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THE last condominium plot in Sentosa Cove has been awarded to Ho Bee Investment and Malaysia-listed IOI Properties for a whopping $1.097 billion.

They put in a land price of $1,822 per sq ft per plot ratio (psf ppr) - slightly above the previous benchmark of $1,799.78 psf.

The bid, at just 14 per cent above the reserve, came in below earlier market expectations as the site, with a gross floor area of 602,360 sq ft, is said to be iconic.

Called The Pinnacle Collection, it can accommodate a 357-unit condo of up to 20 storeys, which would make it the tallest and largest condo in the enclave.

In September - when the 99-year leasehold site was launched for sale - property analysts projected bids of about $2,000 psf. But market sentiment had weakened by the time the tender closed on December 12.

Price was not the only factor at play though as the award was also based on the design concept.

Said CBRE Research executive director Li Hiaw Ho: ‘The breakeven cost is estimated at $2,500 psf, which suggests a future selling price of around $3,000 psf.’ The latest launch in Sentosa Cove, The Marina Collection, was priced at $2,700 psf to $3,000 psf.

Ho Bee and IOI have set up a special-purpose company for the project, with Ho Bee holding 35 per cent and IOI the remainder. The project is IOI’s third foray into Singapore’s property market and Ho Bee’s eighth in the cove.

‘If the sub-prime problem blows over, as it should, they would have landed a good deal,’ said Mr Ku Swee Yong from Savills Singapore.

With this sale, there are just three unsold bungalow plots left at Sentosa Cove.

Source : Straits Times - 10 Jan 2008

A tie-up between Ho Bee and Malaysia’s IOI Properties has clinched the last prime condominium site on Sentosa for S$1.1 billion.

The price for the Pinnacle Collection works out to S$1,822 per square foot per plot ratio.

Ho Bee will have a 35 percent stake while the remaining interest will be held by IOI.

The 99-year leasehold site covers 232,000 square feet and has a plot ratio of 2.6.

The condominium development is expected to yield about 360 units and have a maximum height of 20 storeys.

Source : ChannelNewsAsia - 9 Jan 2008

LIPPO Group is said to have priced its Marina Collection condo, a 99-year leasehold project on Sentosa Cove, at about $2,750-2,900 psf on average.

Over the past few days, the group, controlled by Indonesia’s Riady family, is said to have sold about half of the 60 or so units it has released so far in the 124-unit, four-storey development next to the One Degree 15 Marina Club. The development comprises three blocks.

Lippo is developing the condo jointly with the Marina Club, OCBC and Austria’s Raiffeisen Zentralbank (RZB).

Buyers will be given a free membership at One Degree 15 Marina Club for each unit of Marina Collection they purchase. The memberships are currently said to be going for above $40,000 each.

Lippo’s price appears to be slightly higher than the $2,600 psf net average achieved for the previous condo launch at Sentosa Cove - Ho Bee’s Turquoise.

The project was released in September and to date, Ho Bee is said to have sold 45 out of the 60 units it has released so far out of 91 units in the six-storey condo.

Marina Collection comprises three-, four-, and five-bedroom apartments as well as penthouses. Three-bedder units cost about $5.4 million while penthouses are priced at $10 million and above.

The 30 or so units Lippo has sold so far include five penthouses.

There are about 30 penthouses altogether.

The Lippo-led consortium is developing Marina Collection on a plot that it bagged at a tender that closed in September last year for $234.7 million or $818 psf per plot ratio (ppr).

Lippo’s pricing for its Marina Collection will no doubt be used by property developers to peg their bids at next week’s tender for the Pinnacle Collection - the last condo plot at Sentosa Cove.

The plot, which has a choice location at the entrance to the precinct’s marina basin, has a reserve price of $963.8 million or $1,600 psf ppr.

Source : Business Times - 8 Dec 2007

Sandy Island homes will boast celebrity designers and many exclusive features.

A LITTLE-KNOWN Malaysian businessman has pledged to take luxury living in Sentosa Cove to new heights with a collection of plush villas on Sandy Island.

Dr Derek Wong is building 18 homes aimed at ‘ultra-high’ net worth buyers, including foreign celebrities. The homes will range in size from about 6,500 sq ft to 12,000 sq ft, with prices likely to start at around $12 million.

