Singapore Sentosa Cove property sold via mortgagee

The sale of a double penthouse on the sixth-storey of The Berth by the Cove is the very first mortgagee sale unit in Sentosa Cove to be marketed under the hammer this year. It was cost an auction held by Edmund Connection & Business (ET&C o) on Feb 28.

The building was sold for $3.25 million ($ 1,105 psf), which is $2.4 million (42%) lower than the $5.64 million ($ 1,919 psf) paid by the previous owner in 2011. According to Joy Tan, ET&C o's head of auctions and sales., the auctioned sale cost is "very reasonable", as previous deals for comparable penthouse systems in condominiums such as The Berth by the Cove, The Coastline, The Oceanfront, and also The Azure have been greater.

The penthouse extends 2,939 sq ft as well as has four rooms. It has unblocked sights of the marina, as well as the landed territories of Paradise and also Coral Reefs Islands. It includes a double-volume ceiling in the living area, exclusive lift access and an exclusive medical spa pool, ensuite to the master bedroom. See more details at Parc Botannia in 2006, The Berth by the Cove has an overall of 200 systems, with a 99-year leasehold period with result from 2004, It shows off a waterside living concept, supplying homeowners 25 berths for their exclusive deluxe yachts.

Tan anticipates another five units at Sentosa Cove to be put on public auction this year. "Sentosa Cove residential or commercial properties are on the upward swing this past year," she states.

Inning accordance with ET&C o, the penthouse is the fourth Sentosa Cove home offered using mortgagee sale for about half the initial acquisition cost because 2017.