Sentosa Cove’s last northern condo site up for grabs
Land price of the site expected to be $550-$600 psf ppr
Sentosa Cove Pte Ltd (SCPL) is putting up for sale the last major site in the Northern Residential Precinct of the upscale waterfront residential enclave.
The Marina Collection comprises two plots for condo development next to the One 15 Marina Club.
The plots totalling 239,198 square feet of land area are being sold on 99-year leasehold tenure for four-storey condo development with up to 170 units. The plot ratio (ratio of potential maximum gross floor area to land area) will be 1.2.
Developers may build luxury waterfront residences, service apartments or vacation homes on the two plots which are being offered as a single parcel through a tender closing on Sept 13.
The award will be based solely on price, SCPL told BT.
A property consultant familiar with Sentosa Cove said: ‘The developer of the condo on Marina Collection site could be looking at breaking even at about $900-$950 per square foot (psf). Working backwards, that reflects a land price of about $550-$600 psf per plot ratio (ppr) or an absolute sum of about $158 million to $172 million.’
The latest condominium project launched on Sentosa Cove - CityDev’s and TID’s 15-storey development called The Oceanfront @ Sentosa Cove - is currently commanding an average price slightly above $1,300 psf.
While the Marina Collection has a much lower height limit and does not face the sea directly, a condo project on the site should still be able to ride on strong demand for homes on Sentosa Cove, reckons the property consultant.
Owners of yachts berthed at the One 15 Marina Club should find it convenient to zip in and out of their weekend or holiday condo at the Marina Collection site.
The four-storey height limit is the shortest for all the condo plots sold so far on Sentosa Cove and that is in keeping with the low-rise character around the pier.
The earlier condo plots sold in the Northern Precinct, or North Cove, can be built up to at least six storeys. Prices of condo plots on North Cove have risen about 80 per cent over a two-year period from $351 psf of potential gross floor area in late 2003, when SCPL began selling land parcels in the location, to $639 psf per plot ratio in January this year. The latter site price was achieved for The Baywater Collection parcel sold to Ho Bee. It comprises three plots - two can be built up to eight storeys and the third up to six storeys.
Just last week, SCPL awarded the Quayside Collection site to City Developments for $255 million or $355 psf ppr but this comprises a mix of hotel, commercial and condo plots, making the latest sale difficult to use as a benchmark for other land sales on Sentosa Cove.
SCPL has moved on to selling land in Sentosa Cove’s Southern Precinct. The maiden sale of 12 bungalow plots will be through an auction on Aug 25.
In all, Sentosa Cove will eventually have about 2,500 homes, about 60 per cent of which will be in North Cove. The Marina Collection parcel is linked along the waterfront promenade to Sentosa Cove’s Integrated Arrival Plaza and the recently awarded Quayside Collection site which will offer an array of specialty retail shops, restaurants, small office home office (Soho) suites as well as the Westin Hotel.
Source : Business Times - 1 Aug 2006
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