PROPERTY giant City Developments (CDL) could launch its Sentosa Cove condominium project at a price range of between $1,300 and $1,350 per sq ft (psf), said executive chairman Kwek Leng Beng yesterday.
Mr Kwek, who also had buoyant sales figures from St Regis Residences to report yesterday, deemed the range 'fair pricing'.
He added that he envisages the Sentosa project to be a popular choice for Japanese people looking for a retirement home.
The project - named Oceanfront@Sentosa Cove - will have about 270 units and be the tallest residential development on the island at 15 storeys. It is expected to be launched on Thursday.
Mr Kwek was speaking after the launch of the CDL Hospitality Trusts. It is Singapore's first hospitality real estate investment trust and comprises hotels from CDL's subsidiary, Millennium & Copthorne Hotels.
An upbeat Mr Kwek added that sales at the plush St Regis in Tomlinson Road had started with a bang.
Almost all the 70 units launched so far have been sold at an average price of about $2,500 psf and upwards, with one buyer paying more than $3,000 psf.
Another 30 units will be launched for sale, with no significant increase in price, he said.
He added that he aims to keep about 70 of the 173 units at St Regis to lease out.
Units in the exclusive project near Orchard Road are likely to command a higher rental yield for investors than the prevailing rate in Singapore of 4 per cent or 5 per cent.
Mr Kwek said investors could possibly reap a 6 per cent yield.
Of the buyers who have purchased St Regis units, 65 per cent are foreigners - a proportion higher than that for another CDL project, The Sail @ Marina Bay.
Mr Kwek hopes to increase the proportion of foreign buyers to as much as 75 per cent.
LEE SU SHYAN
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