MEDIA RELEASE

SENTOSA COVE LAUNCHES TENDER FOR ITS LARGEST CONDOMINIUM SITE
Prime Condominium Site is the last condominium parcel within its gated Northern Precinct

Singapore, 25 October 05 – From tomorrow onwards, Sentosa Cove will invite local and overseas property developers to bid for its largest condominium site yet – a unique site offering both oceanfront and waterway frontages within the Northern Precinct of Singapore's only oceanfront marina residential community.

The launch of Sentosa Cove's 'Baywater Collection' – its last major launch for 2005 – follows the extremely successful sale of condominium units undertaken by developers within Sentosa Cove. The high take-up rate of units at The Berth by the Cove developed by Ho Bee and most recently, The Azure by Centrepoint Properties, is testimony of the heightened interest and demand for seafront living on the resort island of Sentosa.

Since Sentosa Cove's first launch in October 03, the land premiums for its condominium parcels have increased by over 38 per cent, with an achieved high of $485psf per plot ratio.

"We are greatly encouraged by the tremendous success we have had with the overall response towards Sentosa Cove and we have our partners, the developers to thank – for their confidence and being an indispensable part in realizing Sentosa Cove's vision of being one of the most sought-after places to live in Asia," Ms Jennie Chua, Chairman of Sentosa Cove, said.

"Sentosa Cove truly offers a unique lifestyle proposition for home owners in both the local and international community and is now recognized as a ‘must-have' amongst the well-heeled," Margaret Goh, General Manager of Sentosa Cove, said.

Situated adjacent to CDL-TID's marina gateway condominium site and on Sentosa Cove's south-east shoreline, the proposed six-storey development will offer unobstructed panoramic views of the sea, Southern Islands and beyond. The site also faces the waterways, offering berths for residents' private yachts. This will be the last gated condominium site at Sentosa Cove's Northern Precinct.

The condominium site is made up of three land parcels with a total land area of 25,684sqm with a plot ratio of 1.8. Sentosa Cove will offer developers the flexibility of amalgamating all three land parcels to build a single condominium development or build two or three stand-alone developments on the three parcels.

The tender will be based solely on price and Sentosa Cove is optimistic that this will attract strong interest from major local and overseas developers. Tender closes on 14 December 2005 at 4pm.

Particularly significant to interested foreign developers is the exemption from having to apply for a Qualifying Certificate – previously required under Section 31 of Singapore's Residential Property Act and a waiver to furnish a security bond.

Currently, over 70 per cent of the sites within Sentosa Cove's Northern Precinct have been sold, accounting for slightly more than 55 per cent of homes to be built by 2008. The first residents are expected to move in by early 2006.

With improving marketing conditions, the success track record of Sentosa Cove's sale of sites, coupled with the strengths that this current condominium plot possesses, Sentosa Cove expresses optimism that the site will strongly appeal to developers.