SINGAPORE: A two-level penthouse located on the sixth-storey of The Berth by the Cove, has been sold for S$3.25 million, or S$1,105 per sq ft (psf), at Edmund Tie & Company's auction on Feb 28 - albeit at almost half its original value.
The property received a total of five bids. The last owner had purchased the unit for S$5.64 million, or S$1,919 psf in 2011, translating to a loss of about S$2.4 million, or 42 per cent.
This transaction is the first auction sale of a Sentosa Cove property this year. It is a mortgagee sale, which means it is a sale put up by the lender, usually because the borrower has difficulty servicing the mortgage. - Straits Times Singapore
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