Properties at auction sold for less than purchase prices
The penthouse was sold at a mortgagee auction for almost half of its original value. It was purchased at $5.64 million or $1,919 psf in 2011 but sold at $3.25 million or $1,105 psf.
This is the first property in Sentosa Cove to have sold via auction sale this year. In January, a unit at the Turquoise sold for $3.59 million, 43% lower than its original $6.29 million purchase price.
With 4 bedrooms and a floor area of approximately 2,939 sq ft, the unit at The Berth also has private lift access and a private spa pool attached to the master bedroom. It features unblocked views of the marina as well as Paradise Island and Coral Island and is one of the few developments on the island to offer private berths for yachts.
Sentosa Cove properties still considered investment-worthy
Analysts are seeing more interest and possibly more sales activity in Sentosa Cove in the coming months as prices start to come down to more affordable and realistic levels. Since 2017, 4 properties at Sentosa Cove have sold for close to half of its initial purchase price. They expect another 5 auction sales for the rest of 2018 and an upswing in sales as buyers look to invest in well-valued properties.
The rental and resale transactions along the Sentosa Cove remain strong and auction sales along this stretch are hard to come by. Mortgagee or auction sales of properties are usually conducted when the buyer is having difficulty servicing their mortgages.