MEDIA RELEASE

Sentosa Cove Asserts Dominance in Luxury Real Estate with
New Benchmark Prices at Inaugural Launch of South Cove Collection

SINGAPORE, 25 August 2006 – Sentosa Cove is pleased to announce that all 12 bungalow land parcels were readily snapped up at the inaugural launch of the South Cove Collection auction this afternoon. The auction attracted a capacity crowd of about 400. All bungalow land parcels achieved new benchmark highs with aggressive bidding of up to $1,039psf for an oceanfront land parcel.

The previous benchmark price registered for a similar site in the Northern Precinct was $500psf, sold through private treaty last year.

New benchmark prices – exceeding those of Good Class Bungalows – were established for all 12 land parcels offered at the auction.

The 12 successful bidders were from five different nationalities, of which 65 per cent were Singaporean and the rest from Malaysia, Indonesia, Indian and Myanmar.

The wide range of bungalow land parcels offered, which included oceanfront, waterway and fairway-facing plots, proved to be a strong magnet for the wealthy and was fiercely-contested at Sentosa Cove's Sales and Information Centre. The closed-door auction was also a closely-watched event by industry observers.

The proceedings were also web-cast live to registered overseas bidders in Australia, London, Indonesia, Hong Kong and Malaysia. Currently a first in Singapore real estate auctions, this feature enabled bidders to analyze the bidding situation, thereafter placing their bids via telephone to their representatives present at the auction.

Present at the auction, Ms Jennie Chua, Chairman of Sentosa Cove said, "The Board is extremely pleased with the excellent response. Our partnership with Christie's Great Estates has generated strong interest from an international audience and the bids have exceeded our expectations."

"We would express our heartfelt appreciation to each and everyone who have participated and contributed to the success of this auction," Ms Margaret Goh, General Manager of Sentosa Cove, said.

"Today's highly-anticipated auction not only sets the stage for subsequent release of our highly prized land parcels in the South Cove but also hastens the stunning transformation of Sentosa Cove into a showcase of the very best in luxury real estate that Singapore has to offer,"Ms Goh added.

Sentosa Cove's gated Southern Residential Precinct will offer 156 bungalow land parcels (including two islands) and four condominium land parcels yielding a total of 972 homes – a third of Sentosa Cove's 2,500 homes.

The Southern Residential Precinct, frequently described as 'more desirable' by market watchers, will offer unrivalled sea views of the Southern Islands and beyond, and is just adjacent to Sentosa's white sandy Tanjong Beach.

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