mr funny
07-03-07, 10:31
Singapore Companies
Published March 7, 2007
Ho Bee tops bid for Sentosa condo plot: sources
Price said to be over $1,350 psf ppr, setting new record for area
By KALPANA RASHIWALA
HO BEE Investment is said to have cast a top bid of over $1,350 psf per plot ratio (psf ppr) yesterday for a 99-year leasehold condominium site dubbed The Seaview Collection at Sentosa Cove.
http://img257.imageshack.us/img257/4356/bt578853007032007pt7.jpg
This is a new record for condominium land in the upscale housing precinct and surpasses the previous high of $919 psf ppr that Ho Bee itself paid for The Waterfront Collection condominium plot in November last year.
The tender for The Seaview Collection site attracted five bids in total, all above $1,000 psf ppr.
Sentosa Cove Pte Ltd - master planner and developer of the upscale waterfront residential precinct - did not identify the bidders. However, these bidders are believed to be Ho Bee, Lippo Group, City Developments, Frasers Centrepoint and CapitaLand.
SCPL had said at the time that the tender for the Seaview Collection was launched in January that the award will be based solely on price.
Both the Seaview and Watefront collection condominium sites are in Sentosa Cove's Southern Residential Precinct although the Seaview Collection is in a more choice location, next to the sea and facing the Southern Islands.
The plot is the second of only four condominium plots in the Southern Precinct. This means only two more condo plots are left for the whole of Sentosa Cove, and this scarcity value is set to continue pushing up land values barring unforeseen circumstances, say property market watchers.
The Seaview Collection is next to an even more coveted site, designated for a 15-storey condominium at the entrance to Sentosa Cove's marina basin, set to be offered later this year.
As the Seaview Collection has a land area of 157,108 sq ft and a 2.15 plot ratio - the ratio of maximum potential gross floor area to land area - the top bid works out to a lumpsum amount of about $460 million, reckon market watchers. The parcel can be developed into an eight-storey condo with about 200 units.
Ho Bee's top bid will result in a breakeven cost of about $1,800 psf or possibly even lower, assuming the developer uses up the maximum 10 per cent additional gross floor area allowed for balconies, and factoring in saleable private enclosed areas and roof terraces, analysts estimate.
Assuming Ho Bee is awarded the latest plot, this will be the listed property group's seventh project on Sentosa Cove.
Published March 7, 2007
Ho Bee tops bid for Sentosa condo plot: sources
Price said to be over $1,350 psf ppr, setting new record for area
By KALPANA RASHIWALA
HO BEE Investment is said to have cast a top bid of over $1,350 psf per plot ratio (psf ppr) yesterday for a 99-year leasehold condominium site dubbed The Seaview Collection at Sentosa Cove.
http://img257.imageshack.us/img257/4356/bt578853007032007pt7.jpg
This is a new record for condominium land in the upscale housing precinct and surpasses the previous high of $919 psf ppr that Ho Bee itself paid for The Waterfront Collection condominium plot in November last year.
The tender for The Seaview Collection site attracted five bids in total, all above $1,000 psf ppr.
Sentosa Cove Pte Ltd - master planner and developer of the upscale waterfront residential precinct - did not identify the bidders. However, these bidders are believed to be Ho Bee, Lippo Group, City Developments, Frasers Centrepoint and CapitaLand.
SCPL had said at the time that the tender for the Seaview Collection was launched in January that the award will be based solely on price.
Both the Seaview and Watefront collection condominium sites are in Sentosa Cove's Southern Residential Precinct although the Seaview Collection is in a more choice location, next to the sea and facing the Southern Islands.
The plot is the second of only four condominium plots in the Southern Precinct. This means only two more condo plots are left for the whole of Sentosa Cove, and this scarcity value is set to continue pushing up land values barring unforeseen circumstances, say property market watchers.
The Seaview Collection is next to an even more coveted site, designated for a 15-storey condominium at the entrance to Sentosa Cove's marina basin, set to be offered later this year.
As the Seaview Collection has a land area of 157,108 sq ft and a 2.15 plot ratio - the ratio of maximum potential gross floor area to land area - the top bid works out to a lumpsum amount of about $460 million, reckon market watchers. The parcel can be developed into an eight-storey condo with about 200 units.
Ho Bee's top bid will result in a breakeven cost of about $1,800 psf or possibly even lower, assuming the developer uses up the maximum 10 per cent additional gross floor area allowed for balconies, and factoring in saleable private enclosed areas and roof terraces, analysts estimate.
Assuming Ho Bee is awarded the latest plot, this will be the listed property group's seventh project on Sentosa Cove.