MEDIA RELEASE

Sentosa Cove Awards Baywater Collection to
Ho Bee at a new benchmark price of $638.62psf

Singapore, 16 January 06 – Sentosa Cove has awarded its Baywater Collection condominium site to Ho Bee Investments on Thursday, 12 January 2006, after one of the most keenly contested tender exercises. The exclusive oceanfront residential enclave received the highest bid price for a plot of land since Sentosa Cove's sale of sites began in October 2003.

Ho Bee Investments paid $325,200,000 for 25,684sqm plot, or $638.62psf per plot ratio.

"We are extremely pleased with the level of interest resulting in such attractive bids for the Baywater Collection," Ms Margaret Goh, General Manager of Sentosa Cove, said. Sentosa Cove received seven bids for the Baywater Collection.

The results of this recent tender – hot at the heels of the highly successful sale of The Berth by the Cove developed by Ho Bee and The Azure by Centrepoint Properties attest to Sentosa Cove's heightened appeal as one of the most sought after oceanfront residences in the region.

Made up of three land parcels, the Baywater Collection is the largest condominium site offered within Sentosa Cove. Although initially proposed as a six-storey development, the building height has been increased to an eight-storey condominium for two adjacent plots and a six-storey condominium for one plot.

The proposed development will offer unobstructed panoramic views of the sea, Southern Islands and beyond. The site also faces the waterways, offering private berthings for residents' yachts. This will be the last condominium site within Sentosa Cove's gated Northern Residential Precinct.

With this recent sale, Sentosa Cove has sold 80 per cent of residential land parcels in its Northern precinct, accounting for 72 per cent of the number of homes there.