The Pinnacle Collection has a reserve price of S$964 million or S$1,600 per square foot per plot ratio.
The 230,000 square feet site has a maximum permissible gross floor area of over 600,000 square feet.
A condominium with about 360 luxury apartments can be built on the ocean-front site.
The 20-storey building will be the tallest at Sentosa Cove.
The site will be sold based on price as well as design concept.
CB Richard Ellis expects bids for the site to be above S$2,000 per square foot per plot ratio.
It estimates the breakeven cost to be between S$2,800 and S$3,000 per square foot.
This would translate to an estimated selling price of about S$3,200 to S$3,500 per square foot for homes in the development. – CNA/ms
Source : Channel NewsAsia – 18 Sept 2007