loss of $3.5 million (36.8% below purchase price) while the three-bedroom penthouse owner would see a deficit of $3 million (37.5% below purchase price).