KSH Holdings clinches S$126.8m deal to build condo at Sentosa Cove

Construction and property developer KSH Holdings has secured a S$126.8 million contract to build a condominium development at Singapore's Sentosa Cove.

The contract is the first of its kind to be awarded by Lippo Marina Collection for the construction of a luxury housing development at the site.

This will be the group's fifth high-end luxury residential property project at Sentosa cove. The deal will bring KSH holdings order book to S$770 million.

In the last four months, project contracts for the developer have added up to some S$354.4 million, in comparison to a total of S$510 million for 2007.

Work on the site is to begin this month and the project is expected to be completed by December 2010. - CNA /ls

Source : Channel NewsAsia - 17 Apr 2008

Hard Rock Hotel contract awarded

GENTING International has awarded a $340 million contract to Singapore-listed Low Keng Huat (S) Ltd to build the Hard Rock Hotel at Resorts World at Sentosa (RWS).

The latest construction award brings the tally of construction contracts to over $1 billion.

The Hard Rock Hotel will be the first and only such hotel here. It is also one of six hotels at the $6 billion RWS development.

Expected to open in early 2010, the Hard Rock Hotel will have 360 keys (rooms), including nine suites and 351 rooms.

It will also have conference facilities, more than 20 meeting rooms and a large column-free ballroom with seating for 7,300 guests.

Michael Chin, executive vice-president of projects at RWS, said that Low Keng Huat was selected from a tender exercise which drew ’several bids’.

He added that the construction of the resort is entering a new phase in which the superstructures such as the hotels will be built.

‘Low Keng Huat’s proven track record and expertise in building construction and property development, especially in hospitality-related sectors, were the key factors in our selection,’ Mr Chin said.

One of the challenges in the construction of the Hard Rock Hotel will be the ballroom.

Low Keng Boon, managing director at Low Keng Huat, said the difficulty in constructing the ballroom lies in the fact that it is completely column-free, without the support of beams for a foundation.

With a floor area of 6,500 sq m and at a height of 11m, Mr Low explained that extremely large trusses will have to be specially manufactured to withstand the weight of the entire structure.

RWS will have some 1,800 rooms, spread across its six hotels of varying themes. Topping the list are Maxims Residences, Hotel Michael and the Hard Rock Hotel.

Source : Business Times - 9 Apr 2008

Construction of Singapore’s first Hard Rock Hotel to start in May

Construction of Singapore’s first Hard Rock Hotel which will be located at the upcoming Resorts World at Sentosa will begin in May.

The 360-room hotel is one of six to be developed and fans and visitors will be grooving to it when the famous chain opens in 2010.

Together, the hotels will provide 1,800 rooms but this might still not be enough.

Elena Arabadjieva, Deputy Vice-President, Resort Marketing, Resorts World at Sentosa, said: “We have 15 million visitors projected for the first year of operation, out of which 60% will be from overseas. We will definitely have challenges accommodating all our guests. Therefore, we are working with the hotels on the island to forge out some partnership.

“In the years to come, we are looking at different opportunities, from block booking part of the properties and other forms of partnership.”

The S$346 million five-star hotel will include 20 conference rooms and they are expected to be in high demand especially, the massive ballroom which will have no columns.

This will be located at the basement of the Hard Rock Hotel and could take up to 7,300 people.

The Hard Rock Hotel chain has operations in the US and around the region, including Bali, Penang and Pattaya.

Resorts World has been promoting its wide range of offerings in trade shows overseas.

It’s expected to rev up its marketing activities in 2009 in Southeast and North Asia, Australia as well as Europe.

The Hard Rock Hotel is part of the S$6 billion resort development.

It’s also the first of six hotels to begin construction work after the building contract was awarded to Low Keng Huat Limited.

The construction firm edged out two other bidders to secure the deal.

Resorts World said Low Keng Huat was selected based on its proven track record and its expertise in building construction and property development, especially in the hospitality-related sectors.

This deal is the latest in a string of construction contracts amounting to over S$1 billion that have been awarded so far. - CNA/vm

Source : Channel NewsAsia - 8 Apr 2008

Motorists will travel on brand new road into Sentosa

Motorists driving into Sentosa from Tuesday will be travelling on a brand new road.

It will replace the current Gateway Avenue which will be closed to make way for the development of Universal Studios Singapore, a part of the Resorts World at Sentosa.

