Sentosa Cove is launching the sale of its last landed development site. The site on Pearl Island can house up to 19 luxury waterfront villas with private berths in their backyards.
The 15,000 square metre site has a plot ratio of 0.8. This can yield a maximum permissible gross floor area of about 12,000 square metres.
Pearl Island is expected to draw keen interest from major local and overseas developers.
According to property consultant CB Richard Ellis, the site can fetch bids of S$800 to S$900 per square foot.
This is much higher than the S$617 per square foot attained by another Sentosa Cove parcel, Sandy Island.
CBRE projects that prices for completed bungalow units on Pearl Island are likely start to from at least S$8 million upwards each.
The last exercise carried out by Sentosa Cove for three retail bungalow plots saw prices of S$1,247 per square foot for the waterway parcel and S$1,527 per square foot for the fairway parcel. - CNA/ch
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