MEDIA RELEASE

SENTOSA COVE ADOPTS AUCTION AS NEW MODE OF SALE
Open & Immediate Process for Prime Hillside Bungalow
Parcels also serve to Benchmark Prices 

Singapore, 13 May 05 – Sentosa Cove will be adopting yet another method of sale which will once again be synonymous with transparency and immediacy, after the proven success of its private treaty mode of sale in March this year.

On 15 June, Sentosa Cove will hold an auction for six of its eagerly-awaited prime hillside bungalows land sites, which will offer homeowners the rare opportunity to build their unique homes into the lush hillside terrain with a commanding view of Sentosa Golf Club's Serapong championship golf course and Singapore 's city skyline.

For an on-the-spot sale, Sentosa Cove will be using the auction, envisioned to be similar to those organized by world-renowned Christie's and Sotheby's. This is to benchmark prices for its well sought-after and prime hillside bungalow land parcels, offered for the very first time. No other bungalow site in Singapore offers such unique attributes: undulating championship golf fairways and views of the sea and Singapore's city skyline nestled on the foot of Mount Serapong , Sentosa's highest hill.

With strong demand for the hillside bungalow land parcels, the auction process will ensure transparency and allow an on-the-spot allocation of the land parcels to home purchasers in a competitive environment.

Furthermore, homeowners will have the opportunity to bid for and secure adjoining bungalow land parcels with more ease via the auction mode of sale.

"I believe that the tremendous success of our previous sale of sites is in part due to the immediacy of the private treaty format, which many home purchasers appreciated," Ms Jennie Chua, Chairman of Sentosa Cove, said.

"The auction is therefore another variation of what we have introduced so far. It combines the fairness of the tender format in benchmarking prices for bungalow land parcels which have never been introduced previously with the openness of the private treaty," Ms Chua said.

"In a situation like Sentosa Cove where the demand far exceeds supply, the allocation of these limited once-in-a-lifetime property land parcels must be fair, open and immediate, and in my opinion, the auction is the only mode of sale that has such strengths," Ms Chua added.

Following the auction where benchmark prices of its hillside bungalows will be established, Sentosa Cove would most likely release its remaining 23 hillside bungalows via the private treaty sale method – with a price ascribed to each land parcel – shortly after.

Sentosa Cove sold 14 out of its 19 bungalow plots on the first day of its private treaty sale of land parcels on 4 March 2005. Half of them were purchased by the international community.

Since 4 March this year, 35 (90 per cent) out of the 39 bungalow land parcels offered have been sold.

Advertisements will be placed in the local and foreign press for the auction on 15 June, which will be conducted by Debenham Tie Leung (DTZ). Interested bidders must pre-register their interests with Sentosa Cove.

Only pre-registered home purchasers will be allowed into the auction venue, which is open to both local and foreigners. Sentosa Cove is confident that all six plots will be sold via the auction.

Purchasers will also be able to select from a selection 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.