China's Ximeng Land wins coveted Sentosa Cove plot

Source : The Business Times, 06 December 2007

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 footper 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 housingdevelopment.

'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 hotcontest 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 Tansaid.

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 oursuccess 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, headded.

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 of0.8.

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. Thiswill 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 theproperties 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 thelast 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.

'Thecompany is confident that there is still room for growth in the Singapore property market and is exploring opportunities,' the spokesman said.