Sentosa Cove penthouse up for auction in mortgagee sale

Unit may go for about S$2m less than its last transaction price, pending confirmation from an ongoing valuation exercise

Sat, Feb 03, 2018

Lee Meixian

A TWO-LEVEL penthouse on the sixth storey of The Berth by the Cove is among the properties going under the hammer at Edmund Tie & Company's (ET&Co) auction on Feb 28.

This will also be the first Sentosa Cove property to be put up for auction this year. It is a mortgagee sale - meaning a sale put up by the lender, usually because the borrower is facing difficulty servicing the mortgage.

The last owner purchased the unit in 2011 at S$5.64 million, or S$1,919 per square foot (psf). The Business Times understands that the unit could be going for about S$2 million less than its last transaction price; this is pending confirmation from an ongoing valuation exercise.

The four-bedroom unit has about 2,939 sq ft of floor area, and has unblocked views of the marina and the landed enclaves of Paradise Island and Coral Island. It also comes with a double-volume ceiling in the living area, private lift access and a private spa pool which is ensuite to the master bedroom.

The Berth by the Cove is one of the few developments on the island which offers its residents berths for their private yacht.

Last year saw several mortgagee sale units done within Sentosa Cove, at developments such as Seascape, The Residences at W Sentosa Cove, Turquoise, and even a bungalow on Paradise Island. All these units were snapped up quickly, indicating that there were ready buyers waiting for good buys on the island, ET&Co said.

Joy Tan, ET&Co's head of auction & sales, said: "This is the first time in recent years that a unit under mortgagee sale is available at The Berth by the Cove. Overall, resale and rental transactions within this development and its surrounding projects, such as The Coast and The Oceanfront, has been healthy."

The upcoming auction also offers two other big-ticket mortgagee sale properties. They are a four-storey standalone JTC building along Joo Seng Road, and a good class bungalow (GCB) located along Belmont Road.

The JTC building is making its first appearance on the auction floor. Located off Upper Paya Lebar Road, the property is within walking distance to Tai Seng MRT Station. The property is zoned for B1 light industrial, with a plot ratio of 2.5, under URA Masterplan 2014. The tenure of 30 plus 30 years is with effect from 1992, and has a balance of 34 years left. The building sits on a land area of about 30,554 sq ft, with a gross floor area of 76,370 sq ft.

The GCB located at 5 Belmont Road will be going for auction with a revised guide price of S$22.3 million, or S$1,365 psf - a 12.5 per cent drop from the initial asking price of S$25.5 million, or S$1,561 psf, when the mortgagee sale was first presented last year.

This unit has a land area of about 16,327 sq ft and a built-up area of about 11,502 sq ft over two storeys and a basement. It sits within the GCB area of Cornwall Gardens, and is near Holland Village, Singapore Botanic Gardens and Dempsey Hill.