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

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Eight-five percent of the 264 units of the property, Oceanfront @ Sentosa Cove, by City Developments were sold in just four days.

Buyers have been paying up to over S$8 million for exclusive waterfront living.

Luxurious designer fittings and an exclusive address are all common features of high-end residential developments.

But what’s special about this development is the unblocked panoramic vistas of the ocean.

While a price tag of between S$1.5 million to over S$8 million might seem hefty to some, buyers say living in an exclusive community like Sentosa Cove and a stunning view make this development priceless.

Raymond Kway, Buyer, said: “One of the only places in Singapore to have a resort-like style of living so more as a place to spend your holidays, rather than go out of the country, so some place where the family comes here for rest, recreation, a bit of sun and sea. The price is not cheap, I guess if you treat it as a long-term investment, as a retirement home for me, you can’t really put a value on the price.”

40% of the buyers are foreign, coming from Europe, Malaysia, Hong Kong, Indonesia and Japan.

Some have even bought up whole floors comprising 2-3 units.

Lee Mei Ling, Assistant GM, Marketing City Developments Ltd, said: “We have young professionals who like this resort style living and the well-heeled and well-travelled who might use this as a resort home. Of course we have investors who have seen the potential in this development.”

Due to the good response, the developers have released all units for sale even before the official launch later this week.

They have also increased the early bird average price of S$1,300 per square foot by about 2-3%.

But CDL says, because of the unique location, this cannot be compared to other luxury developments like its own St Regis, which is priced at some S$3,000 per square foot.

Lee Mei Ling said: “There’s no true comparison because of the limited number of units that have true oceanfront views, so I don’t think it’s comparable. This is possibly the best site of Sentosa Cove, it’s surrounded by water, they’ll probably experience real true seafront living.”

Situated at the tip of Sentosa Cove, the development is part of the gated community which will only have some 2,600 units of high-end residential units when it is completed.

And if the crowd is anything to go by, it looks like the high-end property market is sailing ahead.

Source : Channel NewsAsia – 16 July 2006

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The Oceanfront – Landmark Living by the Sea

Surrounded by 360 degrees of spectacular beauty, The Oceanfront @ Sentosa Cove is a stunning architectural landmark by the sea that commands the highest views on Sentosa Cove. Located just minutes away from the Marina Club and the proposed Integrated Resort, be spoilt for choice with the finest array of dining, entertainment and retail offerings. Revel in a world-class marina lifestyle, or tee off at one of two championship golf courses. Live the good life.

Experience the ultimate in true seafront living right here at The Oceanfront. Azure seas. Acclaimed golf courses. Nature in all her resplendent glory. The city just 10 minutes away. A marina at your doorstep. This is Sentosa Cove, one of the world’s most exclusive oceanfront residential community. Dive into the ultimate luxury of this world-class development, nestled on Sentosa island’s eastern shores, and a sanctuary you can truly call home. Design your own living space on generous land parcels that offers a wealth of opportunity for the individualistic and bold. Savour the luxury of modern living at the Marina Village – where wining, dining and shopping are just a stone’s throw away from your front lawn. And have we mentioned Sentosa Cove Marina, Asia’s finest yachting hub and meeting point for the world’s yachtsmen? Come, sail home to Sentosa Cove.

An Integrated Marina Lifestyle

This exclusive luxury water-edge condominium is seated regally at the northern gateway to Sentosa Cove. The Oceanfront which resembles a shimmering sculpture will be the icon to captivate seafarers as they sail along the Singapore Straits to Sentosa Cove. The outstanding modern marine architectural design of The Oceanfront by internationally celebrated Wimberly Allison Tong & Goo Inc. will be the welcoming beacon for Sentosa Cove. Standing 15-storey tall, The Oceanfront will be the tallest residence in Sentosa Cove. Privileged residents enjoy not only the best views on the island, but also the incredible views of the immense sea and charming marina in this exclusive enclave. 

Location: Sentosa Cove (District 4)
Tenure: 99-year leasehold
Year of Completion: 2010
Total Units: 264
Building: Two 12-storey towers, two 14-storey towers & one 15-storey tower
Unit Types:
2-Bedroom ~ 1,216-1,787 sqft (37 units)
3-Bedroom ~ 1,647-2,250 sqft (112 units)
4-Bedroom ~ 2,013-4,284 sqft (86 units)
Penthouse (incl. Villas, Sky Suites & Sky Villas) ~ 2,745-8,095 sqft (29 units)

There are condominiums but none quite like those at Sentosa Cove. These unique waterfront residences combine the best in condominium living with the added luxury of private berthing options.

Enveloped in tranquillity, the low-rise apartments offer an exclusive resort village ambience. The two condominium towers, on the other hand, reach boldly for the sky and are a prominent landmark. They offer an unrivalled and unobstructed view of the seascape, with views of the Southern Islands and beyond that, the deep waters of the South China Sea.

Contact us at info@lushhomemedia.com for sale or rental enquiry.

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