Last Condo Site At Sentosa Cove Put Up For Sale

Source : The Straits Times, 18 Sep 2007

THE best of the condominium sites in the wildly popular gated residential enclave of Sentosa Cove was left till last.

And that site went on sale on Tuesday at a reserve price of $964 million or $1,600 per sq ft per plot ratio - the price psf of the potential floorspace.

But property consultants are already expecting bids for the 99-year leasehold site to come in above $2,000 psf per plot ratio, pushing the overall price well over $1 billion.

That would put the eventual selling price of completed condo units at a hefty $3,200 to $3,800 psf - a level that some Orchard Road homes are going for.

'This is an iconic site, the equivalent of the Orchard Turn site for Sentosa Cove,' said Mr Ku Swee Yong of property consultancy Savills Singapore.

This 231,677 sq ft site, called The Pinnacle Collection, is one of two condo land parcels that flank the entrance of the marina leading into Sentosa Cove. It is set to be the tallest development in the enclave, given it has a height limit of 20 storeys.

The other condo developments are more low-rise. Until now, the tallest will be the 15-storey The Oceanfront @ Sentosa Cove, which sits on the other condo parcel flanking the marina entrance.

The newest site also allows the highest density development in Sentosa Cove with a plot ratio of 2.6. That allows for a gross floor area of nearly 602,360 sq ft.

Up to 357 luxury apartments can be built, said Sentosa Cove in a statement.

Despite the reserve price, property analysts feel certain this site will beat the price paid by SC Global in late July for another site at a new Sentosa Cove which set a record of $1,799 psf per plot ratio.

Property consultancy CB Richard Ellis anticipates that this will be the 'most coveted' parcel of all the Sentosa Cove plots.