Sentosa Leisure Group said the 730-metre, four-lane road (marked out in red) will help improve traffic on the island.

The Resorts World at Sentosa is bearing the S$60 million construction cost for the road, along with new ramps that will lead to its future 4,100-lot basement car park.

For now, ticketing will continue at Sentosa Gateway before drivers cross the bridge to the island.

However, admission booths will be located further inland on the new road starting the second quarter of this year. This relocation is expected to cost some S$3 million. - CNA/ac

Source : Channel NewsAsia - 10 Mar 2008

Resorts World to build new $80m bridge to Sentosa

RESORTS World at Sentosa (RWS) yesterday announced the award of a $80 million contract to Australian-based engineering and construction company McConnell Dowell to build a new vehicular bridge to Sentosa.

Work on the bridge begins this week and is expected to be completed by end-September 2009.

The 710-metre three-lane bridge will connect Singapore to Sentosa and provide visitors with a smooth and convenient entry into Sentosa and RWS. It will be built parallel to the present four-lane Sentosa bridge. When the new link is completed, the two bridges will be merged.

RWS anticipates 15 million visitors calling on its $5.2 billion resort when it opens in early 2010. 'This is the first vehicular bridge infrastructure of this scale built by a private developer in Singapore,' said RWS's senior director of projects Michael Chin. 'We are committed to provide our visitors with a once-in-a-lifetime holiday experience, and that includes hassle-free access to the resort,' he added.

According to Sentosa Leisure Group executive director for special projects, planning and development Low Tien Sio, the new link is 'set to take on up to four times more traffic when it opens . . . and will not only facilitate travel to RWS, but also drive traffic smoothly to Sentosa's popular destinations and give our Cove residents a welcome ride home'.

To help ease congestion near the Telok Blangah junction, the existing admission booths to Sentosa will be relocated on the island along Gateway Avenue and by April, Gateway Avenue will be diverted to make way for the development of RWS.

From the vehicular bridge, drivers will then travel along Gateway Avenue, before the road fans out into seven lanes to expedite island admission.

Source : Business Times - 25 Jan 2008

Resorts World at Sentosa builds S$80m bridge to ease visitor traffic

Resorts World at Sentosa has started work on a new vehicular bridge which costs S$80 million.

The new bridge is aimed at easing visitor traffic as over 15 million of them are expected to visit the Resort when it opens in early 2010.

The 710-metre, 3-lane bridge will run parallel to the existing causeway which connects Sentosa to the mainland.

And when completed in September 2009, both will be merged.

To help alleviate congestion near the Telok Blangah junction, existing admission booths will be relocated by Sentosa Leisure Group within the island, along Gateway Avenue.

By April, Gateway Avenue will be diverted to make way for the development of RWS.

From the vehicular bridge, drivers will then coast along Gateway Avenue, before the road fans out into seven lanes. Lanes and traffic directions are still being finalised.

The winning bid went to McConnell Dowell, an Australian-based engineering and construction company.

Resorts World at Sentosa said this is the first vehicular bridge of this scale to built by a private developer in Singapore. -CNA/vm

Source : Channel NewsAsia - 24 Jan 2008

Ho Bee-IOI tie-up wins Sentosa's Pinnacle site

Bid of $1.1b seen as relatively low as US sub-prime crisis dampens market

IT was the last chance for a bite of the sweet Sentosa Cove pie, but only three developers tendered for The Pinnacle Collection site with Ho Bee Investment and Malaysia's IOI Properties partnering to put in the winning bid of $1.1 billion.

The Pinnacle Collection: Ho Bee expects the breakeven cost to be about $2,600 psf

In a joint statement released yesterday, the joint venture partners said its bid for the largest and last condominium development site works out to $1,822 per sq ft (psf) per plot ratio (ppr).

In July 2007, SC Global won the tender for The Beachfront Collection condominium site with a bid that works out to $1,800 psf ppr. Not only were five bids received, but SC Global's winning bid also set a new benchmark price for Sentosa Cove, topping the highest bid of $1,361 psf ppr for The Seaview Collection tender held in March 2007 - also won by Ho Bee/IOI - by over 30 per cent.

The Pinnacle Collection was, however, awarded based on price and design concept.

Ho Bee has a 35 per cent stake in the project and news of the win, with what appears to be a relatively low bid, was greeted by investors positively yesterday. Its share price rose 3 per cent to end the trading day four cents higher at $1.39.

