Source : The Straits Times, Dec 5, 2007
It put in a bid of $215.7m or $1,350 psf
A CHINA developer has chosen Sentosa Cove for its maiden investment outside of China, paying a higher than expected price of $215 million for Pearl Island.
Although sentiment in Singapore's property market has somewhat weakened, that has not deterred Ximeng Land, which is owned by the majority shareholders of Ximeng Asset Holdings Co, the parent company of a luxury developer Beijing Ximeng Real Estate.
The price that Ximeng paid works out to $1,350 per square foot (psf), which far surpassed the previous en-bloc price on the Cove of $1,099 psf.
Pearl Island is the last of five island sites in Sentosa Cove. They are slated for landed homes.
With Pearl Island taken, Sentosa Cove sites are nearly all sold.
There remains just one condo plot - the tender for which closes next Wednesday - and two individual sea-facing bungalow plots.
Prices at Sentosa Cove have climbed significantly since sales begun back in 2003 when the property market here was in a slump.
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