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Luxury Sentosa Cove penthouse sold by Kong Hee at loss of over $2 million

by • September 3, 2018 • Buying a property, Property Market NewsComments (0)3200

Disgraced church pastor, Kong Hee, has managed to sell his luxury Sentosa Cove penthouse at $7.2 million – incurring a loss of over $2 million. The luxury Sentosa Cove penthouse was relisted for $11.5 million in September last year – about 15 per cent higher than its 2015 listing at $10 million.

The 5,242 sq ft luxury penthouse was bought and co-owned by Kong Hee and Indonesian tycoon Wahju Hanafi in 2007 for $9.33 million, with each paying monthly installments of $17,000.

The luxury Sentosa Cove penthouse was sold to a Kenyan diplomat – one Neal Manilal Chandaria – whose family is in the process of moving in. The diplomat has viewed the property four times and said that “it was a good opportunity” to buy it at that competitive price. Chandaria, who currently lives in a landed property on Sentosa, said he enjoys the lifestyle on the island – “it’s very nice that it’s quiet and away from the city”.

Kong Hee was arrested at his luxury Sentosa Cove penthouse in 2012 and is currently serving a jail term of 3.5 years.

He and four other leaders of City Harvest Church were arrested and charged with misuse of funds. Kong Hee was found guilty and ordered to serve 3.5 years in prison from April 2017.

Luxury Sentosa cove homes are gaining traction with high net worth individuals in recent months.

In late August, List Sotheby’s International Realty (List SIR) announced that a Singapore Permanent Resident has bought a single-storey bungalow in Sentosa Cove for $33.3 million. The selling price is the highest achieved for properties in Sentosa since 2013. ), the marketing agent for the property in Sentosa Cove, said that the sale worked out to $1,795 per sq ft, due to several unique attributes such as its sizeable area of 18,555 sq ft.

List SIR Singapore relationship manager Rowena Chan, who represented the buyer, noted that although there may be some people who are taking a wait-and-see approach when it comes to purchasing a property, there are still some serious buyers who are on the lookout for homes for own stay and as long-term investments.

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“These may include Singaporeans and PRs buying their first property as well as high net worth individuals, including foreigners, who make their decisions on purchasing international properties based on many factors other than price, such as geo-political stability, standard of living etc.”

Marketed as the “world’s most desired address”, luxury Sentosa Cove homes are a playground for the rich and famous. The exclusive residential enclave is a result of the Southern Islands development guide plan by Singapore’s Urban Redevelopment Authority (URA). Secluded from the more touristy recreation areas, the integrated residential-cum-marina resort development sits on the east side of Sentosa and houses a yacht club, a marina, a hotel, connected by a waterfront promenade lined with upscale restaurants, bars and shops.

Sentosa Cove is hugely popular with high-net-worth foreigners and locals alike for its resort lifestyle. Being zoned as a prime living area in Singapore, Sentosa Cove  is also the only place where foreign ownership of restricted residential properties is allowed.

Some prominent names who own an address in Sentosa Cove includes celebrity hairstylist Addy Lee, Australian banker Stephen Fisher, Australian mining heiress Gina Rinehart, Spanish tycoon Ricardo Portabella Peralta and India telecom mogul Bhupendra Kumar Modi.

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Sentosa Cove is a delightful blend of upscale city living and the ever-so-attractive charisma of the tropical seaside. It’s a veritable showcase of the best of what Singapore is known for, including a host of first-rate infrastructures, posh hotels and resorts, and world-class leisure hubs.

Sentosa’s South Cove residents will be treated to exclusive refinements, such as a swimming pool, several function halls, a playground, picnic areas, a sundeck, and other indulgences. You would also be delighted to know that the property will be covered by security personnel 24 hours a day. It stands at a prime spot by the gateway into the marina, and it’s cleverly woven into the milieu. It fits right in with the harbor and the other Sentosa Island attractions, such as the natural beach and man-made water features. Within the area are the Resorts World Hotel and Casino, ONE 15 Marina Club, and Universal Studios Singapore.

luxury sentosa coveThe area offers a luxurious spread of shopping and recreational facilities, as well as an assortment of epicurean delights. Quayside Isles, Harbourfront Centre, and Alexandra Retail Centre are conveniently close by. You can even take short ride to VivoCity, Singapore’s largest mall – it’s an absolute leisure and lifestyle center full of boutiques and restaurants, as well as a selection of banks, salons and other modern conveniences.

In addition to bus stations, the Harbourfront MRT Station is right within the vicinity, allowing an easy commute to or from the city center. Nearby are major arteries such as the Ayer-Rajay Expressway and the East Coast Parkway. And here’s some good news for jet-setting businessmen and world travelers: the Changi International Airport is just a brief drive away.

How to Secure a Home Loan Quickly

Are you planning to invest in luxury Sentosa cove properties but ensure of funds availability for purchase? Don’t worry because iCompareLoan mortgage broker can set you up on a path that can get you a home loan in a quick and seamless manner.

Our brokers have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs. Find out money saving tips here.

Whether you are looking for a new home loan or to refinance, the Mortgage broker can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.

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