SCPL's Sentosa Cove site up for grabs

Published July 18, 2007

SCPL's Sentosa Cove site up for grabs

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

By KALPANA RASHIWALA


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.

July 18, 2007

Sentosa Cove launches plot for cluster housing

By Fiona Chan

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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.