Ho Bee Investment executive director Ong Chong Hua said: 'The US sub-prime crisis has in our view helped us to secure what we believe to be the best site, not only in Sentosa but also in Singapore, at a price level which would otherwise be much higher for such an iconic site under normal circumstances'.

Factoring in higher construction cost for a luxury development, Ho Bee expects the breakeven cost to be about $2,600 psf.

The 231,676 sq ft site has a 2.6 plot ratio and a total permissible gross floor area of about 602,360 sq ft. Mr Ong said it will build 280 units comprising a mix of three- and four-bedroom units as well as penthouses.

The development is targeted for launch in the first quarter of 2009.

Upbeat about the high-end market, Mr Ong said that while the sub-prime crisis has created some market uncertainty, the Singapore real estate market is fundamentally 'very healthy', backed by solid demand and robust economic growth.

'We think the sub-prime crisis provided a very healthy consolidation to the market. It is a good reality check on the 'irrational exuberance' which we had experienced especially in mid-2007,' he added.

He also believes the high-end market will consolidate in the next three to six months after which he expects a steady growth of 5-10 per cent.

This will be Ho Bee's eighth project at Sentosa Cove and IOI Properties' third foray into the Singapore property market.

On the tender price, CB Richard Ellis (Research) executive director Li Hiaw Ho noted that the winning bid was only 14 per cent above the reserve price of $1,600 psf ppr. 'When the site was opened for tender in September 2007, market sentiment was more upbeat and it was widely expected that the winning bid would be in the region of $2,000 psf ppr,' he added.

He noted that the latest launches in Sentosa Cove, the Turquoise and Marina Collections, were priced at an average of $2,600 psf and $2,700-$3,000 psf, respectively. He also expects The Pinnacle Collection to sell at around $3,000 psf.

Source : Business Times - 10 Jan 2008

Last Sentosa Cove condo plot sold for $1.1b

THE last condominium plot in Sentosa Cove has been awarded to Ho Bee Investment and Malaysia-listed IOI Properties for a whopping $1.097 billion.

They put in a land price of $1,822 per sq ft per plot ratio (psf ppr) - slightly above the previous benchmark of $1,799.78 psf.

The bid, at just 14 per cent above the reserve, came in below earlier market expectations as the site, with a gross floor area of 602,360 sq ft, is said to be iconic.

Called The Pinnacle Collection, it can accommodate a 357-unit condo of up to 20 storeys, which would make it the tallest and largest condo in the enclave.

In September - when the 99-year leasehold site was launched for sale - property analysts projected bids of about $2,000 psf. But market sentiment had weakened by the time the tender closed on December 12.

Price was not the only factor at play though as the award was also based on the design concept.

Said CBRE Research executive director Li Hiaw Ho: ‘The breakeven cost is estimated at $2,500 psf, which suggests a future selling price of around $3,000 psf.’ The latest launch in Sentosa Cove, The Marina Collection, was priced at $2,700 psf to $3,000 psf.

Ho Bee and IOI have set up a special-purpose company for the project, with Ho Bee holding 35 per cent and IOI the remainder. The project is IOI’s third foray into Singapore’s property market and Ho Bee’s eighth in the cove.

‘If the sub-prime problem blows over, as it should, they would have landed a good deal,’ said Mr Ku Swee Yong from Savills Singapore.

With this sale, there are just three unsold bungalow plots left at Sentosa Cove.

Source : Straits Times - 10 Jan 2008

Ho Bee, IOI Properties win Sentosa's last prime condo site

A tie-up between Ho Bee and Malaysia's IOI Properties has clinched the last prime condominium site on Sentosa for S$1.1 billion.

The price for the Pinnacle Collection works out to S$1,822 per square foot per plot ratio.

Ho Bee will have a 35 percent stake while the remaining interest will be held by IOI.

The 99-year leasehold site covers 232,000 square feet and has a plot ratio of 2.6.

The condominium development is expected to yield about 360 units and have a maximum height of 20 storeys. - CNA/ms

Source : Channel NewsAsia - 9 Jan 2008

Ho Bee surges on property tender win

Shares of Ho Bee Investment rose as much as 5.2 per cent to $1.42 with 1.3 million shares traded, after the property firm won a tender for a condominiun site on Singapore's Sentosa Island for $1.1 billion (US$768.7 million).

