BT: Three Sentosa bungalow plots released for sale - 22 Aug 07

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August 22, 2007
Three Sentosa bungalow plots released for sale
New benchmark price of $1,233 psf set for a waterway bungalow site
By KALPANA RASHIWALA

SENTOSA Cove Pte Ltd (SCPL) yesterday released another three 99-year
leasehold bungalow plots for sale, after reporting new benchmarks
being set for waterway and fairway facing plots in the upscale
locale.

After the latest offer, the only sites the master developer will
have left for sale are two more individual bungalow plots, a man-
made island (which can be developed for 19 bungalows) and a plum
condo plot at the mouth of the marina.

In all, the developer will have sold plots for a total of about
2,500 homes since October 2003.

SCPL said yesterday that an expression of interest (EOI) for four
bungalow parcels that closed in July saw a new benchmark price of
$1,233 per square foot of land area being achieved for a waterway
bungalow lot, surpassing the $960 psf previous record for such land
set earlier this year.

The other two waterway plots offered in the July EOI were also sold
at above $960 psf. The sole fairway bungalow site in that EOI
fetched $1,065 psf, surpassing the previous high of $910 psf for
such sites achieved earlier this year.

The last seafront bungalow plot at Sentosa Cove was sold for a
record $1,473 psf during an EOI in May, surpassing the top price of
$1,308 psf previously for such plots seen at an EOI late last year.

SCPL's latest EOI, which is being launched tomorrow, is for three
bungalow sites - all waterway-fronting plots, one of which also
boasts nearby views of, but is not directly fronting, the Tanjong
Golf Course and the sea.

This plot has a land area of 6,941 sq ft. The other two plots are
7,414 sq ft and 10,663 sq ft.

The EOI closes on Sept 4, with the award being based solely on price.

Credo Real Estate managing director Karamjit Singh predicts that the
three latest waterway plots could fetch prices ranging from $1,100
to $1,300 psf, with scarcity value raising the price.

Following this EOI sale, the last two individual bungalow plots at
Sentosa Cove - both of which face fairways - will be sold by private
treaty.

Pearl Island and a coveted high-rise condo plot (dubbed C-13) at the
entrance to Sentosa Cove's marina basin will be offered for sale
before the year runs out.