This article was first published on PropertyGuru
In a sign that the luxury condo market is picking up steam again, the Sentosa Cove penthouse unit of City Harvest Church founder Kong Hee was relisted last week for $11.5 million, up 15 percent from its 2015 asking price of $10 million, reported The Straits Times.
The 5,242 sq ft property, which was co-owned by Kong Hee and Indonesian tycoon Wahju Hanafi, was bought for $9.33 million in 2007.
Serving a three-and-a-half-year jail term for misappropriating $50 million in church funds, Kong described the property in 2015 as a “temporary home” for the family as they waited for it to be sold.
The owners’ agent Sally Soh of KF Property Network revealed that three parties have visited the property since it was relisted at a higher price.
If sold, the value of the unit would translate to $2,194 psf, which is relatively higher than the $2,022 psf price of another unit sold at The Oceanfront last month.
The latest listing follows an increased interest in Sentosa Cove homes as prices have gradually moved closer to that of mass market condos.
With several homes there sold at massive losses, Sentosa Cove has become the most visible marker of the property market slump.
Sentosa Cove homes have gone from $2,600 to $2,800 psf between 2007 and 2009 to $1,500 to $1,700 psf at present, said Alex Low, group division director at PropNex.
But while Low believes that the luxury condo market is picking up again, International Property Advisor CEO Ku Swee Yong said it remains to be seen if Sentosa Cove would gain traction.
Text: Romesh Navaratnarajah via PropertyGuru
