BT : SCPL's Sentosa Cove site up for grabs - 17 Jul 07

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Business Times - 18 Jul 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.