UNDER THE HAMMER: Second mortgagee sale at Paradise Island

By Bong Xin Ying / EdgeProp | August 4, 2018 9:00 PM SGT
The three-storey bungalow will be up for auction again on Aug 29 (Credit: ET&Co)
A three-storey bungalow at 7 Paradise Island in Sentosa Cove will be put up for auction for the second time by Edmund Tie & Co (ET&Co) on Aug 29. It was first listed for auction on July 25 at an opening price of $14.8 million ($1,603 psf). As there were no bids, the property was withdrawn. Paradise Island comprises 29 villas developed by Ho Bee Land and was completed in 2009.
The property to be auctioned has a built-up area of 10,936 sq ft and occupies a 99-year leasehold land site of 9,235 sq ft.
The 7 Paradise Island bungalow will be sold with vacant possession on an “as is where is” basis. The previous owner, who is said to be a foreigner, bought it for $22 million ($2,382 psf) six years ago.
The bungalow comprises seven ensuite bedrooms. The entrance foyer boasts a full-glass frontage, and the entertainment hall on the second level has a double-volume ceiling. The property comes with a private yacht berth, private pool, roof terrace and a car porch spacious enough for seven cars.
Joy Tan, head of auction & sales at ET&Co, says the bungalow, which has a full view of the marina, is in a serene area, away from noise and congestion.
This is the second mortgagee sale at Paradise Island, according to Tan. In June last year, a 7,373 sq ft, 2½-storey, six-bedroom bungalow at 17 Paradise Island was put up for auction by Colliers International. According to a caveat lodged in November 2017, it was successfully sold for close to $14.7 million ($1,992 psf).
There have been two other resale transactions at Paradise Island this year. According to caveats lodged, the most recent transaction was that of an 8,170 sq ft, five-bedroom bungalow that changed hands for $12 million ($1,469 psf) in May. In April, an 8,633 sq ft, six-bedroom bungalow fetched $11.2 million ($1,297 psf).
ET&Co’s Tan notes: “At $1,603 psf, [7 Paradise Island] is a rare deal because very seldom do we see a mortgagee sale at Paradise Island. It is ideal as an investment property as well as a holiday home, and is especially a good deal for firsttime home buyers who would not be affected by the latest property cooling measures.”
Paradise Island has 86 years left on its 99-year lease. Quayside Isle, Sentosa Cove’s first waterfront retail and dining destination, is a three-minute drive away and Tanjong Golf Course and Resorts World Sentosa are less than 10 minutes’ drive away.