Ho Bee sets record with Sentosa Cove bid
The latest plot to be sold at Sentosa Cove has achieved yet another record price.
Boutique developer Ho Bee offered $181.2 million for the 119,501 sq ft Waterfront Collection when the tender for the 99-year leasehold site closed yesterday.
This amounts to $918.92 per sq ft per plot ratio (psf ppr), beating the last benchmark price for a condominium development plot. That was set in September by Indonesia’s Lippo Group, which tendered $817.66 psf ppr for the Marina Collection.
The tender for the Waterfront Collection attracted five ‘aggressive’ bids, said Sentosa Cove, although it would not reveal the other bidders or tender prices.
Property consultants were surprised by Ho Bee’s ‘highly bullish’ bid yesterday.
Mr Nicholas Mak, director of research and consultancy at Knight Frank, said he expects the break-even price to be ‘in the region of $1,300 psf ppr’.
‘They are counting on selling prices going up to maybe $1,700 psf, which is really reaching freehold condo prices in prime districts,’ he said.
Another market watcher who declined to be named, said Ho Bee may be taking a calculated risk with this site, which it can afford as ‘it was the first to enter the Sentosa Cove market and has probably already made big profits on its earlier projects’.
Source : Straits Times - 30 Nov 2006
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