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To summarize, purchasing a condo in Singapore offers several benefits, including strong demand, potential for continued appreciation, and appealing rental returns. Nevertheless, it is crucial to carefully assess various factors such as location, financing options, government policies, and market conditions. With thorough research and expert guidance, potential investors can make well-informed decisions and maximize their profits in Singapore’s ever-changing real estate landscape. Whether you are a local buyer seeking investment diversification or a foreign investor in search of a stable and lucrative opportunity, Singapore’s condo market presents a compelling proposition.
At Sentosa Cove, the waterfront location of Turquoise boasts 91 luxury condos, with three duplex penthouses currently available for purchase at a price of $23 million. The largest of the penthouses spans 7,987 sq ft and features five bedrooms, making it the largest of the 10 penthouses in the 99-year leasehold waterfront condominium. It includes a wine cellar, kitchen and living area, four en suite bedrooms, two utility rooms, and a balcony on the lower level. The upper level offers a master bedroom suite with a private infinity pool, pool deck, and outdoor shower, all for a cost of $12 million ($1,502 per square foot).
The second-largest penthouse, a four-bedroom unit covering 3,746 sq ft, is on the market for $5.99 million ($1,599 per square foot). The upper floor includes a spacious open-air terrace with a built-in jacuzzi and unobstructed views of nearby islands and the southern waterfront of Sentosa.
The third and final penthouse to be sold is a smaller unit of 3,111 sq ft with three bedrooms and a guide price of $5 million ($1,607 per square foot). All three penthouses are located on the sixth floor and have private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies, and attached en suite bathrooms in each bedroom.
Residents at Turquoise have access to amenities such as a gym, barbeque pits, a swimming pool, a steam room, and 21 private berths. Developed by Ho Bee Land, the 99-year leasehold Turquoise was completed in 2010 and offers a range of unit sizes, including three- and four-bedroom apartments, penthouses, and sky villas.
Currently, the developer still owns the largest penthouse priced at $12 million, as shown by URA caveats. The second-largest penthouse was bought by a Korean buyer for approximately $9.5 million ($2,545 per square foot) in November 2007, when the project was launched. The third penthouse was purchased by an African buyer for just over $8 million ($2,579 per square foot) in December of the same year.
According to Michele Cabasug, senior associate VP at List Sotheby’s International Realty, foreign buyers originally purchased these waterfront homes for investment and holiday purposes. However, they are now primarily being bought for primary residences. She notes that the current profile of buyers at Turquoise is mostly Singaporeans, followed by permanent residents and then foreign buyers.
Cabasug adds that the trend of working from home has led to an increased desire for properties in Sentosa, with buyers ranging from retirees to young families. The developer, Ho Bee Land, was an early pioneer in the development of Sentosa Cove, with projects such as Turquoise, The Berth by the Cove, The Coast, Seascape, and Cape Royale. They also developed several bungalows on Coral Island and Paradise Island, two of the man-made islands in Sentosa Cove.