10 years after completion, these Sentosa Cove condo units are finally on sale for over $4m – and they’re being snapped up, Money News
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If you’re craving waterfront sights out your bedroom window, and you’ve got received dollars to spare, listen up.
Fifty units from luxury condominium Cape Royale were being introduced for sale on Wednesday (July 6), nearly a 10 years soon after the project was finished.
The 302-device rental is positioned in the exclusive Sentosa Cove, meaning that it isn’t exactly price range-friendly.
The condo’s three-bed room flats have a median price of $4 million though its 4-bedders are heading for a median of $5.5 million. This operates out to starting off charges of $2,103 psf, in accordance to Enterprise Situations.
Inspite of the steep price, serious estate developer Ho Bee Land claimed that about 50 % of the 50 models on sale have previously been marketed.
The 99-year leasehold condo offers buyers panoramic sights of the South China Sea, located ideal at their doorstep.
Luxurious amenities involve a barbecue region, steam room and gymnasium.
Cape Royale was completed in 2013 but Ho Bee Land and husband or wife IOI Homes made the decision versus offering the apartment units as housing selling prices dropped at the time, Forbes described.
According to Urban Redevelopment Authority (URA), non-public residential property charges have climbed about 20 per cent since then.
Prior to this sale, Cape Royale models ended up getting rented out.
In May well this 12 months, three-bed room models of around 1,900 to 2,000 sq ft in measurement had been leased out at fees amongst $8,200 and $11,200, in accordance to authentic estate agency Huttons Asia. In the meantime, four-bedroom models ranging from 2,500 sq ft to 4,200 sq ft experienced rental charges of $12,800 to $22,000.
If you believed that seems rather upmarket, assess it to the Very good Course Bungalow at Queen Astrid Park that is obtained a month to month rental payment of $200,000.
Ho Bee Land pioneered high-increase household developments at Sentosa Cove, with projects like the 91-unit Turquoise and 151-unit Seascape, both overlooking the marina.
Founder and govt chairman Chua Thian Poh is rated 34th in Forbes’ Singapore’s 50 Riches list, with a web worth of US$1.35 billion (S$1.89 billion) as of August final calendar year.
ALSO Examine: Comparing Sentosa Cove condominiums to district 9/10 houses: How considerably less costly are they today?
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