First Sentosa Cove property going under the hammer in 2018
  • Auction & Sales
  • 02 February 2018

First Sentosa Cove property going under the hammer in 2018

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details

Singapore, 2 February 2018: A two level penthouse located on the 6th storey of The Berth by the Cove will be introduced at Edmund Tie & Company’s auction on 28 February 2018, Wednesday, at The Amara Hotel Singapore, 165 Tanjong Pagar Road, Level 3, Connection Room, 2.30pm. This will be the first Sentosa Cove property to be placed under the hammer this year.

The 4-bedroom unit has approximately 2,939 sq ft of floor area and will offer its owner unblocked views of the marina and the landed enclaves of Paradise Island and Coral Island. It includes a double-volume ceiling in the living area, private lift access and a private spa pool which is ensuite to the master bedroom.

he Berth by the Cove was completed in 2006 and has a total of 200 units, with a 99-year leasehold tenure with effect from 2004. The condominium, located along Sentosa’s coastline, is also one of the few developments on the island which offers its residents berths for their private yacht.

The last owner purchased the unit in 2011 at $5.64 million, or $1,919 per square foot.

2017 saw several mortgagee sale units done within Sentosa Cove, at developments such as Seascape, The Residences at W Sentosa Cove, Turquoise, and even a bungalow on Paradise Island. All these units were snapped up quickly, indicating that there are ready buyers waiting for good buys on the island.

Ms Joy Tan, Head of Auction & Sales at Edmund Tie & Company, commented:

“This is the first time in recent years that a unit under mortgagee sale is available at The Berth by the Cove. Overall, resale and rental transactions within this development and its surrounding projects, such as The Coast and The Oceanfront, has been healthy. Mortgagee sales along this stretch of Sentosa represents an excellent opportunity for investors or occupiers to acquire a property in one of Singapore’s most prestigious addresses.”

The upcoming auction by Edmund Tie & Company also offers two other big-ticket mortgagee sale properties. They are a 4-storey, stand-alone JTC building located along Joo Seng Road, and a good class bungalow (GCB) located along Belmont Road.

The JTC building at Joo Seng Road is also making its first appearance on the auction floor. The subject property is zoned for B1 light industrial, with a plot ratio of 2.5, under URA Masterplan 2014. The tenure of 30 + 30 years is with effect from 1992 and has a balance of 34 years. It comes with a cargo lift, a passenger lift, surface carpark and two loading and unloading bays. The land area is approximately 30,554 sq ft, with a gross floor area of approximately 76,370 sq ft.

Located off Upper Paya Lebar Road, the subject property is within walking distance to Tai Seng MRT Station (Circle Line) and is served by the Pan-Island Expressway (PIE) and Kallang-Paya Lebar Expressway (KPE).

The GCB located at 5 Belmont Road will also be available for auction this February, with a revised guide price of $22.3 million, or $1,365 per square foot. The mortgagee sale of this property was first presented last year, with a guide price of $25.5 million, or $1,561 per square foot. This represents a $3.2 million or 12.5 per cent drop from its initial asking price.

This unit has a land area of approximately 16,327 sq ft and a built-up of approximately 11,502 sq ft over 2-storeys and a basement. It sits within the GCB area of Cornwell Gardens, and is in close proximity of Holland Village, Singapore Botanic Gardens, and Dempsey Hill.

END For further information contact:

Media please contact:
Ms Joy Tan
Senior Director
Head of Auction & Sales
DID: +65 6393 2505
Email: joy.tan@etcsea.com

Lawrence Lui
Senior Executive
Corporate Communications
DID: +65 6393 2510
Email: lawrence.lui@etcsea.com

About Edmund Tie & Company

Headquartered in Singapore and supported by offices in Kuala Lumpur and Bangkok, Edmund Tie & Company is an established real-estate consulting firm that operates across Malaysia, Thailand and other countries in Southeast Asia and beyond.

Led by some of the most highly credentialed experience in Southeast Asia, the firm offers a comprehensive and integrated suite of real estate advisory and agency services that includes: commercial and retail agency (covering office and industrial, occupier services and retail); residential agency; investment advisory; auction, tender and private treaty sales; valuation advisory (including statutory valuation and property tax); property management; hospitality management; and research and consulting.

We are committed to providing the highest quality in property consultancy that adds value to the assets of our clients in a manner that exceeds their expectations. We achieve this through a unique insight that springs from our Asian identity, an extensive contact base, a multi-disciplined range of expertise founded on depth of experience, standards that are international and a professional practice that adheres to the highest ethical principles.

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