Apartment at Caribbean at Keppel Bay sold for $1,479 psf

With the opening of Genting Singapore’s Resorts World at Sentosa integrated resort, there has been a flurry of transactions at Caribbean at Keppel Bay and also the upmarket condominium projects in Sentosa Cove. In the week of Jan 15 to 22 alone, there was a total of nine new sales and resales.

The condominium that saw the most resale activity was the 969-unit Caribbean at Keppel Bay developed by Keppel Land and completed in 2004. In that period, there were five transactions at Caribbean ranging from $1,363 to $1,479 psf.

The most recent transaction was an eighth floor, 893 sq ft unit in one of the 10-storey blocks; it changed hands for $1.28 million, or $1,433 psf. The previous owner had purchased it from the developer in 2004 for $707,085, or $791 psf, enjoying an 81% capital appreciation in the last five years.

The highest price achieved in terms of price psf was for a 1,356 sq ft seventh floor unit sold for just over $2 million, or $1,479 psf. In that same tower, a third-floor unit was sold for $1.702 million, or $1,363 psf. Two other units at Caribbean changed hands, with caveats lodged on Jan 15: One was a 1,668 sq ft fifth-floor apartment sold for $2.43 million, or $1,460 psf; the other was a 1,335 sq ft apartment on the third level of another block that went for $1.9 million, or $1,426 psf.

Over at The Berth by The Cove, considered the first condominium development to be launched at Sentosa Cove by developer Ho Bee Group, the most recent transaction, according to URA Realis, was for a 1,647 sq ft apartment on the first level of one of the low-rise blocks that changed hands at $2.45 million, or $1,490 psf.

This is the third time the apartment has changed hands in the secondary market. The original owner had purchased the property in November 2004, when it was first launched, for more than $1.39 million, or $846 psf. It was subsequently sold in a sub-sale two years later for $1.647 million, or $1,000 psf, according to an October 2006 caveat. Thus, the first owner enjoyed a price appreciation of 18.2% in about two years. Barely a month later, the property was flipped for $1.9 million, or $1,154 psf, according to a November 2006 caveat. This owner enjoyed the greatest capital gain of 29% in more than three years when he sold the property most recently for $2.45 million.

The Berth at the Cove was completed in 2006, and Ho Bee’s upmarket 249-unit The Coast was completed just last year. The most recent transaction at The Coast was for a 2,024 sq ft sixth-level apartment sold for $4.768 million, or $2,357 sq ft, according to a Jan 15 caveat with URA Realis. The previous owner had purchased the property for $3.416 million or $1,688 psf, when it was launched in late 2006. Thus, he saw a 39.6% capital appreciation in just over three years.

The most exclusive condominium project that has set a new price benchmark at Sentosa Cove and that has gotten tongues wagging is SC Global Developments’ Seven Palms. Last October, the developer announced that it had sold six of 10 units released, and according to caveats lodged with URA Realis, the units ranged in price from $8.35 million for a 2,702 sq ft apartment to $13.9 million for a 4,273 sq ft apartment. Average prices ranged from $3,091 to $3,353 psf. Most recently, another unit was sold, according to a Jan 15 caveat. It was for a 2,723 sq ft apartment that went for $9.088 million, or $$3,337 psf. Unlike the other condominiums that are of a 99-year lease tenure, SC Global’s Seven Palms has a 103-year lease.

Meanwhile, at the luxury 124-unit condominium project, The Marina Collection, developed by a consortium-led by Lippo Group, a unit was also sold during that period. It was a 4,693 sq ft, five-bedroom penthouse that went for more than $10.3 million, or $2,200 psf. Construction of the project is underway and scheduled for completion late this year or early 2011. Another similar-sized penthouse was sold in early 2008 for $12.67 million, or $2,700 psf. The developer released 60 units for sale in the first phase in late 2007 for $2,700 to $2,900 psf.

With the opening of Resorts World at Sentosa, there is even greater interest in luxury residential projects in Sentosa Cove and the Harbourfront area. Upcoming previews of new projects at Sentosa Cove after Chinese New Year include Ho Bee and IOI Properties’ 150-unit luxury Seascape as well as the second phase of The Marina Collection.

Source : The Edge – 15 Feb 2010