MEDIA RELEASE

STARTING THE YEAR ON A HIGH NOTE–
Sentosa Cove Launches Tender for
Prime High-Rise Condominium Site

Singapore, 21 February 2005 – From tomorrow onwards, Sentosa Cove will invite local and overseas property developers to bid for one of only two high-rise condominium development sites within Sentosa Cove , Singapore 's highly coveted and only integrated oceanfront marina residential community. Sited at the entrance to its multi-million dollar mega-yacht marina, the proposed development will shape and redefine the skyline as seen from the sea-ward approach to the south-eastern tip of Singapore .

With a maximum permissible height of fifteen storeys, the development – which is expected to yield about 270 condominium units – will offer unobstructed panoramic views of the sea, Southern Islands and beyond. Currently, no other private or public housing in Singapore commands such similar stunning views bearing such close proximity to the sea.

In addition to the usual tender system, submissions must also include an architectural design proposal which will ultimately influence the final tender award. As such, developers will have nine weeks to submit their designs and tender bids. Sentosa Cove is optimistic that this will attract strong interest from major local and overseas developers, especially since the high-rise condominium is expected to become an iconic landmark on the island skyline in a predominantly low-rise landed community. Tender closes on 26 April 2005.

"I can affirm that this condominium development will enjoy the best sea views in Singapore and is something that cannot be attained anywhere else in Singapore ," said Mr Bernard Kong, CEO of Sentosa Cove Pte Ltd.

“This will be the first of only two high-rise iconic developments that will flank the entrance to Sentosa Cove when approached by sea. It will be seen by ships when they travel to our shores and we expect many yachts, including mega yachts, to call here," Mr Kong said.

"By adding the design element as a key criterion in the tender submission, Sentosa Cove is inviting all developers to design and build Singapore's first genuinely high-rise oceanfront condominium development that can be truly stunning," Mr Kong added.

The condominium site is approximately 18,316sqm, with a plot ratio of 2.5. Particularly significant to interested foreign developers is the exemption from having to apply for a Qualifying Certificate – previously required under Section 31 of Singapore's Residential Property Act and a waiver to furnish a security bond.

A panel of imminent architects and planners will be invited to assess the design submissions.

Previous sales of condominium and terrace sites to local and overseas developers at Sentosa Cove have seen tremendous success, with a 100 per cent take-up rate. Ho Bee's recent success in selling its 200-unit The Berth By The Cove is indeed evident of the highly sought-after resort lifestyle that only residences at Sentosa Cove can offer. With such a good track record with developers in the past tenders, coupled with the strengths that this current condominium plot possesses, Sentosa Cove has expressed optimism that developers will show equal, if not more, interest and participation for this tender.

Sentosa Cove is arguably Singapore's most ambitious residential offering to date. It is currently the ONLY oceanfront residence available – a unique lifestyle community that has been said to be unsurpassed, in terms of location, concept, scope and prestige.

Its inaugural sale of sites in October 2003 saw 91 per cent of the units being snapped up. The recent decision by the government last year to allow foreign ownership of the prestigious waterfront residential landed properties also meant that Sentosa Cove is poised to be the Asian destination for globally famous icons from the world of business, entertainment, arts and sports – a move that has placed Sentosa Cove on the global real estate map, with foreigners contributing to 71 per cent of interest shown in Sentosa Cove's second and international sale of sites in August 2004. Landed properties on Sentosa Cove are the only ones open to the international ownership in Singapore.