July 15, 2006
Buyers flock to CDL's Sentosa Cove condo
180 homes in the 264-unit Oceanfront project sold within 2
days
By Property Correspondent, Joyce Teo
SENTOSA Cove is proving to be a hit with Singaporeans and
foreigners alike, with 180 units of the 264-unit Oceanfront @
Sentosa Cove snapped up over the past two days.
Forty per cent went to foreigners - including permanent residents -
from Britain, Japan, Hong Kong, Malaysia and Indonesia, said City
Developments (CDL), co-developer of the project with TID.
Some buyers also bought on a whole-floor basis, which could be
three to seven units at one go, it said.
Buyers included young professionals who love the seafront
lifestyle, said a CDL spokesman.
'We also have the well- heeled and well-travelled buyers who find
this development truly unique,' he said.
Singaporean Nancy Hawkes picked up a four-bedroom unit for close to
$1,500 per sq ft (psf). 'You cannot find another property like this
in Singapore...a piece of land that is so close to the ocean,''
said
Mrs Hawkes, who is married to hotelier Noel Hawkes.
Mr Hawkes agreed: 'It's like the south of France; our equivalent of
Cote d' Azur.''
'You're living on an island but cocooned by the safety net of
Singapore.''
The 99-year leasehold Oceanfront comprises five towers of 12 to 15
storeys, with two- to five-bedroom units. It also has 16 sky villas
fitted with their own pools.
All the four-bedroom units as well as some of the three-bedroom
units offer sea views. And all apartments have a private lift lobby
and most will have balconies.
CDL said it had initially planned on releasing 100 units for the
launch this weekend but had to release more to satisfy
demand.
It said the project had an early bird average price of $1,300 psf,
but this has since been adjusted upwards by about 2 to 3 per
cent.
According to an investor, units with views of the marina are priced
at about $1,300 psf. Those with sea views were sold from $1,400 psf
to over $1,500 psf for ones on the high floors.
Average prices on an absolute basis range from about $1.4 million
for the two-bedroom units to over $3 million for the four-bedroom
units, and over $8 million for the penthouses.
'Most buyers are likely to be sophisticated investors looking to
secure capital gains because there can only be so many apartments
on the island,'' said the head of research at property consultancy
Chesterton International, Mr Colin Tan.
'They are not likely to dump their units, because their window of
opportunity is long, until the completion of the integrated resort
on the island in several years' time.''
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Copyright © 2006 Singapore Press Holdings. All rights reserved.
