Sentosa Cove Pte Ltd reveals reserve prices for first time
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Published November 1, 2006
Sentosa Cove Pte Ltd reveals reserve prices for first time
Master developer sets new record for bungalow land last month at $1,130 psf
By KALPANA RASHIWALA
(SINGAPORE) Sentosa Cove Pte Ltd - often criticised in property circles in the past for a lack of transparency - has for the first time revealed minimum reserve prices for its land parcels.
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It is offering six seafront bungalow lots for individual bidding starting at $890 per sq ft of land area, as well as two man-made islands on an en bloc basis for development into a total of 38 bungalows. All sites are sold on 99-year leases.
The master developer of the upmarket housing district shaping up on Sentosa Island also revealed yesterday that it achieved a benchmark price of $1,130 psf for a seafront bungalow plot it sold on Oct 12. This surpassed the previous $1,039 psf record in the location set at an auction in August this year.
The two islands that SCPL is offering on an en bloc basis to developers are Sandy, with 145,442 sq ft of land, and Pearl, with 159,737 sq ft. Each can be developed into 19 bungalows. Developers can bid for Sandy Island alone, with a minimum reserve price of $410 psf, or for both Sandy and Pearl, with a reserve price of $403 psf. They cannot bid for Pearl alone. The tender for the islands closes on Nov 22 and the award will be based solely on price.
The latest six bungalow sites that SCPL is offering on an individual basis will be awarded to the highest bidders through an expression-of-interest exercise that closes on Nov 14. The plots range from 8,126 sq ft to 18,555 sq ft. Most have 0.8 plot ratio - the ratio of potential gross floor area to land area.
Six bungalow plots sold on Oct 12 fetched between $942 and $1,130 psf. Singaporeans bought four of the six sites, including the one that went for the record unit land price. The buyers of the two other plots were from Ireland and Malaysia. SCPL started selling land parcels at Sentosa Cove's Southern Residential Precinct in August this year.
The Southern Precinct will have 918 homes, or 37.5 per cent of the total 2,446 homes to be developed at Sentosa Cove. The rest will be in the Northern Precinct, where SCPL began selling land in late-2003. Land has already been sold for virtually all of the 1,528 homes slated for the Northern Precinct.
