UNDER THE HAMMER: Sentosa Cove bungalows see more mortgagee sales

In the latest sign of distress in Sentosa Cove, more waterfront villas are surfacing as mortgagee sales at auctions. Owners with less holding power are seeing their properties foreclosed by banks, says Sharon Lee, head of auctions at Knight Frank.
On the other hand, some bungalow owners who have been spooked by the latest property cooling measures implemented on July 6 have withdrawn their properties from auctions for now and are looking to adjust their prices, adds Lee.
Three Sentosa Cove bungalows have surfaced on Knight Frank’s private treaty list, of which two are mortgagee sales. One is a bungalow at 17 Coral Island. The three-storey house has a built-up area of 8,697 sq ft and comes with four en-suite bedrooms, a maid’s room, an infinity pool and a private berth. It occupies a 99-year leasehold, 7,557 sq ft site. The detached house has a price tag of $11.5 million, or $1,522 psf based on land area.
The waterfront villa is one of 21 developed by Ho Bee Land on Coral Island and completed in 2007.
Waterfront villas on Coral Island in Sentosa Cove (Picture: Samuel Isaac Chua/The Edge Singapore)
The other mortgagee sale is at 7 Paradise Island. It was put up for auction by Edmund Tie & Co in July at an opening price of $14.8 million ($1,603 psf). As there were no bids, the waterfront bungalow is now available for sale by private treaty. The asking price is still $14.8 million.
The three-storey villa has a built-up area of 10,936 sq ft and sits on a land area of 9,235 sq ft. The house has seven en-suite bedrooms, a private swimming pool and a private berth.
Paradise Island is also developed by Ho Bee Land and has 29 waterfront villas completed in May 2009.
The first mortgagee sale on Paradise Island was the house at No 17. It was put up for auction by Colliers International in June last year with an opening price of $13 million ($1,766 psf). It was later sold by private treaty for $14.68 million ($1,993 psf) in November, according to a caveat lodged then.
Some owners are also testing their properties on the market in Sentosa...