Interest in waterfront homes at Sentosa Cove seems to have returned in recent months, as the opening of Resorts World at Sentosa looms. Since the beginning of November, a total of six properties — three luxury condominiums and three landed homes — have changed hands in the resale market at $1,406 to $2,423 psf.
In the week of Nov 6 to 13, one of the 29 villas on Ho Bee Group’s Paradise Island — a double-storey unit on 8,105 sq ft of land — was sold for $11.4 million, or $1,406 psf. The villas were completed in May and Ho Bee sold the last one for $22 million in August. Each villa has a private berth and all rooms have views of the waterways. The owner had purchased the villa in April 2007 for $9.18 million, or $1,133, hence reaping a 24% capital gain. In early November, a 7,029 sq ft villa sold for $10.8 million, or $1,536 psf. The owner had lso purchased it at launch for $7.1 million ($1,010 psf) in April 2007 and saw the price appreciate 52% in the past 2½ years.
When the villas at Paradise Island were launched, prices ranged from $1,047 to $1,208 psf, according to the URA Realis database of caveats. Since then, prices have climbed, reaching $1,500 psf two months ago, a level last seen in October 2007.
Meanwhile, a terraced house in the 99-year leasehold Ocean 8 enclave developed by IJM Properties Sdn Bhd, a unit of the Malaysian conglomerate IJM Corp Bhd, was sold for $6.4 million, or $2,423 psf, in a caveat dated Nov 13. The 2,637 sq ft house had changed hands twice before. The original owner purchased the property in October 2006 for $2.92 million ($1,109 psf), and flipped it in January 2007 for $3.5 million ($1,326 psf), enjoying an 20% gain.
The $2,423 psf is the highest psf price achieved at Ocean 8 to date. The last time a unit in the stretch of eight terraced homes changed hands above $2,000 psf was in May last year, when two units were sold for $5.5 million each — a 2,626 sq ft unit went for $2,097 psf, while a 2,691 sq ft unit was sold for $2,046 psf.
Just up the street along Ocean Drive is the 116- unit The Azure, a 99-year leasehold waterfront condo development by Frasers Centrepoint and completed last year. The property was launched in September 2005 at around $900 psf.
According to a Nov 10 caveat, a 1,701 sq ft apartment on the third floor was sold for $2.9 million, or $1,705 psf. This is the second time this year the unit has changed hands. It was last sold in June for $2.43 million ($1,429). The original owner purchased the property in October 2005 for $1.77 million ($1,043 psf).
At the end of Ocean Drive is the 264-unit The Oceanfront @ Sentosa Cove, which is being developed jointly by TID Pte Ltd and City Developments Ltd and expected to be completed in 1Q2010. A two-bedroom apartment on the eighth floor has changed hands three times since it was purchased in August 2006. The 1,711 sq ft unit was most recently sold for $3.1 million, or $1,811 psf. The seller appears to have made a quick flip as, according to URA Realis, the previous transaction was just this September for $3 million, or $1,753 psf. The initial owner purchased the unit at launch in 2006 for $2.28 million ($1,337 psf) and sold it in April 2007 for $3.25 million ($1,899 psf), a 42% price gain.
Source : The Edge – 7 Dec 2009