MEDIA RELEASE

HOMEOWNERS ACCORD SENTOSA COVE’S HILLSIDE BUNGALOW PARCELS HIGH BENCHMARK PRICE OF $451 PSF
Auction Mode of Sale for Hillside Collection attended by more than 100 interested home buyers

Singapore , 15 June 05 – Sentosa Cove has successfully benchmarked prices for its hillside collection of bungalow land parcels at its maiden sale by auction this afternoon. It was attended by some 100 interested homeowners, eager to build a dream home amidst lush hillside terrain with a commanding view of golf fairways and Singapore's city skyline.

The auction, which was managed by Debenham Tie Leung (DTZ), commenced at 2.30pm and drew keen bids of up to $451psf, re-affirming Sentosa Cove’s position as Singapore’s ultimate residential address.

Five out of six land parcels were sold at today's auction. Although there were bids for the unsold parcel, Sentosa Cove revealed that higher offers have been received for this land parcel prior to the auction. Sentosa Cove will be following up with these offers.

"The keen and competitive bidding experienced at today's auction testifies to the high demand for our hillside collection," Ms Jennie Chua, Chairman of Sentosa Cove, said.

"We are very pleased with the results. Judging from the extremely favourable feedback we have received, we are confident that the new home owners are also very happy with their successful bids," Ms Chua added.

Of the 107 bungalow land parcels released for sale to date, 104 (97 per cent) have been snapped up. The highest price attained for its seafront bungalow land parcels have hit highs of over $460 psf, while that of its waterway-facing bungalow land parcels have sold for $400psf.

Following the auction, Sentosa Cove will be releasing more hillside bungalows for sale via the private treaty method with prices guided by the benchmark set today.

On 17 May, Sentosa Cove announced auction as its new method of sale for six out of 29 hillside bungalow land parcels. This method of sale, which provides for transparency and immediacy, will be used to benchmark pricing levels for similar land parcels.

Sentosa Cove's hillside collection offers unique attributes: views of undulating championship golf fairways, the sea and Singapore’s city skyline nestled on the foot of Mount Serapong, Sentosa's highest hill. These coveted sites are located within a cul-de-sac and offer residents maximum privacy and exclusivity.