MEDIA RELEASE

PROMINENT DEVELOPERS VIE FOR PARADISE ISLAND
Ho Bee wins Paradise Island at $260psf, to build 33 Luxury Waterfront Bungalows

Singapore, 10 August 05 – The demand for oceanfront lifestyle properties at Sentosa Cove has prompted major real estate developers to vie for Paradise Island, the largest of Sentosa Cove's three islands on the Northern Precinct, on which developers have the rare opportunity to own, design and build an entire island of waterway bungalows.

The en-bloc sale of Paradise Island , spanning 23,025.70 square metres, was sold via an 'expressions of interest' exercise. Interested developers were invited to submit non-binding expressions of interest, with a price offer for the purchase of Paradise Island. The island was sold to Ho Bee at $64,440,645.00, or $260psf for the island, where it will be building 33 waterway bungalows, most of which with their own private berths.

"We are extremely pleased with the level of interest in Paradise Island by very eminent developers, resulting in healthy competition for a very attractive site on Sentosa Cove," Ms Jennie Chua, Chairman of Sentosa Cove.

"I congratulate Ho Bee on the successful acquisition of Paradise Island and look forward to collaborating with them once again. At the same time, I want to thank the other developers for their interest and support of Sentosa Cove. There will be more opportunities in the near future and I welcome them to partner Sentosa Cove," Ms Chua said.

Such en-bloc sale has proven to be attractive to developers as it gives them the opportunity to fully express their creativity and to enjoy economies of scale in designing and building a series of bungalows for the ready market of home owners.

In addition, developers will have the opportunity of customizing bungalows for homeowners who like the novel idea of staying on an exclusive island – situated on a yet larger lifestyle district of Sentosa Cove.