Despair sale at ultra-luxury Seven Palms

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Seven Palms, the most luxurious condominium in Sentosa Cove, has been known for setting benchmark prices in Singapore’s foremost waterfront enclave. When the project was launched in 4Q2009, seven units were sold at prices ranging from $3,091 to $3,353 psf. In terms of absolute prices, these units, which ranged from three-bedroom apartments of 2,702 sq ft to four-bedroom units of 4,273 sq ft, went for $8.35 million to $13.9 million, according to caveats lodged.
Seven Palms in Sentosa Cove is an ultra-luxury development by SC Global Developments (Pictures: Samuel Isaac Chua/ The Edge Singapore)
The 41-unit luxury condo by SC Global Developments was the first condominium development in Sentosa Cove to see sales of its units cross the $3,000 psf price threshold. It also boasts several tycoons among its homebuyers.
In 2012, it was reported that Australian mining magnate Gina Rinehart spent $57 million for two units — a three-bedroom unit on the third floor and another three-bedroom unit directly above it on the fourth floor — with a total strata area of 13,500 sq ft. The transaction set a new record of $4,200 psf, breaking yet another price threshold for the 99-year leasehold development.
The private beach lounge at Seven Palms has direct access to Sentosa’s Tanjong Beach
Ricardo Portabella Peralta, the Spanish president, CEO and managing director of Luxembourg- based investment firm Ventos SA, was also said to have purchased two adjacent units with a total strata area of 6,900 sq ft for $28.55 million ($4,131 psf), according to a caveat lodged in November 2014.
The most recent transaction was for a 4,241 sq ft, four-bedroom unit that was sold to a local buyer for $15.78 million ($3,721 psf) in March 2016,...