MEDIA RELEASE

TRUE OCEANFRONT LIVING NOW JUST A CHOICE AWAY
Sentosa Cove introduces New Sale Process for
Upcoming Bungalow Launch

Singapore, 28 February 2005 – Owning Singapore's only oceanfront homes at Sentosa Cove just became easier through a simplified process implemented for the first time, making the purchasing of its tropical lifestyle homes more expedient.

Indeed, Sentosa Cove will be adopting Private Treaty as the new mode of sale for its eagerly-awaited and highly-coveted bungalow land parcels, to be launched on Friday, 4 March 2005 for its coveted bungalow land parcels. Private Treaty sale replaces the tender process that had been used in the past two sales of residential sites.

This new system, which is familiar to most bungalow land parcel purchasers, equates to more hassle-free purchase of Sentosa Cove's bungalow land parcels. This move has brought about much cheer from interested home owners – both local and from the international community.

The Private Treaty format is based on fixed prices ascribed to individual land parcels, which will be made known to ALL interested purchasers – similar to the methods of sale used for other private properties in Singapore . This allows interested purchasers to select and purchase their dream bungalow land parcels immediately. Sale is on a first-come first-served basis.

From 4 March 2005, Friday, Sentosa Cove will launch 19 bungalow land parcels – 15 of which are sea-facing, while the remaining four have waterway frontage, giving homeowners the luxury of mooring their private yachts at their backyards. Prices vary between S$265psf and S$380psf, depending on the unique attributes of the individual bungalow parcels. The average size of the land plots is 8,000 square feet.

"In the first two sales methods, the tender system had been necessary and effective in benchmarking prices as well as determining fair market value for land parcels in Sentosa Cove. This was because Sentosa Cove is Singapore 's first ever oceanfront community and an unprecedented lifestyle district that we are creating," Mr Bernard Kong, CEO of Sentosa Cove, said.

"Now that these benchmark prices have been determined, and with Sentosa Cove opening up to the international community, we are adopting a more accessible approach when it comes to purchasing their dream lifestyle," Mr Bernard Kong added.

71 per cent of bids for Sentosa Cove's October 2004 sale of sites last October were received from the international community.

For the first time too, purchasers will also be able to select from a variety of bungalow designs offered by Sentosa Cove's distinguished panel of well-known and award-winning architects. These pre-designed bungalows are an added convenience for would-be buyers.

From Friday, 4 March 2005 onwards, interested purchasers who would like to own a property at Sentosa Cove need only to visit its Sales and Information Centre between 10am to 6pm, and the prices of the available individual land parcels for sale will be made known. Purchase is based on a first-come first-served basis. There is no restriction on how many land parcels an individual purchaser may purchase but anyone interested in creating their dream villa by the sea will be given the flexibility of purchasing adjoining land parcels.