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The
Business Times, 5 Jun 04
Sentosa Cove seen offering more land for
sale soon
By Daniel Buenas
It plans to offer additional perks to woo more foreigners; details
on foreign ownership of landed property to be tied up in weeks
SENTOSA Cove, the upmarket residential development on Sentosa island,
is likely to launch more land for sale in four to six weeks. And the
island is looking to attract the rich and famous through incentives
such as golf memberships and free entry to attractions for their children.
Darrell Metzger, chief executive of Sentosa Leisure Group (SLG), told
BT in an interview that the launch of more building land has been
held back until regulations on foreign ownership of property are tied
up. SLG oversees the development of the Sentosa. 'We're a few weeks
away from finalising all the details on the foreign ownership of landed
property here, which has really been a delay,' said Mr Metzger. 'When
we put the sites up, we want to make sure we can accommodate interest
from foreigners, which will be a major step for us and will really
open up the market.'
In March this year, the government said it would give special permission
for foreign ownership of landed properties at Sentosa Cove. The Cove's
first land tender closed in February, with about 6 per cent of the
total inventory offered.
Mr Metzger said the second land sale will mirror the first, featuring
a combination of condominiums, terraces and bungalows. He also expects
the next tender to fetch higher prices, due to the possibility of
foreign ownership. 'It will be my assumption prices would go up, because
foreigners will be coming in . . . and they have the ability to pay,'
he said. 'It's a matter of how quickly we can reach those foreigners.'
Sentosa Cove is expected to draw an estimated $3 billion of investment
through 2,600 homes. And Mr Metzger expects to see 10 to 15 per cent
foreign ownership. He said Sentosa Cove hopes to attract high net
worth foreigners who can bring many benefits to Singapore. 'Those
kinds of people are usually entrepreneurs or CEOs of major companies,
and there's a likelihood that they would move their regional headquarters
here to Singapore,' he said. 'They might start a business here, or
expand their business, so it has a lot more to do with than just selling
a house, and that's the primary reason for foreign ownership.' And
it's not just the rich the Cove hopes to attract, but the famous as
well. 'We are targetting individuals who have some name recognition
in their industry, whether it is arts, sports or business,' Mr Metzger
said. 'In the end, I think we would like to see 20 or 30 people here
that would have some name recognition, and that helps establish a
certain ambience about the Cove.'
To lure the rich and well-known people, Sentosa Cove is considering
several marketing initiatives. 'We have golf-front houses and some
of them on the water, so we may look at the option of offering, if
you buy a house on the golf course, a free golf buggy and a membership
of Sentosa golf club,' Mr Metzger said.
Other ideas include letting the children of property owners have free
access to the island's attractions. Sentosa Cove is also trying to
obtain approval from Urban Redevelopment Authority to allow some property
owners to build part of their houses over the inland waterways and
ponds at the Cove development. 'You can actually have your back-porch
right over the waterway and go fishing on your porch,' Mr Metzger
said. 'That will be something nobody else in Singapore can offer.'
To cater to this lifestyle, the Cove will have a $20 million, 240-berth
marina that can accommodate up to 10 mega-yachts. The tender for the
marina was launched in April and closes on July 9. Mr Metzger says
response has been good, with about 20 groups having expressed interest.
Sentosa Cove will be launched in two broad stages - North Cove, with
about 1,600 units, and South Cove, with about 1,000 units. North Cove
has already been completed, and is where the sites in the first land
sale are located. The area for South Cove has been reclaimed and should
be ready for sale in about two years.
The development of the Southern Islands, however, still remains open
to discussion, as the government has yet to decide if a casino will
be built there. Even if there is a casino, Mr Metzger believes it
won't detract from the allure of Sentosa Cove. 'I'll imagine it will
be an interesting sight to see at night from the Cove,' he said. |
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