HO BEE Investment made two big splashes yesterday - it paid $279 million for a freehold site near Newton Road and announced that one of its Sentosa Cove projects has almost sold out.
Its purchase, via a private treaty, was the 126-unit Elmira Heights, where owners will each get $2 million or $2.4 million, depending on the size of their units.
Ho Bee paid about $990 per sq ft (psf) of gross floor area, a new high for the Newton area, according to DTZ Debenham Tie Leung which brokered the sale.
The last collective sale deal in the area was in May last year when Wing Tai Holdings bought Newton Meadows for $660 psf per plot ratio. The Newton area’s prices have since shot up as new developments such as Newton One set new benchmarks.
Ho Bee plans to build two 30-storey towers with 170 apartments of about 1,800 sq ft each, on the Elmira Heights site. It could sell them for $1,800 psf on average, said DTZ Debenham Tie Leung.
In another announcement, the developer, known for its Sentosa Cove projects, said it has sold 28 of the 29 villas on Paradise Island in the gated enclave.
Buyers - more than half of whom were foreigners - forked out an average of about $1,100 psf during a three-week preview that started last month. The price is about 40 per cent higher than that of its first Sentosa development, Coral Island, early last year. The villas ranged from $7 million to $18 million each.
Source : Straits Times - 20 Apr 2007
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