MEDIA RELEASE

Sentosa Cove Invites Offers for Limited Seafront Bungalow Parcels at Southern Precinct

SINGAPORE, 31 October 2006 – Sentosa Cove will be launching six highly sought-after seafront bungalow land parcels for sale in its gated Southern Residential Precinct on 4 November 2006.

With land areas ranging from 745.9sqm to 1,723.8sqm, these are amongst the last few seafront sites available for homeowners in Sentosa Cove. Interested homeowners would only need to submit their highest offer on 14 November, above the minimum reserve of $890psf, based on land area.

The launch follows the recently concluded sale of six seafront bungalow parcels on 11 October 2006, where a new benchmark of $1,130psf was achieved, surpassing the $1,039psf established at the Christie’s Great Estates Southern Precinct auction on 25 August 2006. The six seafront bungalow land parcels were individually sold between $942psf and $1,130psf (hence at an average price of $1,023psf). Of the six buyers, four were locals and the other two were from Ireland and Malaysia.

Sentosa Cove has also launched its final two islands – Pearl and Sandy Islands – to developers in what is known as ‘The Island Collection’. Launched on 26 October and located in the gated Southern Residential Precinct, 19 luxury villas can be developed on each island.

The Island Collection offers developers the final opportunity to create two private enclaves of luxury waterfront villas with private berths. Developers are required to submit offers for either the 13,512sqm Sandy Island (above the minimum reserve of $410psf) or for both Sandy and Pearl Islands, whose land areas add up to 28,352sqm (above the minimum reserve of $403psf) on 22 November 2006.

The decision, which will be announced in the following weeks, will be based solely on price.

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