Mortgagee sales rising

/ The Edge Property
March 24, 2017 5:00 PM SGT
A condominium unit at The Marina Collection in Sentosa Cove was to be put up for auction a third time by Edmund Tie & Co ( ET&Co) on March 29. However, it was sold prior to the auction, at a price believed to be around $3 million. The unit was a mortgagee sale, and the recent buyer, a foreign investor.
The latest transaction translates to a 42.8% discount to the previous owner’s purchase price of $5.24 million ($2,800 psf), based on a caveat lodged for the unit in December 2011. The 1,873 sq ft unit on the second level has a direct view of the marina and contains three bedrooms and a study. The unit is currently tenanted at a rental rate of about $6,000 a month.
Last December, a similar-sized unit on the third level (above the one that just sold) of The Marina Collection fetched $3 million ($1,602 psf) as well.
It shows that prices of condos at Sentosa Cove have finally bottomed. “These transactions demonstrate that at the current price levels, buyers are finding it attractive to come in,” says Joy Tan, head of auction at ET&Co. “And we’re getting a lot of calls for Sentosa Cove properties.”
View of One°15 Marina from The Marina Collection at Sentosa Cove
More penthouses as mortgagee sales
At ET&Co’s upcoming auction on March 29, eight out of 12 properties to be featured are mortgagee sales. Four of them are new listings. One is a duplex penthouse at Volari, a high-end, freehold condo on Balmoral Road. The 85-unit condo was completed in 2012.
The penthouse at Volari has a total floor area of 3,950 sq ft and comes with a private lift, four bedrooms and a study, as well as private pool and private enclosed space of about 1,453 sq ft. It also has direct views of the colonial Black & White bungalows at Goodwood Hill. The indicative price of the penthouse is $6.45 million ($1,633 psf), which is almost $1 million below the previous owner’s purchase price of $7.33 million ($1,856 psf) in November 2009.
A duplex penthouse at...