Three duplex penthouses at Turquoise on the market for $23 mil

Three duplex penthouses at 99-year leasehold condo Turquoise are on the market for $23 million (Photo: Samuel Isaac Chua / EdgeProp Singapore)

At Turquoise, the 91-unit luxury condo at Sentosa Cove fronting the waterway, three duplex penthouses are up for sale at $23 million. The largest of the three penthouses for sale is a 7,987 sq ft, five-bedroom duplex. It is also the largest of the 10 penthouses at the 99-year leasehold waterfront condo.

The penthouse has a wine cellar, kitchen and living area, four en suite bedrooms, two utility rooms and a balcony on the lower level. The upper level features the master bedroom suite, which has a private infinity pool, pool deck and outdoor shower. It is being offered for $12 million ($1,502 psf).

The second-largest penthouse for sale at Turquoise is a 3,746 sq ft, four-bedroom unit listed for $5.99 million ($1,599 psf). The upper floor features a large open-air terrace with a built-in jacuzzi and unobstructed views of Sandy Island and Sentosa’s southern waterfront.

The upper floor of the four-bedroom penthouse features a large open-air terrace with a built-in jacuzzi and unobstructed views of Sandy Island and Sentosa’s southern waterfront. (Photo: Samuel Isaac Chua / EdgeProp Singapore)

The last penthouse for sale is a 3,111 sq ft, three-bedroom unit with a guide price of $5 million ($1,607 psf). All three penthouses are located on the sixth floor and have private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies and attached ensuites in each bedroom.

Residents’ amenities at the condo include a gym, barbeque pits, a swimming pool, a steam room and 21 private berths for residents. Developed by Ho Bee Land, the 99-year leasehold Turquoise was completed in 2010.

It has 91 units across three 6-storey blocks. Typical units are a mix of three- and four-bedroom apartments. The three-bedders have sizes from 2,088 sq ft to 2,573 sq ft, while the four-bedders are from 2,400 sq ft to 3,050 sq ft. Penthouses are from 3,111 sq ft to 3,764 sq ft, and sky villas from 6,900 sq ft to 7,987 sq ft.

The developer still owns the largest penthouse — the 7,987 sq ft, five-bedroom duplex currently on the market for $12 million. Based on URA caveats, the second-largest penthouse for sale, the 3,746 sq ft, four-bedroom duplex, was purchased by a Korean national for about $9.5 million ($2,545 psf) in November 2007, when Turquoise was launched.

The three-bedroom duplex penthouse of 3,111 sq ft was purchased by an African national, who paid just over $8 million ($2,579 psf) in December 2007, based on caveats lodged then.

All three penthouses are located on the sixth floor and have private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies and attached ensuites in each bedroom. (Photo: Samuel Isaac Chua / EdgeProp Singapore)

Investment asset and holiday home

Michele Cabasug, senior associate VP at List Sotheby’s International Realty, says foreign buyers purchased these waterfront homes for investment and as holiday homes when the project was first launched.

The four-bedroom penthouse unit was leased out before it was put on the market for sale. The most recent tenant paid a monthly rent of $18,000 and leased the unit for two years, from August 2022 to 2024. Cabasug says the current market rental rate for the unit is still $18,000. Hence, a new buyer entering at $5.99 million will be able to enjoy a gross rental yield of 3.6% if he decides to lease out the unit.

When Turquoise was first launched, the developer sold 39 units between October 2007 and February 2008 at an average price of $2,596 psf, based on caveats lodged.

Transactions slowed after the Global Financial Crisis in 2008, and prices have since softened. Between 2008 and 2012, units at Turquoise changed hands at an average price of $2,471 psf.

The condo saw prices hit a new low of $1,165 psf when a 2,400 sq ft, four-bedroom changed hands for $2.8 million in February 2021.

In April of that same year, Ho Bee released its 16 remaining units for sale at promotional discounts ranging from $500,000 to $750,000 per unit and at prices ranging from $1,290 psf to $1,536 psf. According to the developer, these were mainly the lower-floor units.

Last year, the average price of units sold at Turquoise was $1,427 psf across four recorded resale transactions. Cabasug notes that the two foreign owners at Turquoise are motivated to divest their properties after holding on to them for almost 18 years. “They want to pursue other investment opportunities,” she adds.

If sold at their listed prices, the owner of the four-bedroom penthouse would lose about $3.5 million, or 36.8% below the purchase price. Meanwhile, the owner of the three-bedroom penthouse would lose about $3 million, or 37.5% below the purchase price.

Last year, the average price of units sold at Turquoise was $1,427 psf across four recorded resale transactions. (Photo: Samuel Isaac Chua / EdgeProp Singapore)

Change in buyer profile, more owner-occupiers

While there are still buyers looking for a holiday home at Sentosa Cove, they are outnumbered by those intending to purchase a primary residence, notes Cabasug.

This is reflected in the current buyer profile at Turquoise. When the project launched in late 2007, 59% of the 39 new purchasers were foreign nationals. Singaporeans made up just 25.6% of the buyers, while permanent residents (PRs) accounted for 12.8%. One unit was bought by a company.

Since its completion in 2010, Singaporean buyers now account for 57.4% of the transactions (39 units) at Turquoise, making up the bulk of all resale buyers. Another 32.3% of transactions (22 units) were by PRs, while foreign buyers accounted for only 8.8% (six units). The last resale transaction was to a company.

“Most potential buyers in the Sentosa market intend to live in their properties,” says Cabasug. “Some are empty nesters or retirees seeking a slower pace of life, while others are young families with drivers to take their children to school.”

The increased prevalence of working from home in recent years has also improved buyers’ sentiments about purchasing a home in Sentosa. She adds that some are first-generation PRs or new citizens who are more used to the slower pace of living in their countries of origin.

Developer Ho Bee Land was a first-mover in Sentosa Cove. It developed Turquoise, the 200-unit The Berth by the Cove, the 249-unit The Coast, the 151-unit Seascape and the 302-unit Cape Royale, the latter two in a joint venture with Malaysian developer IOI Properties Group. Ho Bee also developed the bungalows at Coral Island and Paradise Island, two of four man-made islands at Sentosa Cove.

Read more: ‘Bungalow in the sky’ at Parkview Eclat: Three penthouses for sale at $108 mil

Check out the latest listings for Turquoise, Condominium properties