99-year Sentosa Cove parcel up for grabs
But bigger developers may stay away from Cove’s only such strata landed housing: Analysts
DEVELOPERS can now register their interest in the only land parcel set aside for 99-year strata landed housing at Sentosa Cove.
Dubbed the Green Collection, it covers an area of 71,589.21 square feet, with reserve prices set at $49.25 million or $688 per square foot per plot ratio.
According to Sentosa Cove, developers will have the flexibility of building either terrace, semi-detached or detached houses — all of which can have shared recreational facilities such as swimming pools or gymnasiums. With a plot ratio of one, developers can choose to build up to 20 such homes on the site.
Residents of these homes will have a view of the Sentosa Golf Club fairways.
The land parcel is open to any developer, not just the local ones. A spokesperson from Sentosa Cove said it expects a good response because of the flexibility of the plots.
Mr Donald Han, managing director of Cushman & Wakefield, expects mid-sized developers to be eyeing the Green Collection.
“It would attract developers like Nobel Design. Big developers like CDL may come in, but they might want to concentrate on the higher-end instead,” he said.
Cushman & Wakefield offers real estate-related services, including broking and research, to largely institutional clients.
As with the rest of the developments on Sentosa Cove, foreigners are eligible to buy these strata landed homes under the waivers for foreign ownership that the waterfront development has been granted.
So far, more than 89 per cent of Sentosa Cove has been sold and more than 120 families have moved into their new homes.
The Expression of Interest for the Green Collection, to be launched today, will close on Aug 15.
Source : Today - 18 Jul 2007
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