Penthouse in Sentosa Cove auctioned at $2.4 million loss

/ EdgeProp
March 2, 2018 4:30 PM SGT
The 2,939 sq ft unit at The Berth by the Cove was sold for $3.25 million ($1,105 psf).
(Source: ET&Co)
The sale of a duplex penthouse on the sixth-storey of The Berth by the Cove is the first mortgagee sale unit in Sentosa Cove to be sold under the hammer this year. It was sold at an auction held by Edmund Tie & Company (ET&Co) on Feb 28.
The property was sold for $3.25 million ($1,105 psf), which is $2.4 million (42%) lower than the $5.64 million ($1,919 psf) paid by the previous owner in 2011. According to Joy Tan, ET&Co’s head of auctions and sales., the auctioned sale price is “very reasonable”, as previous transactions for comparable penthouse units in condominiums such as The Berth by the Cove, The Coast, The Oceanfront, and The Azure have been higher.
The penthouse spans 2,939 sq ft and has four bedrooms. It has unblocked views of the marina, as well as the landed enclaves of Paradise and Coral Islands. It includes a double-volume ceiling in the living area, private lift access and a private spa pool, ensuite to the master bedroom.
Completed in 2006, The Berth by the Cove has a total of 200 units, with a 99-year leasehold tenure with effect from 2004, It boasts of a waterfront living concept, offering residents 25 berths for their private luxury yachts.
The Berth by the Cove has 200 units and offers 25 berths for residents' private yachts.
According to ET&Co, the penthouse is the fourth Sentosa Cove property sold via mortgagee sale for about half the initial purchase price since 2017.
(Source: ET&Co)
Tan expects another five units at Sentosa Cove to be put on auction this year. "Sentosa Cove properties are on the upward swing this past year,” she says.
”We still see ready buyers looking to invest in good buys on the island.”
The next auction by ET&Co will be held on March 21.