SC Global in $268m top bid for Sentosa site
SC GLOBAL Developments has set its sights away from its traditional playground in Orchard Road to snap up a prime Sentosa Cove site.
The developer made a winning bid of $268.3 million for a beachfront condominium plot in the exclusive residential enclave.
But it was a close contest, with Ho Bee bidding around $260 million, just 3 per cent lower. There were five contenders in all.
SC Global’s price of $1,799.78 per sq ft (psf) of potential gross floor area is a new benchmark for Sentosa Cove.
The 99-year leasehold site was touted as Singapore’s first and only beachfront condo site facing Tanjong Beach.
It can be built up to 149,074 sq ft of gross floor area and can accommodate a four-storey condominium with up to 88 luxury units.
SC Global chief executive officer Simon Cheong said it has been eying the plot for some time.
‘This site is very exclusive. It is the only one in Sentosa Cove with the beachfront on one side and the golf course on the other.’
He said that it was too early to talk about the company’s plans for the site but added that ‘we have a very unique concept for it’.
SC Global, while being a boutique developer, has been able to achieve eye-popping prices for some of their properties.
Yesterday’s condo plot was the second-last such site available for sale in Sentosa Cove. The last condo plot has not been launched.
The previous Sentosa Cove condo plot benchmark was set in March by Ho Bee and Malaysia’s IOI Properties, when they bid $459.8 million or $1,361.33 psf.
Source : Straits Times - 25 Jul 2007
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