10 years after completion, these Sentosa Cove condo units are finally on sale for over $4m - and they're being snapped up

If you're craving waterfront views out your bedroom window, and you've got cash to spare, listen up. 

Fifty units from luxury condominium Cape Royale were launched for sale on Wednesday (July 6), nearly a decade after the project was completed. 

The 302-unit condo is located in the exclusive Sentosa Cove, meaning that it isn't exactly budget-friendly.

The condo's three-bedroom apartments have a median price of $4 million while its four-bedders are going for a median of $5.5 million. This works out to starting prices of $2,103 psf, according to Business Times. 

Despite the steep price, real estate developer Ho Bee Land said that about half of the 50 units on sale have already been sold. 

The 99-year leasehold condo offers buyers panoramic views of the South China Sea, located right at their doorstep.

Luxury facilities include a barbecue area, steam room and gymnasium.

Cape Royale was completed in 2013 but Ho Bee Land and partner IOI Properties decided against selling the apartment units as housing prices dropped at the time, Forbes reported.

According to Urban Redevelopment Authority (URA), private residential property prices have climbed about 20 per cent since then.  

Prior to this sale, Cape Royale units were being rented out.

In May this year, three-bedroom units of roughly 1,900 to 2,000 sq ft in size were leased out at rates between $8,200 and $11,200, according to real estate agency Huttons Asia. Meanwhile, four-bedroom units ranging from 2,500 sq ft to 4,200 sq ft had rental rates of $12,800 to $22,000. 

If you thought that seems rather upmarket, compare it to the Good Class Bungalow at Queen Astrid Park that's achieved a monthly rental fee of $200,000.

Ho Bee Land pioneered high-rise residential developments at Sentosa Cove, with projects like the 91-unit Turquoise and 151-unit Seascape, both overlooking the marina.

Founder and executive chairman Chua Thian Poh is ranked 34th in Forbes' Singapore's 50 Riches list, with a net worth of US$1.35 billion (S$1.89 billion) as of August last year.

ALSO READ: Comparing Sentosa Cove condominiums to district 9/10 properties: How much cheaper are they today?

amierul@asiaone.com