IT IS confirmed: the trendy W Hotel chain will open its first Singapore premises in Sentosa Cove in 2011.
The 250-room hotel will be part of the Quayside Isle Collection, a mixed lifestyle development being built by City Developments (CDL) that will include homes, shops and restaurants.
Quayside’s 228 homes are said to be planned as W-brand residences – one of the first in South-east Asia, after the W Koh Samui Retreat and Residences in Thailand to be completed next year.
When contacted yesterday, CDL declined to comment.
But the Korea Herald yesterday reported that Ssangyong Engineering & Construction had won a 150 billion won (S$178 million) design-and-build project for a W Hotel in Singapore. Continue reading
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.
Posted in Developers, Luxury Property, Property Price, Sentosa Property
Tagged CDL, City Developments, Marina Collection, SC Global, Sentosa Cove, Sentosa Property, Seven Palms, Seven Palms Sentosa Cove, The Azure, The Berth by the Cove, The Coast @ Sentosa Cove, The Coast at Sentosa Cove, The Oceanfront @ Sentosa Cove, The Quayside Isle