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A new record price has been set for a 6,600-square-metre residential site on Sentosa.

The Green Collection, Sentosa Cove’s only strata landed housing development, has fetched a bid of more than S$78 million or S$1,099 per square foot per plot ratio.

Boutique developer Elevation Developments submitted the highest of eight bids received at the close of an Expressions of Interest for the site last month.

Sentosa Cove said this surpassed the last en bloc sale price of Sandy Island at $771.25 psf per plot ratio in March this year by 42.5%.

The Green Collection is the only land parcel on Sentosa Cove to have the flexibility to design and develop either strata terrace, semi-detached or detached houses with shared recreational facilities.

With a plot ratio of one, it can allow up to 20 homes with shared facilities such as a swimming pool or gymnasium to be built.

With the relaxation of foreign ownership of landed homes in Sentosa Cove, foreigners will be eligible to buy these strata landed homes.

Sentosa Cove is situated on the eastern end of Sentosa Island. When completed in 2010, the sprawling 117-hectare development will see a total of 2,500 homes.

Elevation Developments is a boutique developer of landed residential property in Singapore.

It is associated with upmarket Good Class Bungalows, including some 20 current projects in prime areas of Swettenham Road, Nassim Road and Gallop Road. - CNA/ir

Source : Channel NewsAsia - 25 Sept 2007

Sentosa Cove is launching its final condominium development land parcel.

The Pinnacle Collection has a reserve price of S$964 million or S$1,600 per square foot per plot ratio.

The 230,000 square feet site has a maximum permissible gross floor area of over 600,000 square feet.

A condominium with about 360 luxury apartments can be built on the ocean-front site.

The 20-storey building will be the tallest at Sentosa Cove.

The site will be sold based on price as well as design concept.

CB Richard Ellis expects bids for the site to be above S$2,000 per square foot per plot ratio.

It estimates the breakeven cost to be between S$2,800 and S$3,000 per square foot.

This would translate to an estimated selling price of about S$3,200 to S$3,500 per square foot for homes in the development. - CNA/ms

Source : Channel NewsAsia - 18 Sept 2007

New benchmark price of $1,233 psf set for a waterway bungalow site

SENTOSA Cove Pte Ltd (SCPL) yesterday released another three 99-year leasehold bungalow plots for sale, after reporting new benchmarks being set for waterway and fairway facing plots in the upscale locale.

Scarcity Value

After the latest offer, the only sites the master developer will have left for sale are two more individual bungalow plots, a man-made island (which can be developed for 19 bungalows) and a plum condo plot at the mouth of the marina.

In all, the developer will have sold plots for a total of about 2,500 homes since October 2003.

SCPL said yesterday that an expression of interest (EOI) for four bungalow parcels that closed in July saw a new benchmark price of $1,233 per square foot of land area being achieved for a waterway bungalow lot, surpassing the $960 psf previous record for such land set earlier this year.

The other two waterway plots offered in the July EOI were also sold at above $960 psf. The sole fairway bungalow site in that EOI fetched $1,065 psf, surpassing the previous high of $910 psf for such sites achieved earlier this year.

The last seafront bungalow plot at Sentosa Cove was sold for a record $1,473 psf during an EOI in May, surpassing the top price of $1,308 psf previously for such plots seen at an EOI late last year.

SCPL’s latest EOI, which is being launched tomorrow, is for three bungalow sites - all waterway-fronting plots, one of which also boasts nearby views of, but is not directly fronting, the Tanjong Golf Course and the sea.

This plot has a land area of 6,941 sq ft. The other two plots are 7,414 sq ft and 10,663 sq ft.

The EOI closes on Sept 4, with the award being based solely on price.

Credo Real Estate managing director Karamjit Singh predicts that the three latest waterway plots could fetch prices ranging from $1,100 to $1,300 psf, with scarcity value raising the price.

Following this EOI sale, the last two individual bungalow plots at Sentosa Cove - both of which face fairways - will be sold by private treaty.

Pearl Island and a coveted high-rise condo plot (dubbed C-13) at the entrance to Sentosa Cove’s marina basin will be offered for sale before the year runs out.

Source : Business Times - 22 Aug 2007

Sentosa Cove is inviting bids for three bungalow land parcels through an expression of interest.

The plots range from 644 square metres to about 1,000 square metres.

Two of them will allow the owners to moor their yachts in the backyard.

Sentosa Cove achieved an average price of about $1,100 per square foot at its last exercise in July.

Interested homeowners can submit their highest offer to Sentosa Cove’s Sales and Information Centre.

The decision will be based solely on price. - CNA/ir

Source : Channel NewsAsia - 21 Aug 2007

It offered $268.3m for a 99-year leasehold condo plot near Tanjong Beach

LUXURY residential developer SC Global Developments has finally made a catch at Sentosa Cove.

It yesterday placed the top bid of $268.3 million - $1,799.78 psf of potential gross floor area - for a 99-year leasehold condo plot next to Tanjong Beach, according to provisional tender results.

This is around 32 per cent higher than the previous record for condo land in the area, of $1,361 psf per plot ratio, set in March this year, by a Ho Bee-IOI joint venture. That was for The Seaview Collection plot, which can be built up to eight storeys high.

The Ho Bee-IOI tie-up is believed to have emerged as the second-highest bidder at yesterday’s tender for the The Beachfront Collection. Its bid was around 3 per cent below SC Global’s.

SC Global had bid for earlier sites on Sentosa Cove but not aggressively, says it chairman and CEO Simon Cheong.

‘We’ve been waiting for this site. This is a rare site on Sentosa Cove - the only site where you can come out of your condo and walk directly to Tanjong Beach. We’ll be able to create on this plot a product which is synonymous with the SC Global branding.

‘This is also the only condo plot on Sentosa Cove flanked by the sea and the golf course.’

Mr Cheong could not say just how many apartments he is planning to develop on the site, but the maximum allowed by Sentosa Cove Pte Ltd - the master planner for the upmarket waterfront district - for the plot is 88 units. The 113,797 sq ft plot has a 1.31 plot ratio (ratio of maximum potential gross floor area to land area) and a four-storey height limit.

Analysts reckon SC Global’s break-even cost for a new condo on the site could be around $2,300 to $2,400 psf.

The project should be launch-ready in Q3 next year. Based on SC Global’s track record of commanding premium prices for its projects, it would not be surprising if it is hoping for an average selling price of $3,000 psf or higher, market watchers reckon. Currently, subsale prices at condos on Sentosa Cove are said to have surpassed the $2,300 psf mark.

Yesterday’s tender drew a total of five bids. Besides the bids from SC Global and the Ho Bee-IOI tie-up, the other contenders are said to include Frasers Centrepoint and Hong Leong.

Source : Business Times - 25 Jul 2007