{"id":81488,"date":"2018-03-01T12:33:25","date_gmt":"2018-03-01T05:33:25","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-penthouse-sold-at-2-4-million-loss\/"},"modified":"2018-03-01T13:06:43","modified_gmt":"2018-03-01T06:06:43","slug":"sentosa-cove-penthouse-sold-at-2-4-million-loss","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-penthouse-sold-at-2-4-million-loss\/","title":{"rendered":"Sentosa Cove penthouse sold at $2.4 million loss"},"content":{"rendered":"


\nThe four-bedroom unit at The Berth by the Cove was sold for $3.25 million, or $1,105 psf. (Photo: Edmund Tie)\u00a0
\nA two-level penthouse at Sentosa Cove\u2019s posh The Berth by the Cove was sold on mortgagee sale at an auction on Wednesday (28 Feb) for $3.25 million, which works out to $1,105 psf. The property received a total of five bids.
\nWhile this is the first successful auction of a Sentosa Cove property in 2018, the sale translates to a loss of about $2.4 million, or 42 percent, said marketing agent Edmund Tie & Co.
\nThe previous owner had bought the unit for $5.64 million ($1,919 psf) in 2011.
\nThe four-bedroom unit measures approximately 2,939 sq ft and comes with private lift access and a private spa pool. It also offers unblocked views of the marina and the landed enclaves of Paradise and Coral Islands.
\nCompleted in 2006, the 99-year leasehold condo has a total of 200 units, and is one of the few developments on the island to offer residents 25 berths for their private yachts. \u00a0
\n\u201cWe 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 psf is very reasonable as recent transactions for comparable penthouse units in these mentioned developments were higher,\u201d said Joy Tan, Head of Auction & Sales at Edmund Tie. \u00a0
\nThis is the fourth Sentosa Cove property on mortgagee sale that was sold for almost half of its initial purchase price since 2017, noted Edmund Tie.
\nIn January, a unit at Turquoise was sold for $3.59 million, or 43 percent below its initial purchase price of $6.29 million. \u00a0\u00a0\u201cSentosa 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,\u201d said Tan. \u00a0
\nEdmund Tie & Co will hold its next auction on 21 March at Amara Hotel in Tanjong Pagar.
\nCheck out more properties for sale in Sentosa Cove.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Sentosa Cove penthouse sold at .4 million loss<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The four-bedroom unit at The Berth by the Cove was sold for $3.25 million, or...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-81488","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-lck","jetpack-related-posts":[{"id":84129,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-march-2018\/","url_meta":{"origin":81488,"position":0},"title":"News Roundup (March 2018)","date":"March 29, 2018","format":false,"excerpt":"\r Our top Singapore property stories. Geylang HDB flat with city views sold for $910,000 A 5-room HDB resale flat on a high floor in Geylang with sweeping views of the Singapore Sports Hub and city skyline was sold in January for a sky-high price of $910,000. The sale price\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2018\/03\/The-Berth-resized.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":78941,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-penthouse-up-for-auction\/","url_meta":{"origin":81488,"position":1},"title":"Sentosa Cove penthouse up for auction","date":"February 5, 2018","format":false,"excerpt":"\r The last owner paid $5.64 million, or $1,919 psf for the four-bedroom unit in 2011. (Photo: Edmund Tie and Co) A two-level penthouse on the sixth storey of The Berth by the Cove will be placed under the hammer on 28 February at The Amara Hotel Singapore, revealed Edmund\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":66046,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/kong-hees-sentosa-home-relisted-for-11-5m\/","url_meta":{"origin":81488,"position":2},"title":"Kong Hee\u2019s Sentosa home relisted for $11.5m","date":"September 11, 2017","format":false,"excerpt":"\r There has been an increased interest in Sentosa Cove homes as prices have gradually moved closer to that of mass market condos. In a sign that the luxury condo market is picking up steam again, the Sentosa Cove penthouse unit of City Harvest Church founder Kong Hee was relisted\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":108094,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-condo-sold-at-50-loss\/","url_meta":{"origin":81488,"position":3},"title":"Sentosa Cove condo sold at 50% loss","date":"June 14, 2019","format":false,"excerpt":"\r Cushman & Wakefield data showed that resale property prices on the resort island fell to $1,367 per sq ft (psf) \u2013 a record low since luxury residential properties were first launched in Sentosa Cove in November 2004. The property cooling measures rolled out by the government in July 2018\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":121723,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-sales-in-sentosa-cove-reach-new-record\/","url_meta":{"origin":81488,"position":4},"title":"Home sales in Sentosa Cove reach new record","date":"August 30, 2021","format":false,"excerpt":"\r Home sales in Sentosa Cove reach new recordSome analysts believe the high transaction volumes in Sentosa is a spillover from the growing demand for luxury homes within the Rest of Central Region (RCR), considering that prices on the island remain relatively lower compared to those on the mainland. Sentosa\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/08\/Sentosa-cove-apartments-1.jpg?fit=819%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":84132,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/en-bloc-fever-spreads-to-property-auction-market\/","url_meta":{"origin":81488,"position":5},"title":"En bloc fever spreads to property auction market","date":"March 29, 2018","format":false,"excerpt":"\r More properties being sold at auction. Investors are apparently searching for homes in the auction market that can be sold in future for a good profit via collective sale, according to an Edmund Tie & Co report released today (29 Mar). \u201cIn the last six months, we noticed that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/81488"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=81488"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/81488\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=81488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=81488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=81488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}