Seven Palms Sentosa Cove apartment sold at $3,721 psf

Seven Palms Sentosa Cove apartment sold at $3,721 psf

AN apartment on the third level of the plush Seven Palms Sentosa Cove has been sold by the developer for S$15.782 million - which works out to S$3,721 per square foot based on the strata area of 4,241 sq ft.

The unit is on the third floor in the block next to Tanjong Beach. The buyer, a Singapore citizen, is understood to be in the telecom infrastructure business. The four-storey condo, comprising three blocks, has only 41 units - all of which are large, in three, four or five-bedroom configuration.

Seven Palms Sentosa Cove, developed by SC Global Developments, received Temporary Occupation Permit in 2013. It is on a site with a balance lease term of 90.5 years.

The S$3,721 psf fetched in the latest transaction in the condominium is lower than the over-S$4,000 psf range achieved in the previous two sales in the project by the developer.

In 2014, Spanish tycoon Ricardo Peralta picked up two adjacent units on the third level in another block within the same development, for S$4,131 psf in a S$28.55 million transaction. The units have a combined strata area of around 6,900 sq ft.

And in 2012, a company linked to Australian mining tycoon Gina Rinehart bought two units - one on the third level and the other just above it - for a total S$57.233 million. That deal was at around S$4,200 psf on the total strata area of around 13,500 sq ft. Ms Rinehart's two units are in the same block where the most recent unit in the project was sold to the Singaporean buyer. However, the psf prices in the three transactions may not be directly comparable as the orientations of the units may be different.

Giving his take, Jerry Tan, founder of JTResi, said: "In this market, for a transaction to surface at Sentosa Cove at S$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."

In February this year, three units were sold at Boulevard Vue along Cuscaden Walk at between S$3,280 psf and S$3,550 psf.

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This article was first published on April 4, 2016.
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