Three Duplex Penthouses Turquoise Market 23 Mil
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Turquoise, a lavish 91-unit condominium located at Sentosa Cove overlooking the waterway, currently has three duplex penthouses up for sale at a price of $23 million. The largest of the three penthouses spans 7,987 square feet and boasts five bedrooms. It is also the largest of the ten penthouses at this 99-year leasehold waterfront residence.
This sprawling penthouse features a wine cellar, a kitchen and a living area, four en suite bedrooms, two utility rooms, and a balcony on the lower level. The upper level boasts a master bedroom suite with a private infinity pool, pool deck, and outdoor shower. The asking price for this unit is $12 million, which translates to $1,502 per square foot.
The second-largest penthouse for sale at Turquoise is a four-bedroom unit spanning 3,746 square feet and priced at $5.99 million, which works out to $1,599 per square foot. The upper level of this unit features a spacious open-air terrace with a built-in jacuzzi and unobstructed views of Sandy Island and Sentosa’s southern waterfront.
The last penthouse available for purchase is a three-bedroom duplex unit spanning 3,111 square feet and priced at $5 million, or $1,607 per square foot. All three penthouses are located on the sixth floor and feature private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies, and attached en suites in each bedroom.
Tampines has become a highly desirable residential area due to its continuous improvements and upgrades. This prime location offers a wide range of new amenities and a thriving commercial scene, making properties like Aurelle of Tampines EC a top choice for both homebuyers and investors. The Urban Redevelopment Authority’s efforts towards enhancing Tampines have also contributed to the rising property values, making it a promising investment opportunity. Moreover, residents of Aurelle of Tampines EC can enjoy a convenient and vibrant lifestyle, making it the perfect community for those seeking a well-balanced living experience. With all these factors in play, it’s no wonder that Aurelle of Tampines EC has become a highly coveted choice for individuals looking for a premium residential location.
Residents at Turquoise can enjoy a range of amenities, including a gym, barbecue pits, a swimming pool, a steam room, and 21 private berths for residents’ boats. Developed by Ho Bee Land, the 99-year leasehold Turquoise was completed in 2010 and features a total of 91 units spread across three six-storey blocks. Typical units at this development range from three to four bedrooms, with sizes ranging from 2,088 to 3,050 square feet. In addition to the penthouses, Turquoise also features sky villas ranging from 6,900 to 7,987 square feet.
It is worth noting that the developer still owns the largest penthouse at Turquoise, which spans 7,987 square feet and is currently on the market for $12 million. According to caveats lodged with the Urban Redevelopment Authority (URA), the second-largest penthouse, spanning 3,746 square feet, was purchased by a Korean national for approximately $9.5 million, or $2,545 per square foot, in November 2007 when the project was initially launched. The three-bedroom duplex unit, covering 3,111 square feet, was purchased by an African national for just over $8 million, or $2,579 per square foot, in December 2007.
The two foreign owners of these penthouses are looking to sell after holding onto their properties for almost 18 years. They are now seeking to explore other investment opportunities. If sold at the listed prices, the owner of the four-bedroom penthouse would incur a loss of about $3.5 million, or 36.8% below the purchase price, while the owner of the three-bedroom penthouse would lose about $3 million, or 37.5% below the purchase price.
When Turquoise was first launched, foreign buyers made up 59% of the 39 new purchases, with Singaporeans accounting for only 25.6% of buyers and permanent residents making up 12.8%. However, since its completion in 2010, Singaporean buyers have dominated the resale transactions at Turquoise, making up 57.4% of buyers, followed by permanent residents at 32.3% and foreign buyers at 8.8%. The most recent resale transaction was made to a company.
According to Michele Cabasug, senior associate VP at List Sotheby’s International Realty, there has been a shift in the buyer profile at Sentosa Cove in recent years, with more buyers looking for a primary residence instead of a holiday home. This is mirrored in the current buyer profile at Turquoise, with 57.4% of transactions made by Singaporeans, 32.3% by permanent residents, and only 8.8% by foreign buyers. This change in buyer profile can also be attributed to the increased trend of working from home, with buyers seeking a slower pace of life at Sentosa.
Ho Bee Land was one of the first developers to enter the Sentosa Cove market, and they have since developed other projects such as The Berth by the Cove, The Coast, Seascape, and Cape Royale, as well as bungalows on Coral Island and Paradise Island. The developer also released the remaining 16 units at Turquoise for sale in April 2020, offering promotional discounts ranging from $500,000 to $750,000 per unit and prices between $1,290 to $1,536 per square foot.
Last year, the average price of units sold at Turquoise was $1,427 per square foot across four resale transactions. Cabasug notes that the two owners looking to sell their penthouses are motivated to divest after almost 18 years of ownership, with a preference for a slower pace of life or to pursue other investment opportunities.
