Sources have told business times that the Land prices for the four seafront
bungalow plots released for sale in march hit a new high of S$1472 psf with an
average selling price of S$1300 psf. This will have positive impact on the newly
launched beachfront collection condominium site by Sentosa Cove. The 113797
sqf site which is the only beachfront residential apartment site can be built into
4 storey condominium housing 88 units. Considering that the lastest
condominium site (Seaview collection) purchased by Hobee and IOI Land
fetched 1361 psf ppr and land prices on the rise, the beachfront collection is
expected to fetch around 1400 psf ppr – 1600 psf ppr. The breakeven for the
project is estimated around 2000 psf. As this would be only beachfront
residential apartment site and the second last condominum site, we expect the
average selling prices to exceed 2400 mark adding in the land scarcity premium.
Hobee (target S$3.00) is the key beneficiary from this uptrend in the Sentosa
land prices as it is yet to launch its Waterfront and Seaview collection. We have
estimated average selling prices of S$2400 psf for the Waterfront collection and
S$2600 psf for the Seaview collection.
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