Sentosa Cove launching tender for second condo land parcel on Sentosa island

Sentosa Cove is launching the tender for its Seaview Collection on Sentosa island on Tuesday.

This is the second condominium land parcel of three that it has identified in the Southern Residential Precinct.

The 157,000 square foot seafront site has a plot ratio of over 2.1.

Developers can build a condominium of up to 8 storeys with 200 units.

The tender will close in two months.

The Waterfront Collection was the first condominium land parcel offered by Sentosa Cove.

It was sold to Ho Bee for S$919 per square foot.

Sentosa Cove expects to attract strong interest from major local and overseas developers for the second parcel.

Property consultant Knight Frank expects the bids to start from $950 per square foot.

It sees the winning bid coming in above $1,000 per square foot per gross plot ratio.

This could set a new record land price for Sentosa Cove and add fuel to the already hot market there.

If the site is sold for about $1,100 per square foot per gross plot ratio, the selling price of the new development could range between $1,900 and $2000 per square foot when it is launched in about a year.

Source: Channel NewsAsia, 08 January 2007 

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