The four-bedroom unit at The Berth by the Cove was sold for $3.25 million, or $1,105 psf. (Photo: Edmund Tie)
A two-level penthouse at Sentosa Cove’s posh The Berth by the Cove was sold on mortgagee sale at an auction on Wednesday (28 Feb) for $3.25 million, which works out to $1,105 psf. The property received a total of five bids.
While this is the first successful auction of a Sentosa Cove property in 2018, the sale translates to a loss of about $2.4 million, or 42 percent, said marketing agent Edmund Tie & Co.
The previous owner had bought the unit for $5.64 million ($1,919 psf) in 2011.
The four-bedroom unit measures approximately 2,939 sq ft and comes with private lift access and a private spa pool. Located on the sixth-storey, it also offers unblocked views of the marina and the landed enclaves of Paradise and Coral Islands.
Completed in 2006, the 99-year leasehold condo has a total of 200 units, and is one of the few developments on the island to offer residents 25 berths for their private yachts.
“We expected a good turnout for the auction, as mortgagee sale units along this stretch of Sentosa Cove, which includes developments such as The Berth by the Cove, The Coast, The Oceanfront and The Azure, are hard to come by given its healthy rental and resale transactions. The auctioned price of $1,105 psf is very reasonable as recent transactions for comparable penthouse units in these mentioned developments were higher,” said Joy Tan, Head of Auction & Sales at Edmund Tie.
This is the fourth Sentosa Cove property on mortgagee sale that was sold for almost half of its initial purchase price since 2017, noted Edmund Tie.
In January, a fourth-storey unit at Turquoise was sold for $3.59 million, or 43 percent below its initial purchase price of $6.29 million.
“Sentosa Cove properties are on the upward swing this past year, and we still see ready buyers looking to invest in good buys on the island. We expect another five units to be placed for auction for the rest of the year,” said Tan.
Edmund Tie will hold its next auction on 21 March at Amara Hotel in Tanjong Pagar.
Check out more properties for sale in Sentosa Cove.