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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

The reserve price has been set at $688 psf per plot ratio

The few remaining land parcels in the upmarket waterfront housing district coming up on Sentosa island are still being sold by Sentosa Cove Pte Ltd (SCPL).

The developer’s latest offering is a 71,589 sq ft site slated for development into 15 to 20 strata landed homes (terrace houses, semi-detached homes or bungalows) with shared facilities like a swimming pool or gymnasium. The reserve price has been set at $49.25 million or $688 psf per plot ratio (ppr), SCPL said.

Credo Real Estate managing director Karamjit Singh reckons the 99-year leasehold site could fetch around $70-80 million, reflecting a land price of about $980 to $1,120 psf ppr.

The plot, being offered by an expression of interest exercise, has a 1.0 plot ratio, hence the maximum gross floor area allowed is the same as the land area.

‘To optimise the usage of the site, the successful developer will most likely develop strata bungalows,’ Mr Singh reckons.

SCPL said the expression of interest exercise closes on Aug15 and the award will be based solely on price.

‘Foreigners will be eligible to purchase these strata landed homes as Sentosa Cove has been granted waivers for foreign ownership on residential land,’ SCPL said.

SCPL has sold land for about 80 per cent of the total 2,500 homes planned for Sentosa Cove, and more than 120 families have moved into their new homes in the location.

Source : Business Times - 18 Jul 2007

SEMI-DETACHED and terrace houses will soon be available at Sentosa Cove, as the island enclave launches its first and only plot for strata-landed housing today.

Several posh condominiums and bungalows have already been launched at Sentosa Cove.

The new site - called the Green Collection - overlooks the Tanjong golf course. It will allow developers to build 15 to 20 detached, semi-detached or terrace houses.

The cluster can have shared facilities, such as a swimming pool or gymnasium, Sentosa Cove said yesterday.

The company has set a reserve price of $49.25 million for the 71,589 sq ft site or $688 per sq ft (psf) per plot ratio. This compares to a high of $1,473 psf for a bungalow plot sold earlier this year.

Mr Lui Seng Fatt, regional director and head of investments at property firm Jones Lang LaSalle, believes the reserve price is ‘quite a fair value’. Bids will not be very much higher than the reserve price, he added.

‘Compared to the earlier sites, the views of this site are not so good,’ Mr Lui said.

‘I would expect the finished homes to sell for about $1,000 to $1,200 psf. This means the land price can’t go much higher than the current reserve price,’ he said.

The Green Collection has a plot ratio of one and opens up to the Tanjong golf course on one side. Its other side faces the Waterfront Collection condominium.

Source : Straits Times - 18 Jul 2007

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

Scarcity value of bungalow sites to increase prices to $1,000-1,200 psf

Four 99-year leasehold bungalow plots have been launched at Sentosa Cove, after which Sentosa Cove Pte Ltd (SCPL) will be left with just the final 20 individual bungalow plots in the upscale housing district.

The scarcity value is expected by some market watchers to increase the prices fetched for the latest four plots, which are being offered for sale through expression of interest.

Three of the four latest plots face the waterway, and Credo Real Estate managing director Karamjit Singh reckoned these could fetch $1,100 to $1,200 per square foot (psf) of land area, well above the highest price of $960 psf achieved for a waterway-fronting bungalow plot so far this year. ‘These plots are at the corners of a stretch of bungalow sites, which means they offer a wider span of water views,’ MrSingh said.

The fourth plot, with a land area of 9,400 sq ft facing Tanjong Golf Course, could fetch about $1,000 psf, again higher than the $910 psf top bid achieved for a fairway-facing bungalow plot on Sentosa Cove, he said.

SCPL, master developer of the waterfront housing district emerging on Sentosa island, said the top price achieved for a seafront bungalow site in the area was $1,473 psf.

The bungalow sites on Sentosa Cove have a particular scarcity value not just because there are very few of them but because buyers are particularly reluctant to sell on the secondary market, Mr Singh said. ‘Many of those who’ve bought these sites are high net worth investors who buy, build and keep,’ he reckoned.

The three waterway-

facing plots launched by SCPL will permit their new owners the luxury of mooring their private yachts in their backyards. The sites range in land areas from 9,348 sq ft to 11,515 sq ft and have plot ratios (ratio of maximum potential gross floor area to land area) of 0.77. The sole fairway-facing plot has a slightly higher plot ratio of 0.8. All four plots can be developed into two-storey bungalows with attic and basement.

The expressions of interest for the four plots close on July 25. The award will be based solely on price. Besides individual bungalow plots, there is still Pearl Island, which can be redeveloped into 19 bungalows and which will be relaunched in later this year after the man-made island failed to fetch a high-

enough price in a tender that closed last November. The island would be targeted mainly at developers, unlike the individual bungalow plots which provide buyers with the opportunities to build their dream homes on their new parcels of land.

The other remaining plots at Sentosa Cove available to developers include one for terrace houses, which is slated for launch soon. Two condominium plots are still available - the Beachfront Collection, which has been launched and whose tender closes on July 24, and a plot known as C-13, which will be launched before the end of the year.

SCPL has already sold land for about 1,955 homes on Sentosa Cove comprising 358 landed homes (terraced houses and bungalows) and about 1,597 condo units. These make up about 80 per cent of the total of 2,500 homes planned for Sentosa Cove.

Source : Business Times - 13 Jul 2007