Bungalow at Paradise Island up for mortgagee sale at $13 million
By Angela Teo
/ The Edge Property |
A double-storey bungalow on Paradise Island in Sentosa Cove will be put up for auction by Colliers International on June 21. The property has a built-up area of 8,800 sq ft, sits on a 99-year leasehold land site of 7,360 sq ft, and has six bedrooms, five ensuite bathrooms, a swimming pool and a private berth. The property is a mortgagee sale, and comes with an indicative price tag of $13 million ($1,766 psf).
Source: Colliers International
A view of the private swimming pool of the double-storey bungalow on Paradise Island
It is one of 29 villas developed on the man-made island of Paradise Island by Singapore-listed Ho Bee Land, and completed in May 2009. Ho Bee was a first-mover in Sentosa Cove and is the biggest stakeholder there. Besides Paradise Island, it also developed Coral Island, a man-made island with 21 villas and completed in July 2007. Condos developed by Ho Bee are the 200-unit The Berth by the Cove, 249-unit The Coast, 91-unit Turquoise, 151-unit Seascape and 302-unit Cape Royale. Seascape and Cape Royale were developed jointly with Malaysia’s IOI Properties Group.
Source: Colliers International
All the villas on Paradise Island come with a private berth for a boat
When Paradise Island was first launched for sale, many of the buyers were foreigners, especially from China. This is because Sentosa Cove is the only area where foreigners are eligible to purchase bungalows.
The previous owner of the bungalow is believed to be a citizen of Hong Kong Special Administrative Region. He purchased the bungalow for about $8.3 million ($1,127 psf) when it was launched in March 2007.
The last transaction at Paradise Island was in September 2014. It was the sale of a bungalow on a 99-year leasehold land area of 7,341 sq ft. The unit changed hands for $14.5 million ($1,976 psf).
Bungalow transactions in Sentosa Cove have picked up since 1Q2017, with six deals done from March to May. Prices ranged from $10 million ($1,348 psf) for a bungalow on Cove Drive that sits on a 99-year leasehold land plot of 7,416 sq ft, to $21.25 million ($1,886 psf) for a property on Lakeshore View with a 99-year leasehold land size of 11,270 sq ft, according to caveats lodged with URA Realis.
Significantly, the Paradise Island mortgagee sale is the first for a bungalow on Sentosa Cove. The last time a bungalow in Sentosa Cove was put up for auction was in October 2008. The bungalow, located along Ocean Drive, sits on a land area of 7,815 sq ft. It was put up for auction by the former DTZ (now Edmund Tie & Co) at an opening price of $18 million. It was withdrawn from the auction, and later sold by private treaty in January 2010 for $15.5 million ($1,984 psf).
Whether the bungalow at Paradise Island will find a buyer will depend on the price expectations of potential buyers and the seller, says a property agent who declined to be named.
This article appeared in The Edge Property Pullout, Issue 784 (June 19, 2017) of The Edge Singapore.
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