Giant Sentosa Cove site up for grabs soon
580,000 sq ft plot is slated for condos, retail development and a hotel
(SINGAPORE) Developers keen on getting a piece of the action on Sentosa Cove will soon have a stab at the biggest site offered so far in the upscale housing district.
BT understands that master developer/master planner Sentosa Cove Pte Ltd (SCPL) is about to offer a 583,000 sq ft site dubbed The Quayside Collection, which will essentially comprise five sites designated for condos, retail development and a hotel.
The 99-year leasehold site, which will face the marina, could be sold through an expression-of-interest exercise, and the award is likely to be based on concept/design and price.
The hotel will have up to 320 rooms and be built up to seven storeys on a plot of 183,160 sq ft.
There will be two commercial sites - separated by a small park - that can be developed for three-storey retail use with a total gross floor area of 61,700 sq ft.
The Quayside Collection will also include two sites for condominium development - a 103,400 sq ft plot that can be built into a project with a maximum of 97 units, and a 147,020 sq ft parcel for 139 units. These sites, each with a 1.6 plot ratio - the ratio of potential gross floor area to land area - and a six-storey maximum height, are next to each other, but also separated by a small park. The maximum gross floor area of the hotel, condos and commercial developments will be almost 720,000 sq ft.
Observers suggest it makes sense for SCPL to package sites for hotel and commercial use with condo parcels.
‘Residential development is the main draw for developers at Sentosa Cove,’ a market watcher said.
‘If they had offered just sites for hotel or commercial use, I doubt many developers would be keen, but SCPL has given them a sweetener to bid by packaging two condo parcels within The Quayside Collection site.’
He was referring to the handsome appreciation in residential property values on Sentosa Cove since SCPL began selling land there in late 2003. Prices at which condo plots have been awarded on the island have risen 82 per cent in the past two years.
Ho Bee bagged the first condo site on the island for $351 psf per plot ratio (psf ppr) in late 2003. Last month it is understood to have emerged as top bidder with $640 psf ppr for The Baywater Collection condo site opposite The Quayside Collection site.
When SCPL awards The Quayside Collection site, it would have sold land for about 85 per cent of the total 1,528 homes - condos, bungalows and terrace houses - planned for the Northern Precinct, or North Cove. The other 1,000-odd homes planned for Sentosa Cove will be at South Cove, and SCPL is expected to begin marketing sites there later this year.
Source : Business Times - 6 Jan 2006
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