MEDIA RELEASE

ASIA’S DEFINITIVE OCEANFRONT RESIDENTIAL HAVEN BECKONS –
Sentosa Cove Promotes Singapore’s First & Most
Exclusive Tropical Marina Community in Hong Kong

Singapore, 05 March 2005 – Sentosa Cove, billed to be one of the world's most exclusive residential districts and Singapore 's first and only integrated oceanfront marina residential community, will be in Hong Kong to promote Singapore 's first-ever exclusive marina residences from 18 to 20 March 2005 at the Ritz-Carlton.

Sentosa Cove represents the first, and to date, only opportunity for foreign investors to own residential land in Singapore , one of the leading financial capitals of the world and the business hub of South East Asia . Sentosa Cove investors enjoy a range of financial conveniences and benefits, in addition to 48 hour fast-track approval when purchasing properties or plots.

Property analysts have opined that such property investment road shows in this region underline the burgeoning interest Asia has in Singapore investment opportunities. Cosmopolitan Singapore , with its largely English-speaking population, world-renowned safety standards and secure financial industry and stable government, is also one of the few countries in the world with no natural disasters of any kind, being sheltered by large land masses of Malaysia and Indonesia .

As Asia's ultimate lifestyle address, Sentosa Cove is making waves in its vision of becoming Singapore 's first and most exclusive international marina community. Originally conceived to emulate the romance and magic of renowned waterfront resorts in the French Riviera, Caribbean and the Mediterranean , Sentosa Cove has since created its own unique tropical personality. First conceptualised by Bernard Spoerry from France who designed Port Grimaud, the Sentosa Cove master plan was later tropicalised by McKerrell Lynch Architects ( Australia ) and Klages, Carter Vail ( America ).

Spread over 117 hectares, and with about 2,600 homes expected to be completed by 2008, the development embodies vitality and originality, where dream homes become a reality. Sentosa Cove is Singapore 's only residential project with an adjoining boating marina with berths for mega yachts, an intimate marina village with amenities, bungalows, terrace houses and condominium apartments. In fact, Sentosa Cove, is arguably the most coveted and ambitious residential development in recent years and is currently the ONLY oceanfront residence available in Singapore that is mere minutes away from the heart of the city and international air links.

With the azure sea and lapping waves at its doorstep, Sentosa Cove's residents can enjoy mooring their boats at their backyard while enjoying twin 18-hole golf courses and full resort facilities within the neighbourhood and a vibrant resort island in their backyard.

To date, more than 460 homes have been sold and since the end of 2004, Sentosa Cove remains the only home development that allows overseas buyers to own residential land in Singapore .

In 4 th March 2005 , Sentosa Cove started offering its bungalow sites under a new, more buyer-friendly mode of sales which saw more than 70% of the available sites being snapped up within hours of its launch. Currently, about 50 per cent of Sentosa Cove properties have been sold to non-Singaporeans, thus setting the stage for a truly international community here.

Recent relaxation in property ownership laws only adds to the tropical resort's variety of business and leisure attractions. Under new rules introduced by the Singaporean authorities, foreign investors planning to either buy or build houses are exempt from applying for a Qualifying Certificate (QC), previously required under the territory's Residential Property Act. This effectively removes the onus on the foreign investor to complete construction and sale of all units within a stipulated time. Security Bond investment has also been waived as a requirement to property development — these were typically valued at 50% of the land premium and ensured compliance with QC conditions. Overseas purchasers also only need submit an abridged application form to the Land Dealings (Approval) Unit of the Singapore Land Authority to receive a fast-tracked approval, thus simplifying the processes.

Sentosa Cove's General Manager, Ms Margaret Goh said: "With solid government backing, construction and design of the highest possible standards and oceanfront tropical location, Sentosa Cove is understandably attracting a lot of interest from abroad. Foreign investors have been particularly enthusiastic and we are delighted by this. Sophisticated Hong Kong residents and their first hand experience of luxury resort lifestyles can identify with the quality and prestige of a project like Sentosa Cove."