Singapore, 1 March 2018: A two-level penthouse located on the sixth-storey of The Berth by the Cove, the first mortgagee sale unit on Sentosa Cove to go under the hammer this year, has been sold at Edmund Tie & Company’s auction yesterday, 28 February 2018.
The property received a total of five bids, and was eventually sold for $3.25 million, or $1,105 per sq ft. The last owner purchased the unit in 2011 at $5.64 million, or $1,919 per sq ft, translating it into a loss of approximately $2.4 million, or 42%.
This is the fourth Sentosa Cove property on mortgagee sale that was sold for almost half of its initial purchase price since 2017. The properties are as follows:
|Property||Caveated month||Initial purchase price||Selling price||Selling price below last purchase price|
|The Berth by the Cove #06-18||Feb 2018||$5,638,824||$3,250,000||42%|
|Turquoise #04-11||Jan 2018||$6,290,240||$3,590,000||43%|
|Marina Collection #02-24||Mar 2017||$5,244,400||$3,000,000||42%|
|Seascape #07-01||Feb 2017||$12,800,000||$6,200,000||51%|
Ms Joy Tan, Head of Auction & Sales, commented:
“We expected a good turnout for the auction, as mortgagee sale units along this stretch of Sentosa Cove, which includes developments such as The Berth by the Cove, The Coast, The Oceanfront, and The Azure, are hard to come by given its healthy rental and resale transactions. The auctioned price of $1,105 per sq ft is very reasonable as recent transactions for comparable penthouse units in these mentioned developments were higher.
Sentosa Cove properties are on the upward swing this past year, and we still see ready buyers looking to invest in good buys on the island. We expect another five units to be placed for auction for the rest of the year.”
The subject unit at The Berth by the Cove is a four-bedroom unit with a floor area of approximately 2,939 sq ft. The unit offers unblocked views of the marina and the landed enclaves of Paradise and Coral Islands. It includes a double-volume ceiling in the living area, private lift access and a private spa pool, ensuite to the master bedroom.
The development was completed in 2006 and has a total of 200 units, with a 99-year leasehold tenure with effect from 2004. Located along Sentosa’s coastline, this condominium is one of the few developments on the island which offers residents 25 berths for their private yachts. The next auction by Edmund Tie & Company will be held on Wednesday, 21 March, at Amara Singapore, 165 Tanjong Pagar Road, Level 3, Connection Room, at 2:30pm.
For further information contact:
Media please contact:
Head of Auction & Sales
DID: +65 6393 2505
DID: +65 6393 2369
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.