HO Bee Investment has teamed up with Malaysia’s IOI Properties group for its top bid on Tuesday for the Seaview Collection condo site at Sentosa Cove.
Their joint bid of $459.8 million works out to $1,361.33 psf per plot ratio - a new record for 99-year leasehold condo land in the upmarket waterfront residential locale.
The Seaview Collection is the second of a total of four condo sites at Sentosa Cove’s Southern Residential Precinct, and is one of the last two condo plots offering unobstructed views of the sea and Southern Islands. With a plot ratio of 2.15, developers can develop the 99-year leasehold plot into an eight-storey condo with a total of 200 units.
Sentosa Cove Pte Ltd said it expects to award the site to the Ho Bee/IOI joint venture in the ‘following weeks’. SCPL said the tender attracted five bids in all.
Source : Business Times - 8 Mar 2007
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