Three Duplex Penthouses Turquoise Market 23 Mil
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Turquoise, the luxury condominium at Sentosa Cove, boasts 91 units facing the waterway. Three duplex penthouses are currently on the market for $23 million each. The largest penthouse for sale, spanning 7,987 sq ft and comprising five bedrooms, is also the biggest of the 10 penthouses in the 99-year leasehold waterfront development.
This particular penthouse features a wine cellar, kitchen and living area, four en suite bedrooms, two utility rooms, and a balcony on the lower level. The upper level boasts a master bedroom suite with a private infinity pool, pool deck, and outdoor shower. It is listed for sale at $12 million ($1,502 psf).
The second-largest penthouse, with four bedrooms and covering 3,746 sq ft, is priced at $5.99 million ($1,599 psf). The upper floor of this penthouse boasts a large open-air terrace with a built-in jacuzzi and unobstructed views of Sandy Island and Sentosa’s southern waterfront.
The last penthouse for sale is a three-bedroom unit of 3,111 sq ft, with a guide price of $5 million ($1,607 psf). All three penthouses occupy the sixth floor and come with private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies, and attached en-suites for each bedroom.
The condo offers residents a range of facilities, including a gym, barbeque pits, swimming pool, steam room, and 21 private berths. Developed by Ho Bee Land, Turquoise was completed in 2010 and has 91 units spread across three six-storey blocks. Typical units consist of three- and four-bedroom apartments, with sizes ranging from 2,088 sq ft to 3,050 sq ft. Penthouses range from 3,111 sq ft to 3,764 sq ft, while sky villas range from 6,900 sq ft to 7,987 sq ft.
The developer still owns the largest penthouse, currently on the market for $12 million. According to URA caveats, the second-largest penthouse was purchased by a Korean national for about $9.5 million ($2,545 psf) in November 2007, during the launch of Turquoise. The three-bedroom penthouse was bought by an African national in December 2007 for just over $8 million ($2,579 psf).
Michele Cabasug, senior associate VP at List Sotheby’s International Realty, shares that when the project first launched, foreign buyers were interested in purchasing these waterfront homes as investment and holiday homes. However, there has been a shift in buyer profile over the years, with more buyers looking for primary residences.
Cabasug adds that the biggest penthouse unit is currently tenanted at $18,000 per month until 2024, with the current market rental rate at the same amount. This translates to a gross rental yield of 3.6% if the unit is sold at the listed price of $5.99 million.
Back in 2007, 59% of the buyers at Turquoise were foreign nationals, 25.6% were Singaporeans, and 12.8% were PRs. However, since its completion in 2010, the buyers’ profile has changed, with Singaporeans now accounting for 57.4% of the transactions, followed by PRs at 32.3%. The latest resale transaction was to a company.
Ho Bee Land, the first developer to enter the Sentosa Cove market, developed Turquoise, The Berth by the Cove, The Coast, Seascape, and Cape Royale in a joint venture with IOI Properties Group. The company also developed bungalows at Coral Island and Paradise Island, two of the four man-made islands in Sentosa Cove.
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