The 99-year leasehold site has a total area of 231,676 square feet and is designated for 357-unit condominium with a maximum height limit of 20 storeys.

Ho Bee's partner in the bid was Malaysia's IOI Properties. -- REUTERS

Source : Business Times - 9 Jan 2008

The Coast @ Sentosa Cove

Situated on the longest coastal stretch of Sentosa Cove, The Coast is the only condominium in this premier residential enclave to feature views of both the panoramic vista of the South China Sea and the enchanting waterways of Sentosa Cove for all units. It will provide an unparalleled setting for your abode. In fact, you'll probably just feel as if the high seas belong to you.

The Coast comprises 249 exquisitely appointed units, giving you a wide selection of 3 and 4-bedroom apartments as well as luxury penthouses. Lavishly equipped for your every need, The Coast features full condominium facilities including a function room, a gymnasium, a lap pool, a wading pool, jacuzzi-equipped leisure pools and BBQ pits, together with thoughtfully landscaped pavilions and gardens as well as private berthing facilities - numbering a total of 41 berths for your pleasure crafts.

The building's facades are composed of full-height glass windows, sliding mesh panels and planted ledges. The percolated effect interacts with the changing light condition of the internal and external environment to create a visual impact that is at once arresting and ethereal. The overall impression is that of a sanctum of tranquility and a pure and meditative environment that is simply breathtaking. At The Coast, your return home will be made a welcome retreat to a private universe of serenity each and every day.

Location : Sentosa Cove (District 4)



Sentosa Cove - Singapore's prestigious new address

Offering an integrated waterfront resort concept that blends residential, commercial and marina facilities, Sentosa Cove promises a living environment without equal not just in Singapore, but also across the region. Inspired by the glitzy French Riviera, it even has its own charming marina village, not to mention the cosmopolitan ONEo15 Marina Club, specifically designed to allow mega-yachts to dock - which means you'll get to enjoy the atmosphere of a neighbourhood unlike any other you can find, one where the global elite would be glad to call home.

Only a stone's throw away at the glistening new HarbourFront Precinct is VivoCity, Singapore's largest retail, entertainment and lifestyle destination. And since it's a mere 10-minute drive away from the CBD and the Orchard Road shopping belt, you'll also enjoy convenient accessibility, together with the privacy and exclusivity you deserve.

Tenure : 99 years Leasehold
Estimated Completion Date : 30 Jun 2010
Total Units : 249

Unit Types :
3 BR ~ 1,916-2,056sqft
4 BR ~ 2,336-2,626sqft
3BR Penthouse ~ 3,035-3,186sqft
5BR Penthouse ~ 3,488-4,036sqft



From sun-kissed beaches to naturally deep aquamarine waters, from a world-class integrated resort that will incorporate a casino as well as theme parks to premier golf courses, tranquil spas, upmarket retail outlets and fine dining choices, Sentosa will soon have it all. Which means your home at The Coast also boasts excellent investment potential, in addition to having these pleasures right at your doorstep.

Email lushhome@gmail.com for more information.

The Berth By The Cove

The first of its kind in Singapore, The Berth by the Cove is a waterfront condominium to feature its own private berths for luxury boats. Situated in the prestigious new district of Sentosa Cove, it has an unmatched location on this tropical island resort.

Design & Concept

There are 200 lavishly appointed two-, three-, and four-bedroom apartments, as well as luxury penthouses. Conceived as a tropical haven oriented around the theme of water and greenery, the homes will feature a backdrop accentuated by lush tropical gardens, free flowing waterscapes and intimate courtyards. Generous pergolas and spacious balconies further create a relaxed atmosphere ideal for waterfront living.

The Ultimate Resort Living Experience

Life at The Berth by the Cove is different in so many ways. A home here isn't just any other residence, but a reflection of an island gateway.

Nested in a pristine corner of the exclusive district of Sentosa Cove. The Berth brings the ambience and setting of an upmarket tropical resort right into your home



Address: Ocean Drive, Sentosa Cove
Developer : Ho Bee
Tenure : 99 yrs Leasehold
Year of Completion: October 2006
Total Units : 200

Unit Types:
2 bedrooms ~ 1012 - 1302 sqft
3 bedrooms ~ 1604 - 2131 sqft
4 bedrooms ~ 1873 - 1905 sqft
Penthouses ~ 2939 - 3369 sqft
Skyvillas ~ 6028 sqft

Email lushhome@gmail.com for sales and rental enquires.

