Turquoise, the luxurious condo situated at Sentosa Cove facing the waterway, has three duplex penthouses up for sale at $23 million. The largest penthouse, located on the sixth floor, is a five-bedroom duplex spanning 7,987 sq ft. It is also the biggest among the 10 penthouses in the 99-year leasehold waterfront development.
This penthouse boasts a wine cellar, kitchen, living area, four en suite bedrooms, two utility rooms, and a balcony on the lower level. The upper floor features the master bedroom with a private infinity pool, pool deck, and outdoor shower. It is currently listed at $12 million ($1,502 psf).
Singapore’s urban scenery is characterized by towering skyscrapers and state-of-the-art infrastructure. Condos, strategically situated in prestigious locations, offer a harmonious combination of opulence and ease that appeals to locals and foreign residents alike. These residential areas are equipped with various facilities, including swimming pools, fitness centers, and round-the-clock security services, which enhance the overall living experience and make them alluring to potential tenants and buyers. Moreover, with the addition of new condo launches, investors can expect higher rental returns and the potential for property appreciation over time.
The second-largest penthouse for sale at Turquoise is a four-bedroom unit spanning 3,746 sq ft and priced at $5.99 million ($1,599 psf). Its upper floor features a spacious open-air terrace with a built-in jacuzzi and unobstructed views of Sandy Island and Sentosa’s southern waterfront.
The last penthouse available is a three-bedroom unit covering 3,111 sq ft and listed at $5 million ($1,607 psf). All three penthouses have private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies, and ensuite bathrooms in each bedroom.
Residents at Turquoise can enjoy facilities such as a gym, barbeque pits, swimming pool, steam room, and 21 private berths. Developed by Ho Bee Land, the project was completed in 2010 and comprises 91 units spread across three 6-storey blocks. The typical units are a mix of three- and four-bedroom apartments, while the penthouses range from 3,111 sq ft to 7,987 sq ft.
It is worth noting that the developer still owns the largest penthouse, which is currently on the market for $12 million. According to URA caveats, the second-largest penthouse was sold to a Korean national for approximately $9.5 million ($2,545 psf) in November 2007, during the project’s launch. The three-bedroom duplex penthouse was also purchased by an African national for just over $8 million ($2,579 psf) in December 2007.
Michele Cabasug, senior associate VP at List Sotheby’s International Realty, shares that foreign buyers initially acquired these waterfront homes for investment and holiday homes. However, the current market rental rate for the four-bedroom penthouse is $18,000, and the recent tenant paid $18,000 for a two-year lease from August 2022 to 2024. This translates to a gross rental yield of 3.6% for potential buyers looking to lease out the unit at the listed price of $5.99 million.
During its launch, Turquoise sold 39 units at an average price of $2,596 psf between October 2007 and February 2008. However, prices have since softened, and between 2008 and 2012, units were changing hands at an average price of $2,471 psf. A record low of $1,165 psf was achieved in February 2021 when a four-bedroom unit was sold for $2.8 million.
In April 2021, Ho Bee released its remaining 16 units for sale at promotional discounts ranging from $500,000 to $750,000 per unit. Prices ranged from $1,290 psf to $1,536 psf, and the developer clarified that these were mainly lower-floor units. Last year, the average price of units sold at Turquoise was $1,427 psf, with four recorded resale transactions. Cabasug says that the two foreign owners are divesting their properties after holding on to them for almost 18 years to pursue other investment opportunities.
There has been a shift in the buyer profile at Turquoise, with more locals looking to purchase a primary residence instead of a holiday home. When the project was launched, 59% of the 39 new purchasers were foreign nationals, 25.6% were Singaporeans, and 12.8% were PRs. This has changed over the years, and Singaporeans now make up the bulk of the buyers at 57.4%, followed by PRs at 32.3%, and foreign buyers at 8.8%. The last resale transaction was to a company.
Cabasug shares that buyers in the Sentosa market are mainly looking for a permanent residence, with some being empty nesters or retirees seeking a slower pace of life. Others are young families with drivers to take their children to school. The rising trend of working from home has also made these properties more appealing. Ho Bee Land was the first developer in Sentosa Cove and developed various projects like The Berth by the Cove, The Coast, Seascape, and Cape Royale, in collaboration with Malaysian developer IOI Properties Group. They also developed bungalows on Coral Island and Paradiso Island, two of the four man-made islands in Sentosa Cove.