SINGAPORE - A two-level penthouse located on the sixth-storey of The Berth by the Cove, has been sold for S$3.25 million, or S$1,105 per sq ft (psf), at Edmund Tie & Company's auction on Feb 28 - albeit at almost half its original value.
The property received a total of five bids. The last owner had purchased the unit for S$5.64 million, or S$1,919 psf in 2011, translating to a loss of about S$2.4 million, or 42 per cent.
This transaction is the first auction sale of a Sentosa Cove property this year. It is a mortgagee sale, which means it is a sale put up by the lender, usually because the borrower has difficulty servicing the mortgage.
According to the real-estate consulting firm, this is the fourth Sentosa Cove property since 2017 to be sold for almost 50 per cent of its initial purchase price.
In January this year, a unit in Sentosa Cove's Turquoise was sold for S$3.59 million, 43 per cent lower than its last purchase price of S$6.29 million.
Similarly in March 2017, an apartment in Marina Collection was sold for S$3 million, or a 42 per cent discount, while a Seascape unit was sold at S$6.2 million in February last year, representing a loss of 51 per cent from its original value of S$12.8 million.
Said the firm's head of auction and sales Joy Tan: "Mortgagee sale units along this stretch of Sentosa Cove are hard to come by, given its healthy rental and resale transactions. The auctioned price of S$1,105 psf is very reasonable."
Indeed, the four-bedroom unit at The Berth by the Cove has a floor area of about 2,939 sq ft, and unblocked views of the marina, as well as the landed enclaves of Paradise Island and Coral Island.
It comes with a double-volume ceiling in the living area, private lift access, and a private spa pool which is en suite to the master bedroom. Located along Sentosa's coastline, this condominium is also one of the few developments on the island which offers residents 25 berths for their private yachts.
Added Ms Tan: "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."
The next auction by Edmund Tie & Company will be on March 21.