Turquoise, a luxury condo in Sentosa Cove with 91 units, has three duplex penthouses on the market, starting at $23 million. The largest of the three is a five-bedroom duplex that spans 7,987 sq ft and is also the biggest of the 10 penthouses at the waterfront 99-year leasehold condo. The penthouse boasts a wine cellar, kitchen, and living area, as well as four en suite bedrooms, two utility rooms, and a balcony on the lower level. On the upper level, there is a master bedroom suite with a private infinity pool, pool deck, and outdoor shower and is priced at $12 million ($1,502 psf).
The second-largest penthouse for sale, priced at $5.99 million ($1,599 psf), is a four-bedroom unit that spans 3,746 sq ft. The upper floor of this penthouse features a large open-air terrace with a built-in jacuzzi and unobstructed views of Sandy Island and Sentosa’s southern waterfront. The last penthouse on the market is a three-bedroom unit spanning 3,111 sq ft and is priced at $5 million ($1,607 psf). All three penthouses are located on the sixth floor and have private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies, and attached ensuites in each bedroom.
Residents at Turquoise can enjoy amenities such as a gym, barbeque pits, a swimming pool, a steam room, and 21 private berths. Developed by Ho Bee Land, the 99-year leasehold Turquoise was completed in 2010. It has 91 units spread across three 6-storey blocks and offers a mix of three- and four-bedroom apartments. The three-bedders range from 2,088 sq ft to 2,573 sq ft, while the four-bedders are from 2,400 sq ft to 3,050 sq ft. Penthouses range from 3,111 sq ft to 3,764 sq ft, and sky villas range from 6,900 sq ft to 7,987 sq ft.
Currently, the developer still owns the largest penthouse at Turquoise, the 7,987 sq ft five-bedroom duplex, which is listed for $12 million. Based on URA caveats, the second-largest penthouse, a 3,746 sq ft four-bedroom duplex, was purchased by a Korean national for approximately $9.5 million ($2,545 psf) in November 2007, when Turquoise was first launched. The three-bedroom penthouse was purchased by an African national for just over $8 million ($2,579 psf) in December 2007.
Michele Cabasug, senior associate VP at List Sotheby’s International Realty, says that when Turquoise was first launched, foreign buyers were drawn to the waterfront location for investment and holiday home purposes. One of the four-bedroom penthouses is currently leased out for $18,000 per month and is still expected to fetch the same rent if leased again. Hence, a buyer who purchases the unit at the listed price of $5.99 million can enjoy a gross rental yield of 3.6% if they choose to lease out the unit.
After the project’s launch in late 2007, 59% of the 39 new purchasers were foreign nationals, while Singaporeans only made up 25.6% of the buyers and PRs accounted for 12.8%. The remaining unit was purchased by a company. However, when the project was completed in 2010, the buyer profile shifted, with Singaporeans accounting for 57.4% of transactions, while PRs accounted for 32.3% and foreign buyers, 8.8%.
Cabasug notes that while some buyers are still looking for a holiday home on Sentosa, the majority are now purchasing it as their primary residence. The increased prevalence of remote working has also driven up the demand for properties on Sentosa Cove, as it offers a slower pace of life and a more relaxed environment. The developer of Turquoise, Ho Bee Land, also developed other projects on Sentosa Cove, such as The Berth by the Cove, The Coast, Seascape, and Cape Royale, as well as the bungalows at Coral Island and Paradise Island.