Residential Market News Extract - 26 July 2012

Sentosa condos sold to Aussie buyer for $57m

SC Global Developments is said to be selling another two units at its luxurious Seven Palms Sentosa Cove condominium project for a total of about $57.2 million.

And the buyer is understood to be a company linked to Australian mining tycoon Gina Rinehart's Hancock Prospecting. Mrs Rinehart, 58, is the world's richest woman with a fortune estimated at about A$30 billion (S$39 billion).

Seven Palms Sentosa Cove - a four-storey project with only 41 residential units - is next to Tanjong Beach and is at an advanced stage of completion. The project is being designed by Kerry Hill Architects, which has designed many of the Aman resorts.

The Hancock Prospecting-linked unit is said to be paying around $23.3 million for a Seven Palms unit on the third floor and close to $33.9 million for a fourth floor unit. Sources could not ascertain the sizes of the two units; information like size of units and floor plans is tightly held and SC Global markets the high-end project in a very exclusive manner.

However, an industry player made an educated guess that the two units are likely to have crossed $4,000 per square foot, setting a new benchmark for Sentosa Cove.

On absolute pricing, the $33.9 million would topple the current record of $33.4 million set in late 2009 by Far East Organization for a duplex penthouse (on the 30th and 31st levels) in its freehold Boulevard Vue development at Cuscaden Walk. That worked out to $4,150 psf based on the unit's size of 8,051 sq ft.

SC Global is developing Seven Palms Sentosa Cove on a 103-year leasehold plot of 113,797 sq ft which it clinched at a tender conducted by Sentosa Cove Pte Ltd and which closed in July 2007. Its winning bid of $268.3 million reflects a unit land price of almost $1,800 psf per plot ratio.

Source: Business Times – 26 July 2012

Roxy-Pacific bags Harbour View Gardens for $33m

Roxy-Pacific Holdings Limited, through its wholly-owned subsidiary RH West Coast Pte Ltd, has acquired the freehold residential development Harbour View Gardens for $33.0 million.

This translates to some $766.7 per square foot per plot ratio (psf ppr), based on the site area of 30,745 sq ft.

Under the 2008 Master Plan, the site is zoned for "residential" use, with a gross plot ratio of 1.4.

The existing three-storey residential development, which is located at 211/A to 223/A Pasir Panjang Road, comprises 14 units - seven maisonettes with an average floor area of 2,411 sq ft each and seven walk-up apartments with an average floor area of 1,195 sq ft each.

Source: Business Times – 26 July 2012