Page 3 of 3 FirstFirst 123
Results 61 to 63 of 63

Thread: The Coast @ Sentosa (D4, 99 year, Ho Bee)

  1. #61
    Join Date
    Jan 2010
    Posts
    5

    Default Coast

    Coast #06-15 sold for $2357 psf!!!

  2. #62
    Join Date
    Mar 2008
    Posts
    706

    Default

    SINGAPORE: Angered by what they allege to be "defects" on their property - which include termite-infested pool decking, flooded staircases in common areas and incorrectly-installed electrical fittings - 108 owners of an upscale condominium on Sentosa Cove have taken property developer Ho Bee Investment and three contractors to court.

    Ho Bee has denied some of the claims, said its Executive Director Desmond Woon. "We're looking into the matter. The amount they are suing us for is not quantified yet. It's very common to claim for defects... some claims are natural wear and tear; it's not just the termites," he said.

    The property managers of The Coast filed papers in the High Court on July 31.

    Ho Bee is represented by Mr Ling Tien Wah of Rodyk & Davidson while the homeowners are represented by Mr Edwin Lee of Eldan Law.

    Court documents showed that the contractors being sued are Kim Seng Heng Engineering Construction, Architects 61 and Bescon Consulting Engineers.

    Completed in April 2009, The Coast boasts 249 units of three- and four-bedroom apartments as well as luxury penthouses, 41 private berthing facilities and views of the South China Sea. It is one of Ho Bee's five developments on the exclusive enclave of Sentosa Cove.

    According to Bloomberg, Ho Bee has blamed the defects on the management corporation's negligence and the developer said in its filings to the court that the responsibility for maintenance was handed over to the management committee in December 2010.

    Residents TODAY spoke to detailed some of the alleged problems with the property.

    One resident leasing a unit there, who declined to be named, claimed there were "a lot of cracks on the ceilings and walls, especially the floors".

    A 49-year-old executive who wished to be known as Jeff, and who is part of the lawsuit, said that the management committee had hired experts to assess damages to the electrical cabling system and cracks in the walls.

    Damage repairs, he claimed, would amount to S$6,000 to S$12,000 per unit.

    Mr Jeff, who bought his property directly from the developer about five years ago, said most owners in the lawsuit did not want any impact on the price of their property.

    They voted to take the case to court without asking for a specific quantum of damages as they "only want (the developer) to fix the problems", he added.

    Ho Bee is a major developer on Sentosa Cove, with several condominium projects under its name. The residential enclave has attracted the rich and famous over the years.

    In July, the Business Times reported that a company linked to Ms Gina Rinehart, Asia's richest woman according to the Bloomberg Billionaires Index, bought two apartments on the island for S$57.2 million.

    According to the Urban Redevelopment Authority's records, two transactions were recorded on the property this year - a 3,100 square-foot unit fetched S$4.5 million in July, while a 2,024 square-foot apartment went for S$3.6 million in April.


    -TODAY

  3. #63
    Join Date
    May 2009
    Posts
    1,089

    Default

    Published on Jun 30, 2014

    Sentosa condo owners feel the blues

    LEE MEIXIAN

    TWO in five Sentosa condominium units have been resold at a loss in the past year, symptomatic of the plight of luxury homes here, as financing restrictions put off buyers, industry watchers said.

    Since May last year, 31 units changed hands at six Sentosa projects: Marina Collection, Seascape, The Azure, The Berth, The Coast and The Oceanfront, according to data compiled by STProperty.sg from URA Realis.

    The findings were in line with data gathered by HSR Research, which shows resale prices in the plush Sentosa district falling by 25 per cent to about $1,800 psf in the first five months of this year, from around $2,400 psf over the same period last year.

    That said, the price movements tended to be volatile, given the single-digit number of transactions each month. There were five transactions altogether this year, with none last month, in March and in February.

    Of the 31 transactions in the past year, a profitability analysis could not be done for seven because caveats, which include information on purchase prices, were not lodged for the units.

    Profitability is calculated by subtracting purchase prices from selling prices. Of the remaining 24 transactions, 10 units were resold at a loss.

    Among the transactions which led to losses, four were for units at The Berth, the debut project at the Cove which was launched in 2004 and completed in 2006.

    Losses were incurred on transactions for three units at The Oceanfront, two at The Coast and one at The Azure.

    Two transactions in particular led to huge losses.

    A 2,982 sq ft unit at The Oceanfront was sold for $5.65 million ($1,895 psf) in November last year. It was purchased in April 2008 for $7.2 million ($2,415 psf). The loss was more than $1.5 million.

    A 2,820 sq ft unit at The Coast was sold for $4.8 million ($1,702 psf) in January this year, two years after it was purchased for $6 million ($2,128 psf). The loss was $1.2 million.

    SLP International executive director Nicholas Mak said that the sales could be due to owners struggling to find tenants for their units amid the weak leasing market. Some owners might have also not been able to secure high enough rental rates to service their loans.

    He said that most Sentosa homes were bought not for occupation by owners, but as an investment. "So they may find it a better option to just liquidate," he said, adding that the location was also not the most convenient for expatriates to commute to the mainland for work.

    Another industry watcher said that buyers who bought units at $2,100 psf and more appeared to have "overpaid". Those who profited from their resale deals mostly bought at lower psf prices; a handful even got their units at $800-, $900-plus psf back in 2006.

    http://mypaper.sg/top-stories/sentos...blues-20140630

Similar Threads

  1. Replies: 0
    -: 15-10-21, 12:13
  2. Sentosa Cove: The coast is clear for some
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 28-06-16, 00:30
  3. 50-year-old woman hired for $4,500 nanny job at Sentosa Cove
    By princess_morbucks in forum Coffeeshop Talk
    Replies: 8
    -: 04-02-14, 16:56

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •