A 2½-storey detached house at 17 Coral Island, in Sentosa Cove in District 4, will be put up for auction on May 22 with a guide price of $11.3 million ($1,495 psf). The property has been available for sale since last year, with an initial guide price of $$11.5 million, shares Joy Tan, head of auction and sales at Edmund Tie and Co (ET&Co), which is marketing the property.

The house was purchased from the developer at $11.8 million ($1,561 psf) in December 2009, based on caveats lodged with URA. It is a mortgagee sale.

Sitting on a rectangular plot of 7,557 sq ft, with a frontage of about 12.7 metres wide, the property has four bedrooms and a helper’s room. The home has a north-south orientation, with views of the waterway, offering a tranquil environment for its residents, says Tan.

The home also comes with a swimming pool, private yacht berth, jacuzzi and barbeque pit, and the car porch can fit three to four luxury cars, she adds.

Tan believes this property is sold at a competitive price. In comparison, she points to another house at 7 Paradise Island, which ET&- Co marketed last July and was transacted at $14 million ($1,516 psf). The three-storey detached house has a built-up area of 10,936 sq ft and occupies a 99-year leasehold land site of 9,235 sq ft.

“We look forward to good interest as this is the only landed unit under mortgagee sale in Sentosa Cove at the moment,” says Tan. “With the URA Draft Master Plan 2019, the CBD in Districts 1 and 2 will be looking forward to a rejuvenation in the residential and commercial sectors. Coupled with plans for the upcoming Greater Southern Waterfront City, the south of the island, including Sentosa Cove, would surely see a rebound in prices in the near future.”