Please rephrase the attached article. Turquoise, the 91-unit luxury condo located at Sentosa Cove with a waterfront view, has three duplex penthouses available for purchase at $23 million. The largest of the three penthouses, situated in the 99-year leasehold condo, is a five-bedroom duplex covering 7,987 square feet. It is also the largest among the ten penthouses in the development.
This penthouse features a wine cellar, kitchen, and living area on the lower level, with four en suite bedrooms, two utility rooms, and a balcony. The upper level boasts the master bedroom suite, complete with a private infinity pool, pool deck, and outdoor shower. It is currently listed for $12 million ($1,502 per square foot).
The second-largest penthouse at Turquoise is a four-bedroom unit spanning 3,746 square feet, with a price tag of $5.99 million ($1,599 per square foot). The upper level of this penthouse includes a spacious open-air terrace with a built-in jacuzzi, offering unobstructed views of Sandy Island and the southern waterfront of Sentosa.
The final penthouse available for sale is a three-bedroom unit measuring 3,111 square feet, with a guide price of $5 million ($1,607 per square foot). All three penthouses are located on the sixth floor and have private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies, and attached en-suites in each bedroom.
Residents of Turquoise can enjoy various amenities such as a gym, barbeque pits, a swimming pool, a steam room, and 21 private berths for docking boats. Developed by Ho Bee Land, Turquoise was completed in 2010 and features 91 units spread across three 6-storey blocks. The typical apartments in the development are a mix of three- and four-bedroom units, with sizes ranging from 2,088 square feet to 3,050 square feet. The penthouses are larger, measuring between 3,111 square feet and 7,987 square feet.
Interestingly, the developer still owns the largest penthouse, a five-bedroom duplex spanning 7,987 square feet, which is currently on the market for $12 million. According to URA caveats, the second-largest penthouse, a four-bedroom duplex covering 3,746 square feet, was purchased by a Korean national for approximately $9.5 million ($2,545 per square foot) in November 2007, when Turquoise was first launched. The three-bedroom duplex penthouse, covering 3,111 square feet, was sold to an African national in December 2007 for slightly over $8 million ($2,579 per square foot).
While Turquoise was initially popular among foreign buyers looking for investment opportunities and holiday homes, the current buyers are more inclined towards purchasing a primary residence. According to Michele Cabasug, senior associate VP at List Sotheby’s International Realty, foreign buyers currently make up only 8.8% of the transactions (six units) at Turquoise, whereas Singaporeans account for 57.4% of the resale transactions (39 units). In addition, permanent residents (PRs) make up 32.3% of the transactions (22 units), while the remaining resale transaction was to a company.
Cabasug also notes that some of the owners at Turquoise have held onto their properties for almost 18 years and are now looking to divest in order to pursue other investment opportunities. If sold at the listed prices, the owner of the four-bedroom penthouse would lose approximately $3.5 million, or 36.8% of the purchase price, while the owner of the three-bedroom penthouse would lose $3 million, or 37.5% of the purchase price.
After its launch in 2007, Turquoise sold 39 units at an average price of $2,596 per square foot, based on caveats recorded. However, after the Global Financial Crisis in 2008, prices gradually declined and reached a low of $1,165 per square foot in February 2021. In April of the same year, Ho Bee released its remaining 16 units for sale at discounted prices ranging from $500,000 to $750,000 per unit, at an average of $1,290 to $1,536 per square foot, mainly for the lower-floor units.
Last year, the average price of units sold at Turquoise was $1,427 per square foot, based on four recorded resale transactions. However, Cabasug points out that the two foreign owners at Turquoise are motivated to sell their properties after holding onto them for almost 18 years. She also mentions that buyers at Sentosa Cove are now mainly looking for a home, and some are first-generation PRs or new citizens who are more familiar with a slower pace of life.