Sentosa Cove launches plot for cluster housing

Sentosa Cove launches plot for cluster housing 
By Fiona Chan 
SEMI-DETACHED and terrace houses will soon be available at Sentosa Cove, as the island enclave launches its first and only plot for strata-landed housing today.
Several posh condominiums and bungalows have already been launched at Sentosa Cove.

The new site - called the Green Collection - overlooks the Tanjong golf course. It will allow developers to build 15 to 20 detached, semi-detached or terrace houses.

The cluster can have shared facilities, such as a swimming pool or gymnasium, Sentosa Cove said yesterday.

The company has set a reserve price of $49.25 million for the 71,589 sq ft site or $688 per sq ft (psf) per plot ratio. This compares to a high of $1,473 psf for a bungalow plot sold earlier this year.

Mr Lui Seng Fatt, regional director and head of investments at property firm Jones Lang LaSalle, believes the reserve price is ‘quite a fair value’. Bids will not be very much higher than the reserve price, he added.

‘Compared to the earlier sites, the views of this site are not so good,’ Mr Lui said.

‘I would expect the finished homes to sell for about $1,000 to $1,200 psf. This means the land price can’t go much higher than the current reserve price,’ he said.

The Green Collection has a plot ratio of one and opens up to the Tanjong golf course on one side. Its other side faces the Waterfront Collection condominium.

 The Straits Times, 18 July 2007

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