Results 1 to 3 of 3

Thread: Ho Bee tops bid for Sentosa condo plot: sources

  1. #1
    Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default Ho Bee tops bid for Sentosa condo plot: sources

    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.



    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.

  2. #2
    Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default New record price for Sentosa Cove condo plot

    March 7, 2007

    99-YEAR SEAVIEW COLLECTION

    New record price for Sentosa Cove condo plot


    SENTOSA Cove's latest condominium plot has set another record price for land in the luxury enclave.

    Its 99-year leasehold Seaview Collection attracted five bids when its tender closed yesterday.

    The highest is said to be more than $1,300 per sq ft per plot ratio (psf ppr) - or at least $440 million. It beat the $1,308 psf ppr Sentosa land record set by a bungalow plot in November.

    Sources said boutique developer Ho Bee tabled the top bid for Seaview, closely followed by CapitaLand. City Developments, Frasers Centrepoint and Lippo Group are said to be the other bidders.

    All the bids for the 157,108 sq ft site came in above $1,000 psf ppr, said Sentosa Cove. This means that even the lowest bid exceeded the previous $919 psf ppr record for condo land, also set by Ho Bee, for the Waterfront Collection last year.

    At $1,300 psf ppr for Seaview, the break-even price for the plot would be about $1,800 psf ppr, which means the winning developer would have to price the condo units in excess of $2,000 psf, said consultants.

    Mr Nicholas Mak, director of research and consultancy at Knight Frank, noted that the top bid 'is near some of the record land prices achieved for freehold land in districts 9 and 10'.

    Other experts expressed concern that the recent stock market correction could affect investor sentiment in the property market.

    FIONA CHAN

  3. #3
    Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default Ho Bee partners IOI for top bid on Sentosa site

    Published March 8, 2007

    Ho Bee partners IOI for top bid on Sentosa site


    HO Bee Investment has teamed up with Malaysia's IOI Properties group for its top bid on Tuesday for the Seaview Collection condo site at Sentosa Cove.

    Their joint bid of $459.8 million works out to $1,361.33 psf per plot ratio - a new record for 99-year leasehold condo land in the upmarket waterfront residential locale.

    The Seaview Collection is the second of a total of four condo sites at Sentosa Cove's Southern Residential Precinct, and is one of the last two condo plots offering unobstructed views of the sea and Southern Islands. With a plot ratio of 2.15, developers can develop the 99-year leasehold plot into an eight-storey condo with a total of 200 units.

    Sentosa Cove Pte Ltd said it expects to award the site to the Ho Bee/IOI joint venture in the 'following weeks'. SCPL said the tender attracted five bids in all.

Similar Threads

  1. CDL top bidder for Irwell Bank Rd site, Wee Hur tops bids for plot near Bartley stati
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 1
    -: 10-01-20, 18:44
  2. KepLand bid tops tender for Lakeside plot
    By mr funny in forum Singapore Private Condominium Property Discussion and News
    Replies: 3
    -: 06-05-10, 23:47
  3. CDL tops tender for Sengkang private condo plot with bid of $365.26 psf ppr
    By mr funny in forum Singapore Private Condominium Property Discussion and News
    Replies: 7
    -: 08-02-10, 21:38
  4. Sentosa Cove releases Tanjong Beach condo plot
    By ahlahdin in forum Singapore Private Condominium Property Discussion and News
    Replies: 2
    -: 12-06-07, 18:05
  5. Sentosa Cove condo plot draws record $919 psf ppr
    By mr funny in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 30-11-06, 07:06

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •