Tag Archives: SC Global

Time is ripe for Quayside Isle launch

Posted on 16 Oct 2009 | Comments Off on Time is ripe for Quayside Isle launch

Recent months have seen a return of buying interests to Sentosa Cove. Last week, SC Global announced that its residential project, Seven Palms Sentosa Cove sold 6 out of the 10 released units at an average selling price of S$3,300 psf. In the sub-sale and resale markets, prices of other condominium projects on Sentosa have also recovered firmly in 2H09. We think that the time is ripe for City Developments (CDL) to launch its Quayside Isle Collection project soon. While we previously assumed a bear-case scenario pricing of S$1,400 psf for the project, we are now raising our selling price estimate to S$1,900 psf. As such, our projected profit contribution from the residential component of the Quayside Isle Collection project has now been raised from S$209.7m to S$386.2m. Our fair value of CDL has now been raised to S$9.83. We maintain our HOLD rating on CDL.

Summary of caveats lodged for Sentosa Cove projects Continue reading →

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Posted in Developers, Luxury Property, Property Price, Sentosa Property

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10 units released, 6 sold : Seven Palms Sentosa Cove

Posted on 8 Oct 2009 | Comments Off on 10 units released, 6 sold : Seven Palms Sentosa Cove

Asking average price is about $3,300 psf or about $8.5m per unit

SC Global Developments yesterday said it is releasing about 10 of the total 41 units at its Seven Palms Sentosa Cove condo at an average price of about $3,300 psf. In absolute quantum, prices start at about $8.5 million per unit.

Imagine: Tanjong Beach on one side, a golf course adjacent to it and the South China Sea on the other side

The upscale developer recently held private previews for the first phase and has sold six of the 10 units at an average lumpsum price of about $11 million per residence. Prices of the six units sold range from about $3,100 psf to $3,400 psf.

Standard apartments in Seven Palms range from about 2,700 sq ft to 6,800 sq ft and have three to five bedrooms. Penthouses range from about 4,000 to 8,000 sq ft. The residences are housed in three four-storey high blocks formed around a square coconut grove. ‘A huge open-ended portal connects the coconut grove to the beach for physical and visual access. Under this portal is a luxuriously-appointed beach club, complete with storage for water sports equipment, a glass-walled gymnasium, and plenty of deck areas for lounging, yoga, catered events, or just doing nothing,’ SC Global said in its news release.

It will be developing the project on a 99-year leasehold plot flanked by Tanjong Beach on one side, a golf course adjacent to this and the South China Sea on the other side. Continue reading →

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Posted in Developers, Luxury Property, Property Market / Real Estate, Property Price, Sentosa Property

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