Number of F&B outlets on Sentosa tripled in last two years

The number of food and beverage (F&B) outlets has tripled on Sentosa in the past two years.

But it's not just the upcoming integrated resort that's attracting restaurants to start up on the island.

Emily Liu and Joe Ou Yang got married in Beijing in February 2007. But the couple never found time to take their wedding pictures, till Joe got posted to work in Singapore recently.

"My wife and I worked outside China and we don't live together. This August, I came to Singapore to work for couple of months. Then in September, I asked my wife to come to Singapore to visit me and we took the photographs here," said Ou Yang.

The couple had their pictures taken at Sentosa.

Sentosa said at least three couples have their wedding pictures taken at the island resort each day.

Some even believe that a 150-year-old Ficus tree on the island is a symbol of fertility, which is why Sentosa is the best location for couples to say 'I do'.

A 4 metre by 5metre floating pavilion in the centre of the lake is the place for wedding solemnisations. It can take the weight of a bridal couple, a Justice of Peace and two witnesses for a wedding solemnisation.

There will also be another "corner of love" for couples to do their wedding solemnisations, hold receptions by the lake or just across the road at nearby restaurants.

For foreigners like Liu and Ou Yang, the idea has potential spin-offs for wedding tourism.

"If everything is done in one place, it's more convenient for me. I don't have to bring all my wedding gowns from Hong Kong to Singapore and I don't have to go to many places to hunt for venue to hold my wedding banquet. It's more convenient if they can do everything in one place," said Liu.

The "I Do" corner is expected to be ready by mid 2008.

And such developments have attracted more food & beverage outlets to start up on Sentosa - from just three in 2005 to nine outlets today.

Said Thomas Teo, Managing Director Wine Network: "Before this, a lot of (F&Bs) went into Sentosa and didn't quite make it; they were struggling. With the new setting and the new policies, and the IR (integrated resort) coming in, it's a whole new ball game altogether.

"Within the next three years, when the IR comes in with the mega hotels with the casinos, we believe the traffic is going to grow by many, many times. We believe we can tap on that."

Wine Network spent nearly S$2 million to convert the old Ficus Monorail Station into a new restaurant and bar called "Suburbia".

It took Sentosa and the company two years of talks before the restaurant was set up.

The company hopes to recoup its investment within the next two years. Sentosa attracted nearly 6 million visitors in 2006. - CNA /ls

Source : Channel NewsAsia - 25 Dec 2007

Sentosa Cove condo plot draws 3 bids

A TENDER for the last condo plot at Sentosa Cove - named The Pinnacle Collection - is said to have attracted three bids when it closed yesterday, including a joint bid by Ho Bee Investment and Malaysia's IOI Group. The other two bidders are said to include foreign players/funds.

Sentosa Cove Pte Ltd (SCPL) declined to reveal the names of the bidders or their bid prices ahead of an evaluation process that will be based on both design concept and price. 'We expect the site to be awarded by early January,' an SCPL spokeswoman said.

The plum 99-year leasehold condo site, gracing the entrance to Sentosa Cove's marina basin, has a reserve price of $963.8 million or $1,600 psf per plot ratio, although top bids were expected to be above $2,000 psf, which would suggest an absolute amount of at least $1.2 billion. However, the deal clincher for the winning bidder may be its design concept, rather than how much it bid, market watchers observed.

The 99-year leasehold site can be developed into a 20-storey condo (this will make it the tallest project in the upscale waterfront housing precinct) with up to 357 apartments.

Over in the Jurong/Boon Lay area, an Urban Redevelopment Authority tender for a condo site next to Lakeside MRT Station drew just two bids - $205.56 million or $248 psf per plot ratio from Frasers Centrepoint and $191 million or $230.44 psf ppr from GuocoLand.

Both bids are below earlier market expectations of about $300 to $375 psf ppr indicated in October. Nonetheless, market watchers expect the site to be awarded. CB Richard Ellis observed that the higher bid yesterday of $248 psf ppr is 26 per cent above the $197 psf ppr achieved for The Lakeshore condo plot back in August 2002.

A spokeswoman for Frasers Centrepoint described the group's bid price as 'conservative', adding that it would reflect a breakeven cost of about $550 psf. 'We would be looking at an average selling price of at least $700 psf,' she added.

