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Sep 27, 2007

Sentosa Cove puts last site up for sale

Bids of up to $144m are expected for Pearl Island, which can host up to 19 waterfront villas

By Fiona Chan

DEVELOPERS who want a slice of the Sentosa Cove pie will have to act fast - the enclave's final development site was put on sale yesterday.

Up for grabs is Pearl Island, the last of five islands zoned for landed homes. The 159,740 sq ft site can host up to 19 waterfront villas with private berths.

Property consultancy CB Richard Ellis expects offers of $127 million to $144 million for the plot, which works out to $800 to $900 per sq ft (psf).

Pearl Island was originally packaged with another parcel, Sandy Island, which has since been sold at $617 psf.

The most recent bungalow sale at Sentosa Cove saw seven offers for three individual plots. A new benchmark price was set at $1,527 psf.

Pearl Island is located near the Tanjong Beach and Tanjong Golf Course and has a maximum gross floor area of 127,792 sq ft. The plot is being marketed through an expressions of interest exercise that will close on Oct 25.

Sentosa Cove's last condominium site, The Pinnacle, was also recently launched for sale in a tender that will close in December. The only land still unsold in the enclave are four seafront bungalow plots for individual buyers.

Pearl Island was not the only plot put on the market yesterday. Four sites were put up for collective sales, ahead of new rules on such sales which are expected to kick in next month.

One estate, Chateau Eliza at Mount Elizabeth, has an indicative price of $115 million to $120 million, said marketing agent Credo Real Estate.

This works out to $2,130 to $2,222 psf per plot ratio (psf ppr) - just shy of the record $2,338 psf ppr paid for The Ardmore in June.

Chateau Eliza sits on a 17,997 sq ft plot with a possible gross floor area of close to 54,000 sq ft. No development charge is payable for the site.

A 36-storey condominium with 20 units of about 2,500 sq ft each can be built on the plot, said Credo.

Meanwhile, property firm Newman & Goh put up two estates for sale: Toho Garden in Yio Chu Kang and Vista Park in South Buona Vista Road.

The owners of freehold Toho Garden are asking $60.8 million, or $580 psf ppr. The 86,881 sq ft site has a 1.4 plot ratio and can host 80 new units.

Vista Park, a 99-year leasehold site, is priced at around $300 million, or $680 psf ppr, including an estimated upgrading premium of $37.3 million. About 300 new units can be built on the 319,248 sq ft plot.

The fourth site put on sale yesterday was a vacant plot in River Valley Road, between River Valley Grove and St Thomas Walk. It is 28,798 sq ft in size, can be built up to 36 storeys and has 80,634 sq ft of gross floor area, said marketing agent Jones Lang LaSalle.

fiochan@sph.com.sg

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