Three Duplex Penthouses Turquoise Market 23 Mil
The luxurious waterfront condo, Turquoise, located at Sentosa Cove, has three duplex penthouses for sale at $23 million. Amongst these, the largest is a five-bedroom, 7,987 sq ft duplex priced at $12 million. It is also the largest of the 10 penthouses in the 99-year leasehold property.
The penthouse boasts a wine cellar, kitchen, and living area, four en-suite bedrooms, two utility rooms, and a balcony on the lower level. The upper level features the master bedroom suite, with a private infinity pool, pool deck, and outdoor shower. The penthouse is listed at $1,502 per square foot.
The second-largest penthouse, also a duplex, is a four-bedroom unit spanning 3,746 sq ft and is priced at $5.99 million, translating to $1,599 per square foot. It features a spacious open-air terrace with a built-in jacuzzi and offers unobstructed views of Sandy Island and Sentosa’s southern waterfront.
The last penthouse on offer is a three-bedroom duplex measuring 3,111 sq ft, with a price guide of $5 million, or $1,607 per square foot. All three penthouses occupy the sixth floor and come with private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies, and attached en-suites in each bedroom.
The condo’s residents can enjoy various amenities, including a gym, BBQ pits, swimming pool, steam room, and 21 private berths. Developed by Ho Bee Land, Turquoise was completed in 2010 and comprises of 91 units spread across three six-storey blocks. The typical units consist of three- and four-bedroom apartments, with sizes ranging from 2,088 sq ft to 3,050 sq ft. The penthouses range from 3,111 sq ft to 7,987 sq ft, while the sky villas boast sizes between 6,900 sq ft to 7,987 sq ft.
Interestingly, the largest penthouse (7,987 sq ft) is still owned by the developer and is listed at $12 million. The developer managed to sell 39 units between October 2007 and February 2008, at an average price of $2,596 per square foot, according to URA caveats.
However, the global financial crisis in 2008 saw a decline in transactions, and prices have since softened. Between 2008 and 2012, the average price for units in Turquoise was $2,471 per square foot. In February 2021, a four-bedroom, 2,400 sq ft unit was sold for $2.8 million, or $1,165 per square foot, the lowest recorded price at Turquoise.
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In April the same year, Ho Bee Land released its remaining 16 units for sale, offering 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. The developer stated that these were mostly units on the lower floors.
In 2020, the average transaction price at Turquoise was $1,427 per square foot across four resale deals. According to Michele Cabasug, senior associate vice president at List Sotheby’s International Realty, the two current foreign owners are looking to divest their properties after holding onto them for almost 18 years, to pursue other investment opportunities.
If sold at the listed prices, the owner of the four-bedroom penthouse would incur a loss of $3.5 million, a decline of 36.8% from the purchase price. Meanwhile, the three-bedroom penthouse’s seller would lose $3 million, a 37.5% reduction from the acquisition cost.
Cabasug notes that while there is still interest from buyers looking for a holiday home at Sentosa Cove, the majority are now seeking a primary residence. As evidence of this shift, when Turquoise was launched in late 2007, 59% of the buyers were foreigners. However, since its completion in 2010, Singaporeans now account for 57.4% of the transactions, followed by permanent residents at 32.3%, and foreigners at 8.8%.
Ho Bee Land was the first developer to venture into Sentosa Cove and has developed several projects in the area, including Turquoise, The Berth by the Cove, The Coast, Seascape, and Cape Royale, the latter two in collaboration with Malaysian developer IOI Properties Group. The developer also built bungalows on Coral Island and Paradise Island, two of the four man-made islands in Sentosa Cove.