Tuesday, January 09, 2007
[RealEdge] BT : Record price expected for Sentosa condo site
| Published January 9, 2007  | ||||||||||
| Record price expected for Sentosa condo site Six bungalow plots awarded, with new benchmark price set at $1,308 psf
By KALPANA RASHIWALA
THE latest condo site being offered by Sentosa Cove Pte Ltd (SCPL) could fetch as much as $1,100 to $1,200 per square foot of potential gross floor area, market watchers say.
And a spokesman for SCPL revealed yesterday that an expression of interest for six sea-fronting 99-year leasehold bungalow plots that closed in November last year saw a new benchmark price set for bungalow land - $1,308 psf of land area, surpassing previous high of $1,130 psf achieved in October last year. A new record for condo land in the upscale waterfront housing precinct is expected to be set for the latest condo plot offered yesterday, dubbed The Seaview Collection. It is being offered through a tender that closes on March 6. Based on the $1,100 to $1,200 psf per plot ratio top bids predicted for the plot by some observers, the breakeven cost for a new project on the site is estimated at $1,600 to $1,750 psf. Market watchers reckon a new 99-year leasehold condo on the plum site boasting sea views could fetch about $1,800 psf on average if marketed today.
Assuming current bullish sentiment in the luxury housing market continues to prevail, there will be further price upside in the location - which suggests potential bidders could still make a decent profit if they bag land for $1,100 to $1,200 psf per plot ratio. The 157,108 sq ft plot is the second of four condo plots in Sentosa Cove's Southern Residential Precinct and can be built into an eight-storey condo with about 200 units in total. The site has a 2.15 plot ratio - the ratio of maximum potential gross floor area to land area. The award will be based solely on price, SCPL said in a statement yesterday. The last condo site sold at Sentosa Cove - the Waterfront Collection, also in the Southern Precinct - was awarded to Ho Bee late last year for about $919 psf ppr. That can be developed into a six-storey condo. Seaview Collection boasts a more prime location, with unobstructed sea views and facing Southern Islands. It is next to an even more coveted site designated for a 15-storey condo at the entrance to Sentosa Cove's marina basin. This is expected to be offered later this year. Knight Frank director Nicholas Mak reckons the winning bid for The Seaview Collection will exceed $1,000 psf ppr. 'The bidding for this site will add more fuel to the already hot market on Sentosa Cove,' he said. A spokesman for SCPL also revealed yesterday that after an expression of interest exercise that closed in November last year, six seafront bungalow parcels offered on an individual basis have been awarded to the respective top bidders at prices ranging from $927 psf to $1,308 psf of land area, or absolute sums of $8.1 million to $17.2 million. Singaporeans picked up four of the plots, with a Malaysian and an Indian buying one each. A tender for the en bloc sale of two man-made islands - Pearl & Sandy in the Southern Precinct - also closed in November. Bids have been evaluated but an award is still pending approval from SCPL's parent ministry, the Ministry of Trade and Industry. SCPL has sold all the land parcels in Sentosa Cove's Northern Residential Precinct - for a total of 1,528 homes. The Southern Precinct will have 145 bungalow plots - of which 33 have been sold. The four condo plots in Southern Precinct are for development into 762 homes in total. | ||||||||||
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