Investing in a condominium in Singapore has risen in popularity among investors, both local and foreign, largely due to the country’s strong economy, stable political climate, and exceptional quality of life. With its flourishing real estate market, Singapore presents a multitude of opportunities, with condominiums standing out as a top choice for their convenience, facilities, and potential for lucrative returns. In this article, we will delve into the advantages, important factors to consider, and necessary steps to take when investing in a condominium in Singapore. And for the latest updates on new condo launches, be sure to visit https://www.freedomathometeam.com/.
.Singapore has become a popular destination for foreign investors interested in purchasing property. As with any country, there are regulations and restrictions in place regarding property ownership that must be understood before making an investment. Unlike landed properties, condos are generally more accessible for foreign buyers, as they are subject to less strict ownership rules. However, it’s important to note that there is an Additional Buyer’s Stamp Duty (ABSD) of 20% for foreign buyers on their first property purchase. Despite this additional cost, the Singapore real estate market remains attractive for foreign investors due to its stability and growth potential. In fact, many continue to invest in new condo launches in the country. New Condo Launches offers excellent opportunities for foreign investors looking to benefit from the thriving real estate market in Singapore.
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Turquoise, the 91-unit luxury condominium at Sentosa Cove, has three duplex penthouses available for purchase at $23 million each. The biggest of the three is a five-bedroom, 7,987 square foot duplex. It is also the largest of the 10 penthouses in the 99-year leasehold waterfront condo. This penthouse includes a wine cellar, kitchen, and living area on the lower level, as well as four en suite bedrooms, two utility rooms, and a balcony. The upper level is home to the master bedroom suite, which features a private infinity pool, pool deck, and outdoor shower. It is being offered for $12 million, or $1,502 per square foot. The second largest penthouse for sale at Turquoise is a four-bedroom, 3,746 square foot unit listed at $5.99 million, or $1,599 per square foot. The upper floor of this penthouse boasts a large open-air terrace and unobstructed views of Sandy Island and Sentosa’s southern waterfront.Read also: The Botanic on Lloyd sets new price record at $2,460 per square footThe developer of Turquoise, Ho Bee Land, also owns the 7,987 square foot penthouse, which is currently listed for $12 million. The second largest penthouse, a four-bedroom, 3,746 square foot unit, was sold to a Korean buyer for $9.5 million in 2007. The third penthouse, a three-bedroom, 3,111 square foot unit, was sold to an African buyer for $8 million in the same year. All three penthouses are located on the sixth floor and feature private lift lobbies, wet and dry kitchens, floor-to-ceiling windows, open balconies, and attached en suite bathrooms in each bedroom. The condo also offers residents amenities such as a gym, barbeque pits, a swimming pool, a steam room, and 21 private berths for residents. Turquoise, which was completed in 2010, has 91 units spread across three 6-story blocks. Typical units include a mix of three- and four-bedroom apartments, with sizes ranging from 2,088 square feet to 3,050 square feet. Penthouses range from 3,111 square feet to 3,764 square feet, and sky villas range from 6,900 square feet to 7,987 square feet. The developer launched Turquoise in late 2007 and sold 39 units at an average price of $2,596 per square foot. However, after the 2008 Global Financial Crisis, prices dropped, and units at Turquoise were sold at an average price of $2,471 per square foot between 2008 and 2012. In February 2021, the condo recorded its lowest transaction price at $1,165 per square foot when a 2,400 square foot unit was sold for $2.8 million. In April 2021, the developer released its remaining 16 units for sale at promotional discounts, with prices ranging from $1,290 per square foot to $1,536 per square foot. Last year, the average price for units sold at Turquoise was $1,427 per square foot across four recorded resale transactions. According to senior associate VP at List Sotheby’s International Realty, Michele Cabasug, foreign buyers initially purchased these waterfront homes for investment purposes and as holiday homes. However, the current buyer profile at Turquoise shows a shift towards local buyers looking for a primary residence. When the project first launched, 59% of the 39 buyers were foreign nationals. However, since its completion in 2010, Singaporean buyers accounted for 57.4% of the transactions, while permanent residents made up 32.3%, and foreign buyers accounted for only 8.8%. As such, Cabasug believes that potential buyers are looking for a slower pace of living and are more familiar with working from home, making Sentosa Cove an attractive location. Ho Bee Land was one of the first developers to enter Sentosa Cove, and has also developed The Berth by the Cove, The Coast, Seascape, and Cape Royale, as well as the bungalows at Coral Island and Paradise Island.