The group's scheme is for an 18-storey development comprising three blocks, with a total of 600-plus apartments based on an average size of 1,300 sq ft. 'We're bullish about the mid-market and upgrader segment in 2008,' she added.

CBRE said that units at The Lakeshore near the latest site are being marketed at around $800 psf by its developer. In the subsale market, Lakeshore units have changed hands in recent months at $650-750 psf, while units at The Centris, one MRT station away, have been changing hands lately at $600-650 psf.

Source : Business Times - 13 Dec 2007

Sentosa Cove: For sea views away from the city

WATERFRONT living has become the trendiest lifestyle choice in Singapore and Sentosa Cove is one area to lap it up.

But those who are keen to get a property there will have to be prepared to pay a lot more as values in the 99-year leasehold gated residential enclave have shot up considerably.

If that is not an issue, there are still a few condominiums left on the island to look out for. Next month, the Lippo group aims to push out its 124-unit Marina Collection, with homes that sources say could be priced from $2,600 per sq ft (psf).

The showflat for the condominium - each unit will come with a complimentary marina club membership - is ready.

City Developments also has a 228-unit condominium coming up. If you can wait a little longer, luxury developer SC Global Developments - which won a site for a record $1,799 psf of potential gross floor area - will build a condominium right in front of Tanjong Beach.

And Ho Bee Investment and IOI Group will jointly launch a 151-unit condominium that has sea views.

Sentosa Cove has one last condominium site up for tender on Dec 12 - for which consultants have projected bids of at least $2,000 psf, putting the expected sale price to house-hunters at $3,200 psf and up.

It also recently put up its last four bungalow plots for sale. Such plots - for those who prefer to design their own homes - now cost up to five times more than they did in 2003.

When land sales started at Sentosa Cove back in 2003, at a time when the property market was in a trough, the enclave's master developer could not even award all the sites it had put up for sale.

The reason: Tender bids were below its expectations.

Those that it eventually sold in its maiden tender were priced just at $302 psf for seafront plots.

Ho Bee paid just $351 psf of potential gross floor area for the first condominium plot in Sentosa Cove and subsequently launched it in late 2004 at $785 psf on average.

Today, units in The Berth by the Cove have been sold for up to $1,790 psf on the resale market.

Source : Sunday Times -18 Nov 2007

Email lushhome@gmail.com for more information.

Lippo’s Sentosa condo at about $2,750-2,900 psf

LIPPO Group is said to have priced its Marina Collection condo, a 99-year leasehold project on Sentosa Cove, at about $2,750-2,900 psf on average.

Over the past few days, the group, controlled by Indonesia’s Riady family, is said to have sold about half of the 60 or so units it has released so far in the 124-unit, four-storey development next to the One Degree 15 Marina Club. The development comprises three blocks.

Lippo is developing the condo jointly with the Marina Club, OCBC and Austria’s Raiffeisen Zentralbank (RZB).

Buyers will be given a free membership at One Degree 15 Marina Club for each unit of Marina Collection they purchase. The memberships are currently said to be going for above $40,000 each.

Lippo’s price appears to be slightly higher than the $2,600 psf net average achieved for the previous condo launch at Sentosa Cove - Ho Bee’s Turquoise.

The project was released in September and to date, Ho Bee is said to have sold 45 out of the 60 units it has released so far out of 91 units in the six-storey condo.

Marina Collection comprises three-, four-, and five-bedroom apartments as well as penthouses. Three-bedder units cost about $5.4 million while penthouses are priced at $10 million and above.

The 30 or so units Lippo has sold so far include five penthouses.

There are about 30 penthouses altogether.

The Lippo-led consortium is developing Marina Collection on a plot that it bagged at a tender that closed in September last year for $234.7 million or $818 psf per plot ratio (ppr).

Lippo’s pricing for its Marina Collection will no doubt be used by property developers to peg their bids at next week’s tender for the Pinnacle Collection - the last condo plot at Sentosa Cove.

The plot, which has a choice location at the entrance to the precinct’s marina basin, has a reserve price of $963.8 million or $1,600 psf ppr.

Source : Business Times - 8 Dec 2007

China’s Ximeng Land wins coveted Sentosa Cove plot

PEARL Island, the final bungalow plot at Sentosa Cove, was yesterday sold to the Singapore unit of China property conglomerate Ximeng Asset Holdings, which won the bidding with an offer of $215.65 million, which works out to $1,687.50 per square foot per plot ratio (psf ppr).

