Three duplex penthouses at Turquoise in Sentosa Cove listed for sale at $23 mil

Luxury Waterfront Living with Exclusive Panoramic Water Views

Three duplex penthouses at Turquoise in Sentosa Cove have been put up for sale with a combined asking price of $23 million. Comprising just 91 units, this 99-year leasehold luxury waterfront condominium features only 10 duplex penthouses, making each of them exceptionally rare.

Largest Penthouse: 7,987 sq ft, 5 Bedrooms, Asking $12 Million

Spanning 7,987 sq ft across five bedrooms, this is the largest duplex penthouse in the development.

The lower level features a wine cellar, kitchen, living room, four en suite bedrooms, two utility rooms, and balconies.

The upper level is dedicated to a luxurious master suite, complete with a private infinity pool, pool deck, and an outdoor shower for the ultimate in indulgent living.

Asking price: $12 million ($1,502 psf).

Second-Largest Duplex Penthouse: 3,746 sq ft, 4 Bedrooms, Asking $5.99 Million

Measuring 3,746 sq ft with four bedrooms, this unit is priced at $5.99 million ($1,599 psf).

The upper level boasts an expansive open-air roof terrace and a built-in jacuzzi, offering unblocked views of Sandy Island and Sentosa’s southern waterfront.

Third Duplex Penthouse: 3,111 sq ft, 3 Bedrooms, Guide Price $5 Million

The final duplex penthouse on the market measures 3,111 sq ft, featuring three bedrooms with a guide price of $5 million ($1,607 psf). All three penthouses occupy the sixth floor and are fitted with a private lift lobby, wet and dry kitchens, floor-to-ceiling windows, open balconies, and en suite bathrooms for every bedroom.

About Turquoise

Residents' facilities include a gymnasium, barbecue area, swimming pool, steam rooms, and 21 private berthing slips for homeowners. Developed by Ho Bee Land, the 99-year leasehold Turquoise was completed in 2010.

The development comprises 91 units spread across three six-storey blocks. Standard units feature three- and four-bedroom apartments, with three-bedroom units ranging from 2,088 to 2,573 sq ft and four-bedroom units from 2,400 to 3,050 sq ft. Duplex penthouses span 3,111 to 3,764 sq ft, while the Sky Villas range from 6,900 to 7,987 sq ft.

The developer still holds the largest duplex penthouse in the condo — the 7,987 sq ft, five-bedroom penthouse currently listed at $12 million. According to URA caveats, the second-largest duplex penthouse (3,746 sq ft, four bedrooms) was purchased by a South Korean buyer for around $9.5 million ($2,545 psf) when Turquoise launched in November 2007. Meanwhile, the 3,111 sq ft, three-bedroom unit was acquired by an African buyer in December 2007 for over $8 million ($2,579 psf).

When Turquoise first launched, foreign buyers snapped up these waterfront homes primarily for investment and holiday retreats.

Rental Market Overview

The four-bedroom duplex penthouse had previously been tenanted before being put on the market, with the most recent tenant paying a monthly rent of $18,000 from August 2022 to 2024. Cabasug notes that prevailing market rent remains steady at $18,000 per month; hence, if a buyer acquires the unit at $5.99 million for rental purposes, it could yield a gross rental yield of roughly 3.6%.

Turquoise Price Trends and Market Movements

2007–2008: At launch, the developer sold 39 units between October 2007 and February 2008 at an average price of around $2,596 psf.

2008–2012: In the wake of the Global Financial Crisis, transaction activity softened, with prices easing to an average of $2,471 psf.

February 2021: Prices hit an all-time low when a 2,400 sq ft, four-bedroom unit changed hands for $2.8 million ($1,165 psf).

April 2021: Ho Bee Land released 16 unsold units, offering discounts ranging from $500,000 to $750,000, with prices pegged between $1,290 psf and $1,536 psf, mainly for lower-floor units.

2023: Turquoise recorded four resale transactions throughout the year at an average price of roughly $1,427 psf.

Two foreign owners of units at Turquoise have decided to offload their holdings after retaining them for nearly 18 years, seeking to redeploy capital into other investment opportunities.

If sold at the asking price, the owner of the four-bedroom duplex penthouse stands to incur a loss of around $3.5 million, or 36.8% below the original purchase price. Meanwhile, the seller of the three-bedroom duplex penthouse would register an approximate loss of $3 million, representing a 37.5% haircut.

Changing Buyer Profile: More Owner-Occupiers Moving into Sentosa Cove

Holiday Homes vs Owner-Occupier Demand

While buyers looking for holiday homes in Sentosa Cove still exist, an increasing number of purchasers today are looking to establish their primary residence here. This shift is clearly reflected in the buyer demographics at Turquoise.

Evolution of Buyer Demographics

At project launch in 2007 (39 new sales):

Foreign buyers: 59%

Singapore Citizens: Only 25.6%

Permanent Residents (PRs): 12.8%

Corporate purchase: 1 unit

Since completion in 2010 to date (Resale transactions):

Singapore Citizens: 57.4% (39 units), forming the largest buyer segment

Permanent Residents (PRs): 32.3% (22 units)

Foreign buyers: 8.8% (6 units)

Corporate purchase: 1 unit

More Long-Term Residents

Today, the majority of prospective buyers in Sentosa Cove intend to reside there long term. These include empty nesters and retirees seeking a tranquil pace of life. Others are young families with chauffeurs to ferry children to school, making living in Sentosa Cove far more seamless. The prevalence of remote and flexible working arrangements has further boosted appeal. Additionally, some buyers are new Singapore citizens or first-generation PRs who appreciate the relaxed resort lifestyle and have chosen Sentosa Cove as their primary home.

Ho Bee Land's Sentosa Cove Footprint

As a pioneer developer in Sentosa Cove, Ho Bee Land has shaped the waterfront enclave not only with Turquoise, but also with several other landmark developments, including:

Condominiums: The Berth by the Cove (200 units); The Coast (249 units); Seascape (151 units, developed jointly with Malaysia's IOI Properties Group); Cape Royale (302 units, joint venture with IOI Properties Group)

Landed residences: Coral Island and Paradise Island (two man-made islands within Sentosa Cove)

With the demographic shift taking root in Sentosa Cove, will the enclave continue its transformation into an upscale, owner-occupied residential haven? It remains a luxury enclave to watch closely!