Spanish tycoon pays S$4,100-plus psf for pair of Seven Palms Sentosa Cove units

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The overall Sentosa Cove condo market may be languishing, but SC Global Developments is understood to have sold two units at its Seven Palms Sentosa Cove at what could be a record price in the waterfront housing district: S$4,100-plus per square foot (psf). The overall lump sum works out to S$28.55 million.

Spanish tycoon Ricardo Portabella Peralta is thought to be the buyer of the two neighbouring units on the third level of the four-storey condo, which is flanked by Tanjong Beach on one side with the adjacent greens of Sentosa Golf Course, and the South China Sea on the other.

Mr Peralta is chairman of Groupe Ventos and inherited a huge fortune, especially related to Danone Spain.

Seven Palms Sentosa Cove received the Temporary Occupation Permit in the first quarter of 2013. The low-rise project has only 41 luxuriously appointed beach-house apartments available in three, four and five-bedroom configurations ranging from around 2,700 sq ft to 8,000 sq ft.

The units picked up by Mr Peralta are believed to be around 3,400-plus sq ft each.

The project was designed by Kerry Hill Architects, which has designed many of the Aman resorts.

In 2012, Australian mining tycoon Gina Rinehart was reported to have paid a total of about S$57.2 million for two units at Seven Palms; the price was also thought to have crossed S$4,000 psf, setting a benchmark for Sentosa Cove.

While the news of Mr Peralta’s purchase of the two Seven Palms units is not expected to improve sentiment for Sentosa Cove properties in the short term, “the news will be a good highlight to a very quiet and dismal year for Sentosa Cove”, said Century 21 CEO Ku Swee Yong.

Transactions of condos as well as bungalows on Sentosa Cove have thinned drastically this year. A few months ago, two units in the Turquoise condo, both mortgagee sales, transacted at around S$1,400 psf – a record low since the 2006/2007 luxury housing boom, noted Mr Ku.

As to why Seven Palms still managed to set a record price, or at least a near-record price, Mr Ku said: “This is the only beachfront condo, and probably the only beachfront residence in Singapore. Morever, SC Global’s products have a certain premium. . .”

The resort-style facilities of the project include concierge service, a Beach Club, 45-metre infinity pool with jacuzzi and barbecue terrace overlooking the sea.

http://business.asiaone.com/news/spanish-tycoon-pays-s4100-plus-psf-pair-seven-palms-sentosa-cove-units

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