The price offered by Ximeng Land (S) Pte Ltd is higher than the previous record for Sentosa Cove, the $1,099 psf ppr paid in September for The Green Collection, Sentosa Cove’s only strata landed housing development.

‘The new record price achieved in this sale signals the strong demand for Sentosa Cove’s exclusive luxury real estate,’ Sentosa Cove general manager Kemmy Tan said.

The expression of interest, which closed on Oct 25, was a hot contest that drew seven bids from local and international developers.

It attracted interest from developers ranging from local conglomerates and foreign-listed companies to boutique developers known for high-end quality residences, Ms Tan said.

The Ximeng Group has a strong track record of developing quality luxury homes in China. Its unit, Beijing Ximeng Real Estate Co, is a renowned developer of luxury building projects in Beijing, Yantai and Jinan.

‘We believe that our success in Singapore will be our springboard to further success in the region and beyond,’ said Ximeng Land general manager Wu Xu Zhao.

Ximeng has received inquiries from several interested parties that are keen to own part of the development, he added.

The 99-year leasehold plot, which is located close to Tanjong Beach and the Tanjong Golf Course, occupies 14,840.4 square metres of land with a maximum permissible gross floor area of 11,872.3 sq m and a maximum permissible plot ratio of 0.8.

It can hold 19 luxury waterfront villas, each with a private berth.

Ximeng Land is considering a two-into-one configuration that will double the space for each bungalow to offer owners more privacy and exclusivity, Mr Wu said. This will mean that Pearl Island may only have nine large units instead of 19.

‘Our top priority now is the appointment of an internationally renowned architect, landscape artist and interior designer,’ Mr Wu added.

Ximeng Land said that the properties on Pearl Island are expected to fetch record prices when they are launched.

‘Sentosa has great potential with the integrated resort, as well as the unique offering of an oceanfront residential marina community, and Pearl Island is the last land parcel of Sentosa Cove’s islands made available for landed development,’ a spokesman for Ximeng Land said.

This project marks Ximeng group’s first investment outside China; it looks like it is not going to be its last.

‘The company is confident that there is still room for growth in the Singapore property market and is exploring opportunities,’ the spokesman said.

Source : Business Times - 6 Dec 2007

Ximeng Land: China developer buys Sentosa Cove plot

A CHINA developer has ventured overseas for the first time and paid a higher-than-expected $216 million for a landed plot on Pearl Island in Sentosa Cove.

The deal is another indication that, while Singapore developers are taking a cautious approach in the wake of the sub-prime crisis, foreign firms are happy to muscle in.

Ximeng Land beat six other bidders, which were not named, to the 14,840 sq m plot, which has a maximum gross floor area (GFA) of 11,872 sq m and can accommodate 19 villas.

It paid about $1,350 per sq ft (psf) for the plot. This is more than double the prices chalked up on the nearby Sandy Island but still below those paid for some individual seafront bungalow plots, which have sold for as much as $1,696 psf.

In September, a landed plot was sold to a developer for $1,099 psf of potential GFA.

Ximeng Land is owned by the majority shareholders of Ximeng Asset Holdings, the parent company of luxury developer Beijing Ximeng Real Estate. The company has built projects in Beijing and two other mainland cities, Yantai and Jinan.

The foreign factor also cropped up late last month when Malaysia’s YTL Corp bought Westwood Apartments in Orchard Boulevard for $435 million. The $2,525 psf per plot ratio (psf ppr) price was a record for a collective sale.

‘These foreign developers have displayed great confidence in the strength of the property market in Singapore,’ said Knight Frank’s director of research and consultancy, Mr Nicholas Mak.

While up to 19 villa units with private berths can be built on the Pearl Island plot, Ximeng said it might build just nine large bungalows, which it expects to fetch record prices.

Property consultants said the nine houses would each be at least 14,000 sq ft, a size not yet available in Sentosa Cove. For the project to be viable, each would need to sell for at least $30 million.

A Ximeng spokesman said it was attracted by the success of Sentosa Cove and its own success in Singapore will provide a springboard for expansion in the region and beyond.

It wants to develop Pearl Island into an ‘ultra-luxurious, world-class marina enclave for the privileged few’ and therefore plans to retain an internationally renowned architect for the project.

Pearl Island is the last of five island sites in Sentosa Cove, all slated for landed homes. There is just one condo plot left - the tender closes next Wednesday; the results are expected to come out early next year - and two individual sea-facing bungalow sites.

