MEDIA RELEASE

SENTOSA LAUNCHES EAGERLY-AWAITED
SECOND SALE OF SITES
- Building Singapore's international resort community

Singapore, 17 August 04 – Sentosa Cove, lauded as one of the most sought-after up-market residential properties with its unrivalled oceanfront views and marina lifestyle amenities, will now have the term ‘international resort community' added into its list of accolades – with the launch of its much-awaited Second Sale of Sites where, for the first time in Singapore, landed properties are being made much more accessible to international buyers.

This initiative, which was earlier announced by the government during the Budget Debate 2004, has been applauded by the local real estate industry, saying that the initiative will place Sentosa Cove on the global real estate map.

Besides creating a global community, the new decision is also seen as a boost to Sentosa as a resort destination for the world's rich and famous, especially with its marina and exclusive resort lifestyle concept, benefiting Singapore 's tourism industry as a whole.

Sentosa Cove Opens to the World

Under the new arrangement, foreign individuals will now be eligible to purchase either completed landed homes or land parcels (where they can design and build their dream homes) on Sentosa Cove from tomorrow onwards. This is on condition that the property will be for owner occupation (i.e. not to be rented out), and that they do not own more than one restricted property in Singapore . Owners of Sentosa Cove landed property can also re-sell their property to foreigners who meet these same conditions.

Foreign purchasers will only be required to submit an abridged application form to the Land Dealings (Approval) Unit of the Singapore Land Authority and will receive fast-tracked approval within 48 hours.

What this means for Sentosa Cove – and hence, Singapore – is that Sentosa Cove is poised to become Asia's latest sought-after global address, together with the higher echelon of international real estate developments like Sanctuary Cove in Gold Coast, Australia and The Palm in Dubai.

“This is a development that appeals to both locals and the international community,” Mr Darrell Metzger, CEO of Sentosa Leisure Group, said. Sentosa Cove is a wholly-owned subsidiary of Sentosa Leisure Group.

“We are not selling real estate but a dream; a lifestyle that is all at once dynamic, beautiful and vibrant. The first and only resort community in Singapore with a marina and resort lifestyle – a reality that locals and foreigners can now savour and enjoy,” Mr Metzger added.

Waiver of Qualifying Certificate for Foreign Developers

Particularly significant to foreign developers for this Sale of Sites is the exemption from applying for a Qualifying Certificate, previously required under Section 31 of Singapore's Residential Property Act. The Qualifying Certificate, or QC, stipulates certain conditions such as time frames for the completion of construction and for all units to be sold by the foreign developer. The previously required security bond that ensured compliance with the QC conditions has also been waived. This is in line with what is done for Government land sales.

The waiver of the QC condition is welcomed by both local and foreign developers to encourage greater international interest in Sentosa Cove.

(Please refer to the annexed backgrounder for more details of the new arrangements)

Sentosa Cove's Second Sale of Sites starts tomorrow and tenders will close at 12 noon on 28 September 2004. The sites released include 11 bungalow and two terrace plots – all of which enjoy waterway frontages, where home owners can moor their private yachts.

There will also be a prime site of 10,926.5 square metres with uninterrupted ocean front views, for the development of a low-rise seafront condominium, for an estimated 138 seafront apartments.

When asked why waterway housing takes precedence at this Second Sale of Sites, Mr Bernard Kong, CEO of Sentosa Cove said “This is in response to the strong positive interest that arose from Boat Asia 2004, held on Sentosa Cove for the first time in April.”

“The exhibition showcased the exclusive waterfront lifestyle with private berthing facilities at residents' backyards – a unique lifestyle that is only offered at Sentosa Cove.