Three Duplex Penthouses Turquoise Market 23 Mil
Turquoise, a waterfront luxury condo at Sentosa Cove, is offering three duplex penthouses for sale at $23 million. The largest penthouse is a 7,987 sq ft, five-bedroom unit, also the biggest among the 10 penthouses at the 91-unit, 99-year leasehold development.
It features a wine cellar, kitchen and living area, four en suite bedrooms, two utility rooms and a balcony on the lower level. On the upper level is the master bedroom suite, which boasts a private infinity pool, pool deck and outdoor shower. The asking price for this penthouse is $12 million ($1,502 psf).
The second-largest penthouse for sale at Turquoise is a 3,746 sq ft, four-bedroom unit with a guide price of $5.99 million ($1,599 psf). It also has an expansive open-air terrace with a built-in jacuzzi and unobstructed views of Sandy Island and Sentosa’s southern waterfront.
The last penthouse for sale is a 3,111 sq ft, three-bedroom unit with a guide price of $5 million ($1,607 psf). All three penthouses are located on the sixth floor and come with private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies and attached ensuites in each bedroom.
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Residents can enjoy various amenities at the condo, such as a gym, barbeque pits, a swimming pool, a steam room and 21 private berths. Developed by Ho Bee Land, Turquoise was completed in 2010 and comprises 91 units across three six-storey blocks. The units are a mix of three- and four-bedroom apartments. Penthouses range from 3,111 sq ft to 3,764 sq ft, while sky villas range from 6,900 sq ft to 7,987 sq ft.
According to URA caveats, Ho Bee Land still owns the largest penthouse at Turquoise – a 7,987 sq ft, five-bedroom duplex listed for $12 million. The second-largest penthouse, a 3,746 sq ft, four-bedroom duplex, was bought by a Korean national for about $9.5 million ($2,545 psf) in November 2007, when Turquoise was launched.
The third penthouse, a 3,111 sq ft, three-bedroom duplex, was bought by an African national for just over $8 million ($2,579 psf) in December 2007. The penthouses are currently being sold at prices below their earlier purchase prices.
When Turquoise was first launched, 39 units were sold between October 2007 and February 2008 at an average price of $2,596 psf. Transactions slowed after the Global Financial Crisis in 2008, and prices have since softened to an average of $2,471 psf between 2008 and 2012. The condo’s lowest price was recorded in February this year, when a 2,400 sq ft, four-bedroom unit changed hands for $2.8 million ($1,165 psf).
In April, Ho Bee released its remaining 16 units for sale at promotional discounts ranging from $500,000 to $750,000 per unit and at prices between $1,290 psf and $1,536 psf. According to the developer, most of the available units were lower-floor units.
Last year, the average price of units sold at Turquoise was $1,427 psf across four recorded resale transactions. Two foreign owners have put their properties up for sale after holding them for almost 18 years. “They want to pursue other investment opportunities,” says Michele Cabasug, senior associate VP of List Sotheby’s International Realty.
Most buyers of luxury properties at Sentosa Cove are now looking for a primary residence, adds Cabasug. When the project first launched, 59% of buyers were foreign nationals. Today, Singaporeans make up 57.4% of all transactions at Turquoise, followed by PRs (32.3%) and foreign buyers (8.8%). The last resale transaction was to a company.
“The slower pace of living and increased prevalence of remote working have improved buyers’ sentiments about purchasing a home in Sentosa,” says Cabasug. “Some are empty nesters or retirees seeking a slower pace of life, while others are young families with drivers to take their children to school.”
