Aerial view of residential properties in Sentosa Cove.
A luxury residential unit on the third floor of the Seven Palms condominium in Sentosa Cove has changed hands for $15.782 million, or $3,721 psf based on its strata area of 4,241 sq ft, reported The Business Times.
The unit is located in a block adjacent to Tanjong Beach, and was reportedly purchased by an unnamed Singapore citizen from the telecommunications industry.
Built by SC Global Developments, the project was completed in 2013 and sits on a leasehold site with a remaining lease of 90.5 years. It comprises three four-storey residential blocks that offer a total of 41 three, four and five-bedroom apartments.
It is understood that the latest deal is not as pricey as two previous transactions at Seven Palms.
In 2014, a Spanish mogul acquired two adjacent units with a combined strata area of around 6,900 sq ft on the third level of another block for $28.55 million, or $4,131 psf.
A company linked to Australian mining tycoon, Gina Rinehart, also picked up two units in 2012 for $57.233 million ($4,200 psf). With a total strata area of around 13,500 sq ft, one of the units is on the third floor, while the other is above it. Both are located in the same block where the most recent deal took place.
Despite the lower psf price in the latest transaction, which may be attributed to the different orientation of the unit, it is still a good deal for the developer, said an expert.
“In this market, for a transaction to surface at Sentosa Cove at $3,721 psf is very good. It is a remarkable achievement, considering what has been transacted recently for luxury freehold condos in the traditional prime districts,” said JTResi’s Founder Jerry Tan.
Just two months ago, three units at Boulevard Vue along Cuscaden Walk were sold for between $3,280 psf and $3,550 psf.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
