UNDER THE HAMMER: Detached home at Paradise Island for sale at $12.9 mil

/ EdgeProp Singapore
June 24, 2019 7:31 AM SGT
A 2½-storey detached home at 2 Paradise Island, in Sentosa Cove in District 4, will be put up for auction on June 26 for the first time by Edmund Tie and Co (ET&Co). This is a mortgagee sale with a guide price of $12.9 million ($1,830 psf).
The house was purchased from the developer in April 2007, at $7.54 million ($1,071 psf), based on caveats lodged with URA. “Since it has been 12 years, the new owner will need to do major renovations on the unit,” says Joy Tan, head of auction and sales at ET&Co.
Sitting on a plot of 7,045 sq ft, with a frontage of 25 metres towards the waterway, the property has five en suite bedrooms and a utility room. It also comes with a private yacht berth, a car porch, and a swimming pool with a deck.
The home, a corner unit, has a north-south orientation, which allows for “good” air circulation, says Tan. “Compared to other units, this property offers a good block-to-block distance, giving a sense of spaciousness,” she adds.
Paradise Island comprises 29 villas developed by Ho Bee Land and was completed in 2009.
For price trends, recent transactions, other project info, check out the Paradise Island project details page
The 2½-storey detached home sits on a plot of 7,045 sq ft and is a corner unit with a north-south orientation (Credit: ET&CO)
Quayside Isle, Sentosa Cove’s first waterfront retail and dining destination, is a three-minute drive away, while Tanjong Golf Course and Resorts World Sentosa are both less than an 11-minute drive away.
The most recent resale transaction at Paradise Island was for a 9,236 sq ft, seven-bedroom bungalow that changed hands for $14 million ($1,516 psf) in October 2018. Before that, in May, an 8,170 sq ft, five-bedroom bungalow fetched $12 million ($1,469 psf). There has been no transactions at Paradise Island this year to date.
“While residential non-landed homes have been in the news lately for their drop in pricing, we believe that the landed homes on the island still commands healthy interest levels as this is the only place in Singapore where foreigners can buy landed units,” notes Tan. “We expect the unit to attract owner-occupiers looking to be located away from the hustle and bustle of city life.”
For the latest listings near Paradise Island, click here