10 years after completion, these Sentosa Cove condo units are finally on sale for over $4m
10 years after completion, these Sentosa Cove condo units are finally on sale for over $4m. If you want waterfront views from your bedroom window and have some extra cash, pay attention. The luxury condominium Cape Royale went on the market on Wednesday (July 6), nearly a decade after it was completed.
The 302-unit condo is in the exclusive Sentosa Cove, so it is not cheap. The three-bedroom apartments in the condo have a median price of $4 million, while the four-bedroom apartments have a median price of $5.5 million. According to Business Times, this translates to starting prices of $2,103 psf. Despite the high price, real estate developer Ho Bee Land claims that half of the 50 available units have already been sold. The 99-year leasehold condo offers buyers panoramic views of the South China Sea from their front door. A barbecue area, steam room, and gymnasium are among the luxurious amenities.
Cape Royale was completed in 2013, but according to Forbes, Ho Bee Land and partner IOI Properties decided not to sell the apartment units because housing prices had dropped at the time. According to the Urban Redevelopment Authority, private residential property prices have risen by about 20% since then (URA). Prior to this sale, the Cape Royale units had been rented out.
Three-bedroom units ranging in size from 1,900 to 2,000 square feet were leased in May for between $8,200 and $11,200, according to real estate agency Huttons Asia. Meanwhile, rental rates for four-bedroom units ranging in size from 2,500 to 4,200 square feet ranged from $12,800 to $22,000. If that seems a little high-end, consider the Good Class Bungalow at Queen Astrid Park, which has a monthly rental fee of $200,000.
Ho Bee Land pioneered high-rise residential developments at Sentosa Cove, including the 91-unit Turquoise and the 151-unit Seascape, both of which overlook the marina. Chua Thian Poh, the company’s founder and executive chairman, is ranked 34th on Forbes’ Singapore’s 50 Riches list, with a net worth of US$1.35 billion (S$1.89 billion) as of August last year.
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