MEDIA RELEASE

RACE TO BUILD SINGAPORE’S FIRST TRULY BEACHFRONT CONDOMINIUM
New Benchmark for Condominium Land Parcel

SINGAPORE, 25 July 2007 – In a race to build Singapore’s first beachfront condominium, Sentosa Cove’s tender for its penultimate condominium site drew a total of five bids when tender closed at 3pm yesterday.

The highest bid of $1,799.78psf/ppr – which equates to $268.3million for the 113,797sqft (10,572sqm) in size with a maximum permissible gross floor area of 149,074sqft (13,849.32sqm) site – belonged to SC Global Developments Ltd.

All five bids exceeded $1,361.3psf/ppr, surpassing the benchmark for the Seaview Collection – the second condominium parcel in the Southern Precinct – which was awarded to a joint venture between Ho Bee Investments and IOI Land S’pore Pte Ltd in March this year. The top three bids were within three to five per cent of each other.   

The Beachfront Collection is Sentosa Cove’s second-last condominium site – one that offers developers the first and only opportunity to conceptualize and build a truly unprecedented development situated right beside Sentosa’s pristine Tanjong Beach with superb views of the sea, the Southern islands and the Tanjong Golf Course’s lush green fairways. 

It is envisaged that a 4-storey condominium offering up a maximum of 88 luxury apartments will emerge. 
 
This provisional result is currently pending approvals and Sentosa Cove is expected to award the site officially to the highest bidder in the following weeks.

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