In a sign that the luxury condo market is picking up, City Harvest Church founder Kong Hee re-listed his Sentosa Cove penthouse unit for $11.5 million, up 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.
Kong is serving a three-and-a-half-year jail term for misappropriating $50 million in church funds. He described the property in 2015 as a “temporary home” for the family.
The owners’ agent Sally Soh of KF Property Network revealed that three parties have visited the property since the relisting.
The asking price in terms of per square foot is $2,194 psf, slightly higher than the $2,022 psf price of another unit sold at The Oceanfront last month.
There has been an increased interest in Sentosa Cove homes as prices there have gradually moved closer to those of mass market condominiums in Singapore.
Sentosa Cove has taken a big hit in the current property market slump, with several homes sold at massive losses with some amounting to millions of dollars.
More news on Singapore property blog.
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