Penthouse at The Berth by the Cove changes hands for $1,021 psf

By
/ EdgeProp
|
March 18, 2019 11:00 AM SGT
A 2,939 sq ft, four-bedroom penthouse at The Berth by the Cove was recently sold for $3 million ($1,021 psf). Based on URA Realis caveats, the psf price is the lowest for a resale unit in the 200-unit project so far. The last time a unit changed hands for that psf price was in January 2007. It was for the sub-sale of a 2,056 sq ft, three-bedroom unit on the first level that changed hands for $2.1 million.
The 200-unit project was the first private condo to be launched in Sentosa Cove back in November 2004. Units were sold at an average of about $830 psf then. At the peak of the residential market from 4Q2007 to 1Q2008, units were changing hands at prices above $1,700 psf. Prices hit an all-time-high of $2,200 psf for a 1,905 sq ft, four-bedroom unit on the third level that changed hands for $4.19 million in November 2007.
The Berth by the Cove was the first condo in Sentosa Cove, Singapore’s premier waterfront development, and was launched in 2004 (Picture: Samuel Isaac Chua/EdgeProp Singapore)
“The challenge in Sentosa Cove is that there hasn’t been any major project launch to attract luxury property hunters,” says Steve Tay, senior associate VP at List Sotheby’s International Realty (List SIR). “Most of these buyers have, instead, been drawn to the new launches in the prime districts of 9 and 10 in the Orchard Road area.”
In fact, there hasn’t been a new launch of a luxury condo in Sentosa Cove in nearly a decade – not since 2010, when the 228-unit The Residences at W Sentosa Cove and the 151-unit Seascape were launched.
Unlike on the mainland, foreign and listed property developers at Sentosa Cove are exempt from the conditions of the qualifying certificate, which require them to complete the projects within five years and to sell out the units within two years of completion. Hence, most developers with projects in the residential enclave have been holding on to their unsold units for rent instead of selling them.
“However, properties in Sentosa Cove still have fundamental attributes to attract discerning buyers,” notes List SIR’s Tay. “There’s the waterfront lifestyle and the exclusivity that can’t be replicated on the mainland of Singapore.”
He anticipates that...