Please revise the provided article about the luxury condo Turquoise at Sentosa Cove to improve its clarity and flow.Turquoise, a 91-unit waterfront luxury condo at Sentosa Cove, is currently offering three duplex penthouses for sale at $23 million. These are the largest of the 10 penthouses in the 99-year leasehold development.
The largest penthouse, encompassing 7,987 square feet and boasting five bedrooms, is priced at $12 million ($1,502 per square foot). It occupies the sixth floor and features a wine cellar, kitchen, living area, four en suite bedrooms, two utility rooms, and a balcony on the lower level. The upper level houses the master bedroom suite, which includes a private infinity pool, pool deck, and outdoor shower.
The second-largest penthouse for sale at Turquoise is a four-bedroom unit spanning 3,746 square feet and listed at $5.99 million ($1,599 per square foot). Its upper floor opens up to a large open-air terrace with a built-in jacuzzi and stunning views of Sandy Island and Sentosa’s southern waterfront.
The final penthouse available is a three-bedroom duplex spanning 3,111 square feet with a price guide of $5 million ($1,607 per square foot). These three penthouses share similar features, including private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies, and en suite bathrooms in each bedroom.
Residents of Turquoise have access to a range of amenities including a gym, barbecue pits, a swimming pool, a steam room, and 21 private berths for residents who own boats. Developed by Ho Bee Land, the condo was completed in 2010 and offers a mix of three- and four-bedroom apartments, as well as penthouses and sky villas.
Interestingly, the developer still owns the largest penthouse in the development and has listed it for sale at $12 million. According to URA caveats, the second-largest penthouse was purchased by a Korean national in 2007 for approximately $9.5 million ($2,545 per square foot). The third penthouse was bought by an African national for just over $8 million ($2,579 per square foot) in the same year.
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The foreign buyers were attracted to these waterfront homes for their investment value and as holiday homes when the project first launched, according to Michele Cabasug, a senior associate vice president at List Sotheby’s International Realty.
The four-bedroom penthouse was leased out before being put on the market for sale, with the most recent tenant paying $18,000 per month for a two-year lease. This translates to a gross rental yield of 3.6% for a new buyer who purchases the unit for $5.99 million.
After the Global Financial Crisis in 2008, the number of transactions at Turquoise decreased and prices have softened. The project was initially sold at an average price of $2,596 per square foot between October 2007 and February 2008. Between 2008 and 2012, units were sold at an average price of $2,471 per square foot.
However, in February 2021, a four-bedroom unit measuring 2,400 square feet was sold at a record low of $1,165 per square foot. This prompted the developer to release its remaining 16 units at promotional discounts ranging from $500,000 to $750,000 per unit, at prices ranging from $1,290 to $1,536 per square foot.
Last year, the average price for units sold at Turquoise was $1,427 per square foot across four recorded resale transactions. Cabasug notes that the two foreign owners at Turquoise are looking to sell their properties after holding on to them for almost 18 years as they pursue other investment opportunities.
If sold at the listed prices, the current owners of the four-bedroom and three-bedroom penthouses would stand to lose about 36.8% and 37.5% respectively, when compared to their purchase prices.
Since the project’s launch in 2007, there has been a shift in the buyer profile at Turquoise. While initially 59% of buyers were foreign nationals, Singaporeans now make up the majority of transactions at 57.4%. Another 32.3% are permanent residents, with only 8.8% being foreign buyers. The last resale transaction was to a company.
According to Cabasug, most potential buyers in the Sentosa market are now looking for primary residences, rather than holiday homes. This is reflected in their buyer profiles, with many being Singaporean families or retirees seeking a slower pace of life. The increased prevalence of working from home has also made Sentosa a more attractive option for some buyers.
The developer, Ho Bee Land, was among the first to venture into Sentosa Cove and developed several other projects in the area, including The Berth by the Cove, The Coast, Seascape, and Cape Royale. They have also developed the bungalows at Coral Island and Paradise Island, two of Sentosa’s four man-made islands.