‘It will be an island oasis with a tropical setting,’ said Dr Wong, the managing director of Genesis-Alliance, which won a tender to acquire Sandy Island in March for $89.7 million.

Genesis-Alliance is a joint venture between Malaysian conglomerate YTL Corp and LP Worlds, of which Dr Wong is the major shareholder.

Dr Wong’s residential projects in Malaysia are mainly mass-market ones developed by his firm LP Worlds.

He also owns the master dealership for audio firm Bang & Olufsen in Malaysia and is developing the US$100 million (S$147.5 million) condo The Palazzio in Kuala Lumpur with Malaysian developer Sunway City.

Dr Wong, who owns homes in Singapore, Malaysia and Australia, clearly knows something about style.

The dapper 53-year-old, who has a PhD in business science, has designed some of his own shoes and clothes. He also holds a franchise for the Armani/Casa store at the Raffles Hotel arcade.

It is the first outlet in South-east Asia to sell furniture and home accessories designed by fashion designer Giorgio Armani.

For Sandy Island, Dr Wong has roped in Italian consultant Claudio Silverstrin as lead architect while the landscaping will be done by Australian Jamie Durie, who appears on The Oprah Winfrey Show.

Mr Silverstrin is the designer of Giorgio Armani stores around the world and his name would immediately ring a bell with Armani connoisseurs. As the villa project’s marketing manager, Mr Richard Leen, pointed out: ‘Our villas are aimed at those who have heard of Silverstrin.’

Each villa will be designed to offer plenty of privacy, with mature trees to be transplanted from other parts of Sentosa, and other vegetation lining the entrances and sides of the homes.

Each one will also have a berth for a boat and a pool. The bathrooms and kitchens will be custom-designed by Mr Silverstrin.

There will be a guard post at the Sandy Island entrance in the gated Sentosa Cove.

Unlike traditional homes, the Sandy Island villas, which will be launched early next year, will have a lean main door that opens out to the canal. And residents will be able to drive straight into the basement carpark - a rare feature for bungalows.

‘Nobody has gone through this trouble for a project,’ said Dr Wong.

He noted the timeliness of the project as Singapore’s upcoming integrated resorts have made the country more attractive to foreigners.

YTL and LP Worlds were in partnership to develop Lakefront Collection in Sentosa Cove. Acquired last September, this plot now comes under Genesis-Alliance and will be launched later next year.

Source : Straits Times - 11 Oct 2007

Turquoise goes on sale with prices ranging from $2,400 to $2,700 psf

HO BEE Investment has begun selling units at its Turquoise condo at Sentosa Cove at prices ranging from around $2,400 to $2,700 psf.

King’s 8

Apartments cost around $5.3 million for a typical three-bedroom unit and about $6.4 million for a typical four-bedroom unit.

The listed developer sold about 20 of the 30 units that it released yesterday in the project, which comprises only 91 units in total.

Ho Bee seems to be in no hurry to sell out the 99-year leasehold project, given the increasing scarcity of new project launches on Sentosa Cove, market watchers say.

Three bedders in the development have an average size of about 2,100 sq ft, and four-bedders about 2,500 sq ft. Turquoise also has a variety of penthouse sizes - three bedders, four bedders (both of these come with their own jacuzzis), and three sky villas ranging from 6,900 to 7,900 sq ft and each with its own swimming pool.

Ho Bee is developing the six-and-a-half storey project on Sentosa Cove’s Waterfront Collection site, which is flanked by Tanjong Golf Course and waterways.

Over at King’s Road in the Bukit Timah area, DTZ Debenham Tie Leung is marketing this weekend King’s 8, comprising eight freehold strata bungalows. The strata areas of the units range from 4,898 sq ft to 5,414 sq ft, and are priced between $4.67 million and $4.98 million. The bungalows have two storeys plus an attic, basement, a private pool and two private carpark lots. King’s 8 is being developed by Longitude Central.

Over at Jansen Road, Fragrance Land is holding a soft launch for 12 strata terrace houses. Prices of the 999-year leasehold development range from $830 to $850 psf of strata area.

And at the prime Scotts Road, Wheelock Properties (Singapore) begins today the official launch of Scotts Square, releasing a limited number of units. During a preview of the project in July, it sold about half of the 338 apartments, at an average price of $3,983 psf.

Source : Business Times - 28 Sep 2007