Mortgagee sale of penthouse at The Berth by the Cove for $3.8 mil
By Timothy Tay
/ EdgeProp Singapore |
The 3,046 sq ft penthouse unit at The Berth by the Cove will be put up for auction on Sept 19. (Picture: Samuel Isaac Chua/The Edge Singapore)
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A four-bedroom penthouse at The Berth by the Cove, a luxury condo in Sentosa Cove, will be up for sale at Knight Frank’s upcoming property auction on Sept 19. A mortgagee sale, the penthouse has a guide price of $3.8 million.
The guide price for the 3,046 sq ft penthouse is about $1,248 psf. The unit will be sold with an existing tenancy, which ends in May 2025.
The duplex penthouse occupies the sixth and seventh floors of the condo, giving unobstructed views of the marina and the low-rise bungalows on Coral Island, Paradise Island and along Ocean Drive. The penthouse also offers a glimpse of the city skyline in the distance.
The penthouse’s primary entrance is accessed via a private foyer and a lift lobby on the lower floor. Its living room opens to an outdoor terrace, while the dining room connects to a guest powder room and an en suite bedroom with a walk-through wardrobe. Additionally, there are separate dry and wet kitchens, a utility room and a restroom. Two more bedrooms share a common bathroom.
A staircase leads to the upper floor, where the master en suite bedroom is located. This bedroom suite comprises a walk-in wardrobe and a bathroom with space for a bathtub. A side door next to the master bedroom leads to an open-air roof terrace which features a private pool.
The view of the Sentosa Cove Marina and the bungalows on Coral Island and Paradise Island from the roof terrace of the penthouse. (Picture: Knight Frank)
The Berth by the Cove offers a resort-style lifestyle with waterways, sea views and beach access. Developed by Ho Bee Land, the 200-unit development comprising two- to four-bedroom units and penthouses was the first condo launched in Sentosa Cove. It was completed in 2006. Its amenities include 25 yacht berths, gardens, waterscapes and courtyards. Other condos in Sentosa Cove include The Oceanfront @ Sentosa Cove, The Coast at Sentosa Cove, The Azure and Marina Collection.
So far this year, The Berth by the Cove has recorded three resales. The most recent was the sale of a 1,604 sq ft, three-bedroom unit on the fifth floor that fetched $2.32 million ($1,443 psf) on Aug 17. A 1,173 sq ft two-bedder was sold for $1.89 million ($1,615 psf) on March 15.
On Aug 7, a 3,057 sq ft penthouse was sold for $3.5 million ($1,145 psf). The previous recorded transaction of a penthouse at The Berth by the Cove was in August 2021, when a 6,028 sq ft unit was sold for $7 million ($1,161 psf).
As the first condo launched in Sentosa Cove, the average price of units sold in the first month of the launch of The Berth by the Cove in December 2004 was $829 psf.
Based on caveats lodged over the 12 months from August 2022 to August this year, the average price of resale units at The Berth by the Cove was $1,533 psf.
Other condos in Sentosa Cove launched later, were sold at higher prices. Over the same 12-month period from August 2022 to August 2023, the average transacted prices of The Coast at Sentosa Cove was $1,769 psf, while The Oceanfront @ Sentosa Cove was at $1,855 psf and Marina Collection at $1,665 psf.
Graph: EdgeProp Singapore
Landlords at The Berth by the Cove have enjoyed robust rents. The median rent increased from $3.46 psf per month (pm) in the second quarter of 2021 to $4.30 psf pm in the second quarter of 2022 and further to $5.14 psf pm in the second quarter of 2023.
According to rental data compiled by EdgeProp Singapore, it is likely that most landlords at The Berth by the Cove will achieve a rental yield of 4% based on rental transactions recorded from August 2022 to August 2023.
Check out the latest listings for The Berth By The Cove properties
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