Prominent family sold Sentosa Cove home

By Feily Sofian / The Edge Property | June 7, 2016 2:40 PM SGT
A second landed home transaction was concluded in Sentosa Cove this year. A terrace house on Ocean Drive was sold for $6.8 million ($1,997 psf of land area) in May. By tracing its previous caveat, the profit works out to $4.1 million or 152%.
The sellers were understood to be the children of the late president Benjamin Sheares. Based on caveats lodged, the property appeared to be purchased directly from the developer, Ho Bee Group, in February 2005 for $2.7 million ($793 psf).
URA caveat shows that the buyer is a Chinese national who is a permanent resident here. Completed in 2006, the house overlooks the waterway and features a berth, private pool and sun deck. It sits on a 3,401 sq ft site with a 99-year lease from 2004.
The deal marked the second landed home transaction in Sentosa Cove this year. In April, another terrace house on Ocean Drive changed hands in April for $5 million, or $1,868 psf.
Although the property was held for 11 years, the profit works out to an annualised gain of 9%. For context, the annualised gain for all landed homes averaged 6% over the past decade, based on the URA Property Price Index. Meanwhile, the annualised gain for non-landed homes averaged 5%.
The number of landed home transactions in Sentosa Cove fell from 26 in 2012 to four in 2014 and five in 2015.
The deal surfaced among the new caveats uploaded by the URA on May 27 and 31.
Separately, two other landed homes in district 10 was sold for a profit exceeding $3 million on May 18. A detached house at Maple Avenue was sold for $9 million ($1,573 psf). The seller had purchased the property in 2007 at $5.2 million ($908 psf), resulting in a profit of $3.8 million.
On Mount Sinai Avenue, a semi-detached house also fetched $3.8 million profit. The seller had purchased the property in 2005 at $1.7 million ($491 psf) and resold in May this year for $5.5 million ($1,602 psf). The annualised gain works out to 12%.
In the non-landed housing segment, the highest profit of $2.6 million accrued to a 2,874 sq ft unit at Four Seasons Park. The property was purchased in 2006 at $1,722 psf and resold on May 20 at $2,610 psf.
The biggest loss accrued to a 2,433 sq ft unit at Turquoise which was sold at a $2.5 million loss....