Prices at the 99-year leasehold Sentosa Cove have climbed significantly since sales began in 2003, when the property market was still in a slump.

Last month, two seafront bungalow plots were sold at a high of $1,696 psf, said master planner Sentosa Cove.

Some bungalow owners are now asking $1,800 to $2,000 psf when some freehold good-class bungalows sell for only half that price.

Source : Straits Times - 6 Dec 2007

Genting raises budget for Singapore IR to $6b

Genting International said on Tuesday that it expects to spend as much as $6 billion (US$4.14 billion) to build an integrated resort on Singapore's Sentosa Island, up 15 per cent from an earlier estimate of $5.2 billion.

The new figure, which includes a contingency provision of $250 million, will cover the cost of six new attractions as well as the rising cost of construction, Genting International said in a statement.

Genting International and sister company Star Cruises, which are both units of Malaysian casino operator Genting Bhd, won in December last year the right to build and operate Singapore's second casino resort.

Called Resorts World at Sentosa, the 49-hectare project will include a Universal Studios theme park, a giant oceanarium with 700,000 aquatic creatures, and six hotels with more than 1,800 rooms. The resort is scheduled to be completed in 2010.

Singapore's first casino site, a 20.6-hectare piece of waterfront land at Marina Bay near the financial district, was awarded to Las Vegas Sands in May 2006.

Singapore legalised casino gaming in 2005 as part of ambitious plans to double visitor arrivals to 17 million by 2015. -- REUTERS

Source : Business Times - 7 Nov 2007

A LITTLE-KNOWN Malaysian businessman has pledged to take luxury living in Sentosa Cove to new heights with a collection of plush villas on Sandy Island.

Dr Derek Wong is building 18 homes aimed at ‘ultra-high’ net worth buyers, including foreign celebrities. The homes will range in size from about 6,500 sq ft to 12,000 sq ft, with prices likely to start at around $12 million.

‘It will be an island oasis with a tropical setting,’ said Dr Wong, the managing director of Genesis-Alliance, which won a tender to acquire Sandy Island in March for $89.7 million.

Genesis-Alliance is a joint venture between Malaysian conglomerate YTL Corp and LP Worlds, of which Dr Wong is the major shareholder.

Dr Wong’s residential projects in Malaysia are mainly mass-market ones developed by his firm LP Worlds.

He also owns the master dealership for audio firm Bang & Olufsen in Malaysia and is developing the US$100 million (S$147.5 million) condo The Palazzio in Kuala Lumpur with Malaysian developer Sunway City.

Dr Wong, who owns homes in Singapore, Malaysia and Australia, clearly knows something about style.

The dapper 53-year-old, who has a PhD in business science, has designed some of his own shoes and clothes. He also holds a franchise for the Armani/Casa store at the Raffles Hotel arcade.

It is the first outlet in South-east Asia to sell furniture and home accessories designed by fashion designer Giorgio Armani.

For Sandy Island, Dr Wong has roped in Italian consultant Claudio Silverstrin as lead architect while the landscaping will be done by Australian Jamie Durie, who appears on The Oprah Winfrey Show.

Mr Silverstrin is the designer of Giorgio Armani stores around the world and his name would immediately ring a bell with Armani connoisseurs. As the villa project’s marketing manager, Mr Richard Leen, pointed out: ‘Our villas are aimed at those who have heard of Silverstrin.’

Each villa will be designed to offer plenty of privacy, with mature trees to be transplanted from other parts of Sentosa, and other vegetation lining the entrances and sides of the homes.

Each one will also have a berth for a boat and a pool. The bathrooms and kitchens will be custom-designed by Mr Silverstrin.

There will be a guard post at the Sandy Island entrance in the gated Sentosa Cove.

Unlike traditional homes, the Sandy Island villas, which will be launched early next year, will have a lean main door that opens out to the canal. And residents will be able to drive straight into the basement carpark - a rare feature for bungalows.

‘Nobody has gone through this trouble for a project,’ said Dr Wong.

He noted the timeliness of the project as Singapore’s upcoming integrated resorts have made the country more attractive to foreigners.

YTL and LP Worlds were in partnership to develop Lakefront Collection in Sentosa Cove. Acquired last September, this plot now comes under Genesis-Alliance and will be launched later next year.

Source : Straits Times - 11 Oct 2007