MEDIA RELEASE

Sentosa Cove Launches First Tender of 2007 for Prime Seafront Condominium Site

SINGAPORE , 9 January 2007 – Sentosa Cove will start the New Year by launching the tender for its second condominium land parcel at its Southern Residential Precinct on 9 January 2007 – one of the remaining seafront condominium parcels in the exclusive waterfront enclave on the resort island of Sentosa.

The Seaview Collection – aptly named for its prime location offering unobstructed 360-degree views of the sea, Southern Islands and beyond, as well as the Tanjong Golf Course and waterways of the Southern Precinct – sits on a sprawling 157,108.11square feet site with a plot ratio of 2.15. Developers can build a condominium of eight storeys high, yielding a total of 200 units.

Situated right at the water's edge facing the Southern Islands, The Seaview Collection follows the hugely successful sale of condominium units undertaken by developers within Sentosa Cove. The high take-up rate of units for past projects as well as benchmark prices established are testimonies of the heightened demand for seafront living on the resort island of Sentosa.

Most recently, a new benchmark of $919psf was attained when Ho Bee won the tender for the Waterfront Collection, the first condominium land parcel launched at the Southern Precinct.

“We are greatly encouraged by tremendous success of the developments here on Sentosa Cove. The launch of the Seaview Collection is very timely in meeting the market's demand for exclusive seafront housing as the supply of seafront condominium units at Sentosa Cove have largely been taken. Our partner's confidence is an indispensable part in realizing Sentosa Cove's vision of being one of the most sought-after places to live in Asia,” Ms Kemmy Tan, Deputy General Manager 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,” Ms Tan added.

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, considering that this being one of the only three condominium parcels remaining in the 2,500-homes Sentosa Cove. Tender closes on 6 March 2007.

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.

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