The luxury condo Turquoise, developed by Ho Bee Land, has three duplex penthouses for sale at prices ranging from $5 million to $23 million. The largest of the three penthouses for sale is a 7,987 sq ft, five-bedroom duplex with a private infinity pool, pool deck and outdoor shower, offered at $12 million. The second-largest penthouse for sale at Turquoise is a 3,746 sq ft, four-bedroom unit listed for $5.99 million, while the smallest penthouse for sale is a 3,111 sq ft, three-bedroom unit with a guide price of $5 million. These penthouses are located on the sixth floor and feature private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies, and attached ensuites in each bedroom. Residents at Turquoise also have access to various facilities such as a gym, barbeque pits, swimming pool, steam room, and private berths for residents. Currently, the average price of units sold at Turquoise is $1,427 psf across four recorded resale transactions. The current owners are motivated to divest their properties after holding on to them for almost 18 years. Majority of the buyers at Turquoise are Singaporeans intending to purchase a primary residence, followed by PRs and foreign buyers. Ho Bee Land has developed many other properties in Sentosa Cove, including bungalows at Coral Island and Paradise Island.
“Situated at Sentosa Cove facing the beautiful waterway, Turquoise is a luxurious condo with 91 units. Recently, three duplex penthouses have been put up for sale at $23 million. Among them, the largest is a five-bedroom duplex spanning 7,987 sq ft. This unit is also the biggest among the 10 penthouses in the 99-year leasehold waterfront condo.
The penthouse boasts a wine cellar, kitchen, living area, four en suite bedrooms, two utility rooms, and a balcony on the lower level. The upper level features a master bedroom suite with a private infinity pool, pool deck, and outdoor shower. It is listed at $12 million, translating to $1,502 psf.
.
Investing in a condo in Singapore has numerous benefits to offer investors. The demand for condos in this country is high, making it a highly sought after investment option. Along with this, there is also the potential for capital appreciation and attractive rental yields. However, it is crucial to carefully consider various factors such as the location, financing options, government regulations, and market conditions before making a decision. By conducting thorough research and seeking professional advice, investors can make well-informed decisions and maximize their returns in Singapore’s dynamic real estate market. Whether you are a local investor looking to diversify your portfolio or a foreign buyer in search of a stable and profitable investment, condos in Singapore undoubtedly present a compelling opportunity. Additionally, with the availability of new condo launches, investors can explore even more options and make the most out of the Singapore real estate market.
The second-largest penthouse for sale at Turquoise is a four-bedroom unit with a size of 3,746 sq ft, priced at $5.99 million or $1,599 psf. The upper floor of this unit 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 for purchase is a three-bedroom unit spanning 3,111 sq ft and priced at $5 million, equivalent to $1,607 psf. All three penthouses are located on the sixth floor and feature private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies, and attached ensuites in each bedroom.
Residents of Turquoise can enjoy a range of amenities such as a gym, barbeque pits, swimming pool, steam room, and 21 private berths for residents. Developed by Ho Bee Land, the 99-year leasehold Turquoise was completed in 2010 and comprises 91 units across three 6-storey blocks. The units range from three to four bedrooms, with sizes from 2,088 sq ft to 3,050 sq ft. The penthouses and sky villas are larger, varying from 3,111 sq ft to 7,987 sq ft.
Interestingly, the developer still owns the largest penthouse, the five-bedroom duplex measuring 7,987 sq ft, which is currently on the market for $12 million. According to URA caveats, the second-largest penthouse was bought by a Korean national for $9.5 million ($2,545 psf) in November 2007 when Turquoise was launched. The three-bedroom duplex penthouse was purchased by an African national for just over $8 million ($2,579 psf) in December 2007.
While foreign buyers once dominated the market for these waterfront homes, the current buyer profile at Turquoise has shifted to a majority of Singaporeans (57.4%), followed by PRs (32.3%) and foreign buyers (8.8%). Previously, foreign buyers made up 59% of the new purchasers when the project was launched in 2007.
Prices at Turquoise have softened since its launch in 2007, with units selling at an average of $2,596 psf. After the Global Financial Crisis in 2008, transactions slowed down, and prices dropped to an average of $2,471 psf between 2008 and 2012. In February 2021, the lowest price recorded at Turquoise was $1,165 psf when a 2,400 sq ft, four-bedroom unit sold for $2.8 million.
In April of the same year, the developer released 16 remaining units for sale at discounted prices ranging from $1,290 psf to $1,536 psf. Last year, the average price for units sold at Turquoise was $1,427 psf across four recorded resale transactions. This suggests that some of the current owners are willing to let go of their properties at a loss, with the potential buyer of the four-bedroom penthouse suffering a loss of $3.5 million (36.8%) if sold at the listed price.
However, there is still potential for rental income, with the current tenant paying $18,000 per month for the four-bedroom unit. This translates to a gross rental yield of 3.6% for a new buyer entering at $5.99 million. The owners are motivated to divest their properties after owning them for 18 years, as they want to explore other investment opportunities.
The buyer profile at Turquoise has changed over the years, with more buyers looking for a primary residence in Sentosa Cove instead of a holiday home. This can be attributed to the increased prevalence of working from home, and the slower pace of living in the island appeals to retirees and families. Ho Bee Land has developed many other properties in Sentosa Cove, including bungalows at Coral Island and Paradise Island.”