Ho Bee’s Baywater Collection will be ready for launch in Q4
THE Baywater Collection site at Sentosa Cove has only just been awarded but its new owner, Ho Bee Investment, says it will be ready for launch in the fourth quarter of this year.
Ho Bee general manager (marketing and business development) Chong Hock Chang says prices for the beachfront residential development will be between $1,200 and $1,300 per square foot.
‘It will without a doubt be higher than the earlier projects launched there,’ he says.
Ho Bee bought four other parcels in Sentosa - The Berth By The Cove condo, The Berthside terraced homes, 21 bungalows on Coral Island and 29 on the neighbouring Paradise Island.
Based on the latest data on Singapore Institute of Surveyors and Valuers REALink system, the average price of units at The Berth was about $890 psf in November. REALink data for Centrepoint Properties’ Sentosa Cove property, The Azure, reveal an average price of around $1,100 psf.
Ho Bee says it will build an ‘integrated condominium’ of about 250 units with blocks of six to eight storeys. As the site is elongated, the development is expected to have double frontage to the sea and the waterway.
At 276,467 sq ft, the site, which cost $325.2 million (or $638.62 psf per plot ratio), is the largest of the condominium sites launched at Sentosa Cove. This may explain why Ho Bee has decided to let mainboard-listed Engro Corporation take a 10 per cent stake in Baywater.
Ho Bee says a new company called Ho Bee Cove has been incorporated to see the new development through to completion. Ho Bee Cove will be 90 per cent owned by Ho Bee Investment, with the remainder going to Engro, a cement producer and IT company.
In a separate press statement, Engro said that only Engro chairman/CEO Tan Keng Boon and Ho Bee Group chairman/CEO Chua Thian Poh are directors of both Ho Bee Investment and Engro.
Source : Business Times - 17 Jan 2006
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