UNDER THE HAMMER: Sky villa at The Oceanfront going for $4.28 mil

/ EdgeProp Singapore
October 27, 2018 12:00 PM SGT
A 3,057 sq ft duplex penthouse, dubbed a “sky villa”, at The Oceanfront @ Sentosa Cove was put up for auction by Edmund Tie & Co (ET&Co) on Oct 24. The opening price was $4.28 million ($1,400 psf), but the unit was withdrawn, as there were no bids.
This is the second time the unit has gone on the block. It was first put up for auction on Sept 26, with a slightly higher opening price of $4.3 million ($1,407 psf). There are only 29 sky villas at the 264-unit waterfront condominium.
The 3,057 sq ft duplex penthouse at The Oceanfront will be put up for sale via private treaty after two unsuccessful auctions (Credit: Samuel Isaac Chua/ The Edge Singapore)
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Joy Tan, senior director and head of auction and sales at ET&Co, says the property will now be put up for sale via private treaty. She is optimistic about selling the penthouse, as it has drawn lots of enquiries. Tan says the price is reasonable.
The owner, a Singaporean, bought the three-bedroom unit on the 13th floor for $4.89 million ($1,600 psf) in February 2010 as an investment. The property is tenanted, but will be sold with vacant possession.
The sky villa comes with private lift access and the master bedroom has a bathroom en suite. Described by Tan as “bright, breezy and spacious”, the unit has views of the sea as well as the marina from the living area and bedrooms and is “well maintained”.
On the second level of the unit are the roof terrace and private pool, which offer views of the sea, adds Tan.
On the second level of the sky villa is a private pool that overlooks the sea (Credit: ET&Co)
The 99-year leasehold The Oceanfront was jointly developed by Singapore-listed City Developments Ltd and TID. The latter is an entity owned jointly by Hong Leong Holdings and Mitsui Fudosan. Designed by acclaimed architect firm Wimberly, Allison, Tong & Goo, the development was completed in 2010.
There have been 12 resale transactions at The Oceanfront so far this year. The units involved ranged from 1,216 to 5,242 sq ft, as seen from caveats lodged. The most recent transaction was that of a 1,744 sq ft, three-bedroom unit on the eighth floor, which changed hands for $2.7 million ($1,548 psf) in October. In the same month, a 3,218 sq ft unit on the 10th floor fetched $4.65 million ($1,445 psf).
In 2016 and 2017, a total of 19 units at The Oceanfront were transacted at an average price of $1,506 psf.
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