ahlahdin
12-06-07, 02:56
Sentosa Cove to launch tender for beachfront condo site
Posted: 11 June 2007 1910 hrs
SINGAPORE: Sentosa Cove will launch the tender for the site for Singapore's first and only beachfront residential apartments on Tuesday.
The 114,000 square foot land parcel on Sentosa island overlooks Tanjong Beach.
The Beachfront Collection will have a maximum permissible gross floor area of 150,000 square feet.
A four-storey condominium can be built on the site, housing up to 88 luxury apartments.
The site is expected to attract strong interest from major local and overseas developers.
Foreign developers will be exempted from having to apply for a Qualifying Certificate and to furnish a security bond.
The tender, which will close next month, will be awarded based on price.
Property consultant CB Richard Ellis says it expects the tender to fetch between S$160 million and S$186 million.
This translates to a price of up to S$1,250 per square foot per plot ratio.
The property consultant compared the latest offering to another tender exercise three months ago.
Then, the Seaview Collection was awarded to joint venture partners Ho Bee Developments and IOI Properties at some S$460 million or S$1,361 per square foot per plot ratio.
This parcel also had a seafront facing but sat on a larger site of some 157,000 square feet with a plot ratio of 2.15.
The Seaview Collection can be developed into an eight-storey condominium with 200 units. - CNA/yy
Posted: 11 June 2007 1910 hrs
SINGAPORE: Sentosa Cove will launch the tender for the site for Singapore's first and only beachfront residential apartments on Tuesday.
The 114,000 square foot land parcel on Sentosa island overlooks Tanjong Beach.
The Beachfront Collection will have a maximum permissible gross floor area of 150,000 square feet.
A four-storey condominium can be built on the site, housing up to 88 luxury apartments.
The site is expected to attract strong interest from major local and overseas developers.
Foreign developers will be exempted from having to apply for a Qualifying Certificate and to furnish a security bond.
The tender, which will close next month, will be awarded based on price.
Property consultant CB Richard Ellis says it expects the tender to fetch between S$160 million and S$186 million.
This translates to a price of up to S$1,250 per square foot per plot ratio.
The property consultant compared the latest offering to another tender exercise three months ago.
Then, the Seaview Collection was awarded to joint venture partners Ho Bee Developments and IOI Properties at some S$460 million or S$1,361 per square foot per plot ratio.
This parcel also had a seafront facing but sat on a larger site of some 157,000 square feet with a plot ratio of 2.15.
The Seaview Collection can be developed into an eight-storey condominium with 200 units. - CNA/yy