Ho Bee bags prime land for S$325m
Tuesday January 17, 2006
Valerie Law
valerie@newstoday.com.sg
Developer
beats six others to clinch Sentosa Cove's Baywater Collection site
Property
developer Ho Bee Investment has clinched Sentosa Cove's Baywater
Collection condominium site for $325.2 million in a hotly contested
tender in which seven bids were received.
The
winning bid, translating into $638.62 per square foot per plot ratio,
for the residential enclave is the highest received so far for a
plot of land in Sentosa Cove since its sale of sites began in October
2003, Sentosa Cove said yesterday.
Comprising
three land parcels, the Baywater Collection is the largest condominium
site offered within Sentosa Cove.
Ho
Bee Investment plans to build an integrated condominium development
of about 250 units on the site, with blocks ranging between six
and eight storeys high. The development of the new project will
be undertaken by Ho Bee Cove, a newly incorporated company. Ho Bee
Investment will own 90 per cent of Ho Bee Cove and the remaining
10 per cent will be held by investment firm Engro Corp.
Ho
Bee Investment said the land and development costs of the project
would be financed from the group's own funds and bank borrowings
and would not have any material impact on the group's consolidated
earnings and on its net tangible assets per share in the financial
year ending Dec 31, 2006.
Ho
Bee Investment has been the biggest buyer of land at Sentosa Cove,
which has seen Singapore's sharpest escalation in property values
since residential plots were sold there in 2003.
Excluding
the Baywater Collection, Ho Bee Investment has bought four parcels
totalling over 600,000 sq ft, on which it is building The Berth
By The Cove condo, The Berthside terrace homes, 21 bungalows on
Coral Island and 29 bungalows on the neighbouring Paradise Island.
With
the latest sale, Sentosa Cove has sold 80 per cent of residential
land parcels in its northern precinct, accounting for 72 per cent
of the number of homes there.
"With
the acquisition of this site, it reinforces our strong belief that
the Cove will become the most exotic and premier residential address
in Singapore, if not Asia," said Mr Chua Thian Poh, chairman
and chief executive of Ho Bee Investment.
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