ANOTHER prime oceanfront condominium plot has been released for sale at red-hot Sentosa Cove - and market watchers expect another record-setting price.
A developer may build 200 units to a maximum height of eight storeys on the 157,108 sq ft of land.
The tender, which will be awarded solely based on price, opens today and closes on March 6, said Sentosa Cove in a statement yesterday.
Sentosa Cove expects the site to attract strong interest from local and overseas developers, as it is one of only three remaining condo land parcels in the high-end residential enclave.
Property consultants said the winning bid for this plot, which faces the Southern Islands, is likely to be above $1,000 psf of potential gross floor area.
'This could set a new record land price for Sentosa Cove and add fuel to the already hot market there,' said Knight Frank's director of consultancy and research, Mr Nicholas Mak.
The previous record was set late last year by Ho Bee at $919 psf.
It was for a condo land parcel in the southern precinct of Sentosa Cove that can be built to a height of six storeys.
Since then, plans for Sentosa have become clearer with Genting International and its partner being awarded the integrated resort project there.
'Relative market values have gone up,' said Savills Singapore director for marketing & business development Ku Swee Yong.
Also, another development, Marina Bay Residences, has since set a new record for private home prices in Singapore, he said.
The Keppel group, too, has said it will launch its Keppel Bay condo in March or April at $1,500 psf to $2,000 psf.
Mr Ku thus expects bids to come in at between $1,100 psf and $1,200 psf of potential gross floor area.
The winning developer may then sell the new condo from September at prices starting from $1,800 psf to $2,000 psf, he said.
Mr Mak said the developer will have to sell at $1,900 psf to $2,000 psf if he pays $1,100 psf for the land.
'This is the current average price of prime properties like Ardmore Park,' he said.
In Sentosa Cove, the highest record from a developer sale remains at $1,810 psf for a unit at The Coast.
Ho Bee launched the 249-unit The Coast last October. It still has eight units left, which it is selling at about $1,600 psf.
Next, it aims to launch its 29 bungalows at Paradise Island in Sentosa Cove for sale in the next two months.
Prices of Sentosa Cove developments and plots have risen considerably in the past year.
At Ho Bee's 200-unit The Berth by the Cove for instance, the highest price done in the sub-sale market was $1,360 psf for a sea-facing unit last November.
The condo was launched at just $785 psf about two years ago.
joyceteo@sph.com.sg
PRIME PLOT
Sentosa Cove expects the site to attract strong interest from local and overseas developers, as it is one of only three remaining condo land parcels in the high-end residential enclave.
