(6 December 2007)
CHINA DEVELOPER BUYS SENTOSA COVE PLOT
Singapore Most Exclusive Waterfront
Life-Style Living: SENTOSA COVE
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XIMENG Land became the first Chinese developer to be awarded the bid for Pearl Island, the last of Sentosa Cove's much-coveted five islands available for landed housing development.
The company, incorporated in Singapore and wholly-owned by Beijing-based Ximeng Asset Holdings, beat six local and international developers with a top bid of S$215.7 million, or S$1,687.50 per square foot (psf) per plot ratio, for the 99-year leasehold bungalow plot near Tanjong Beach (picture).Ximeng Asset develops and manages real estate, including some luxury projects in Beijing, Yantai and Jinan in China.
"We were attracted by the success of Sentosa Cove as one of the most luxurious residential properties in Asia, and we believe that Pearl Island is the right development for our maiden project on the international stage," said Mr Wu Xu Zhao, general manager of Ximeng Land, who added that Ximeng will "deliver ultra-luxury living of an international standard".
"Our top priority now is the appointment of an internationally-renowned architect, landscape artist and interior designer," said Mr, Wu. Ximeng Land can build up to 19 bungalow units on Pearl Island.Other Sentosa Cove land parcels have gone to foreign developers, including Malaysia YTL Land and Development and Indonesia's Lippo Global Assets.
The award to Ximi underscores "the coming of age of Chinese companies expanding overseas", said Mr Nicholas Mak, director of the reserachn and consultancy department at Knight Frank.This push outwards reflects Chinese firms' confidence in expanding overseas,and for Singapore, "this new participation of foreign developers will bring new ideas to the local market....definitely a plus point for land sellers.
Mr Donald Han, managing director of property consultancy Cushmand and Wakefield, is heartened by the foreign interest in the local propert market. "Price-wise, it is certainly above expectations, considering the market is in a quieter stage at the end of the year.The price is 53.5 per cent higher than the previous record for landed development bungalows in the area,which is S$1,099 psf per plot ratio for The Green Collection.
The highest offer for a residential land parcel is S$1799.78 psf per plot ratio for a beach front condominium site, by luxury residential developer SC Global Development in July this year.
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(11 December 2007)
SALES OF MARINA COLLECTION
SALES OF MARINA COLLECTION
SENTOSA COVE:
For sea views away from the city there are still a few units leftleft on Sentosa,such as the 124-unit Marina Collection that the Lippo group plans to push outnext month, where homes are expected to be priced from S$2,600 psf.
WATERFRONT living has become the trendiest lifestyle choice in Singapore and Sentosa Coveis one area to lap it up.But those who are keen to get a property there will have to be prepared to pay a lot more as values in the 99-year leasehold gated residential enclave have shot up considerably.
If that is not an issue, there are still a few condominiums left on the island to look out for.Next month, the Lippo group aims to push out its 124-unit Marina Collection,with homes that sources say could be priced from S$2,600 per sq ft (psf).
The showflat for the condominium — each unit will come with a complimentary marina club membership — is ready.City Developments also has a 228-unit condominiumcoming up. If you can wait a little longer, luxury developer SC Global Developments — which won a site for a record S$1,799 psf of potential gross floor area — will, build a condominium right in front of Tanjong Beach.
And Ho Bee Investment and IOI Group will jointly launch a 151-unit condominium that has sea views.Sentosa Cove has one last condominium site up for tender on Dec 12 — for which consultants have projected bids of at least S$2,000 psf, putting the expected sale price to house-hunters at S$3,200 psf and up.
It also recently put up its last four bungalow plots for sale. Such plots — for those who prefer to design their own homes now cost up to five times more than they did in 2003.When land sales started at Sentosa Cove back in 2003, at a time when the property market was in a trough, the enclave's master developer could not even award all the sites it had put up for sale.The reason: Tender bids were below its expectations.
Those that it eventually sold in its maiden tender were priced just at S$302 psf for seafront plots.Ho Bee paid just S$351 psf of potential gross floor area for the first condominium plot in Sentosa Cove and subsequently launched it in late 2004 at S$785 psf on average.
Today, units in the Berth by the Cove have been sold for up to S$1,790 psf on the resale market.
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(10 January 2008)
LAST SENTOSA COVE CONDO (THE PINNACLES COLLECTION) PLOT SOLD FOR S$1.1B
LAST SENTOSA COVE CONDO (THE PINNACLES COLLECTION) PLOT SOLD FOR S$1.1B
(19 June 2008)
POSITIVE OUTLOOK FOR ASIAN PROPERTY
POSITIVE OUTLOOK FOR ASIAN PROPERTY
Inflows from outside region rising as a result of credit crisis in US and Europe, says report
BY JOYCE TEO, Property Correspondent
THE flow of capital into the Asia-Pacific's real estate market from outside the region is accelerating, a new report on property investment has found.
This is the result of the credit crisis in the United States and Europe, said the report by KPMG, FTSE Group and Asian Public Real Estate Association (Aprea).
The acceleration is coming off the back of prolonged steady growth, which has been powered by a combination of opportunistic and increasingly longer-term investments, it found.
"With the credit crisis in the US. and Europe, investors are seeing a slowdown there, so they. are looking to Asia for growth," said FTSE Group's head of quantitative research (Asia-Pacific), Mr Jamie Perrett.
Many institutional investors, such as pension funds, are looking to diversify their portfolios and increase their property allocations, he told The Straits Times.
Real estate as an asset class has outshone equities and long-term government bonds over the past decade, providing average returns of 7 per cent to 8 per cent, said the report.
And, while returns on real estate investments are expected to decline in most countries, returns in the Asia-Pacific are expected to remain higher than the global average of slightly over 5 per cent for the coming year, it said.
Market sentiment in Asia has been hit by the credit crunch and it is unclear when a rebound will occur, but the regional outlook should remain positive, said Aprea's chief executive officer, Mr Peter Mitchell.
The interest in investing in Asia remains but there are signs of a wait-and-see approach, he said. "We need to take a longer-term perspective."
Real estate investment trusts (Reits) are not growth stocks but good defensive stocks and inflation hedges, said Mr Mitchell. Projections show Asia's Reit market with a capitalisation exceeding US$100 billion (S$136.8 billion) by 2010.
"Despite the current tightening of credit from banks, the deals will continue to take place. But they may take longer, the price may be higher and it could lead to a temporary slowing in the supply cycle," said Mr Andrew Weir, KPMG's partner in charge of property and infrastructure in China and the Asia-Pacific, in a statement.
"However, the current sub-prime fallout elsewhere may well act as a catalyst for the inevitable further development of the Asia-Pacific as a centre of property and investment management."
According to the report, real estate funds remain the dominant source of capital for property investments in Asia this year.
Asian real estate, it said, may be experiencing some short-term pain but will eventually benefit from the credit crunch.
"In time, the credit crisis will result in Asia being regarded on a more equal and level-playin field compared to the more mature but struggling markets of the US and Europe."
Yesterday, FTSE and Aprea also announced that they signed an agreement to develop new indexes for the Asia-Pacific real estate sector.
Said Mr Mitchell: "It will give more visibility to Asian real estate markets, thereby enhancing the region's access to global capital."
joyceteo@sph.com.sg, Straits Times, 19 June 2008
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