Tag Archives: Seven Palms

Aussie firm linked to world’s richest woman buys Sentosa condos

A company linked to Australian mining tycoon Gina Rinehart’s Hancock Prospecting is acquiring two units at Seven Palms, a Sentosa Cove condo project by SC Global Developments for S$57.2 million, according to sources who spoke to The Business Times.

Rinehart is considered the world’s richest woman with a fortune estimated at around A$30 billion (S$39 billion).

Located near Tanjong Beach, Seven Palms is a four-storey residential development that features just 41 units. Nearing completion, it is designed by award-winning Kerry Hill architects.

The firm linked to Hancock Prospecting is said to be paying around S$23.3 million for a third floor unit and nearly S$33.9 million for a unit on the fourth floor. However, the unit sizes are not known.

One industry watcher estimated that the two units are likely to have surpassed S$4,000 psf, a new benchmark for Sentosa Cove.

If the price of the fourth floor unit is indeed S$33.9 million, it would break the present record set for a duplex penthouse at Far East Organization’s Boulevard Vue project, which hit S$33.4 million in 2009. This translates to S$4,150 psf for the 8,051 sq ft unit, based on CBRE’s analysis of URA Realis caveats data.

Source : PropertyGuru – 26 Jul 2012




Ultra-luxurious homes of Sentosa Cove

Home to well-known people like celebrity hairstylist Addy Lee and City Harvest Church pastor Kong Hee, Sentosa Cove is a quiet and serene enclave, exuding luxury and exclusivity. Residences at Sentosa Cove are the only ones in Singapore where owners can berth their yachts in their own backyard.

Sentosa Cove at a glance

Total land area 117 ha (equivalent to 145 football fields)

Leasehold: 99 years

Number of homes

By 2014, 2,160 homes, comprising a mix of ocean-front villas, waterway bungalows, hillside mansions, terraces and condominiums, are expected to be completed.

The North Cove has been fully developed. In the South Cove, another 34 landed units are expected to be built.

In addition, two new condominiums – Seven Palms and The Pinnacle – are under construction and slated for completion in two years.

Number of residents: About 4,500.

Profile of homebuyers

From January last year to the present – 48 per cent are Singaporeans or permanent residents, down from 64.1 per cent, who bought between 2005 and 2007.

– 48 per cent are foreigners, up from 25.3 per cent from 2005 to 2007.

– 3.9 per cent are companies, down from 10.4 per cent from 2005 to 2007. Yacht owners

15 per cent of waterway households own yachts which are berthed in their backyards. Some residents also berth their boats at ONE°15 Marina Club.

How much per sq ft?

Landed property: $2,134.50 as of Q1 this year, up from $1,574.56 in 2009.

Non-landed property: $2,418.33 as of Q1 this year, up from $1,691.09 in 2009.

Most expensive landed property sold

What: A 16,000 sq ft detached house on Cove Drive. It is said to have five bedrooms and an entertainment room.

When: February

How much: $39 million .

Who: Previously owned by Citi Private Bank chairman Deepak Sharma and his surgeon wife, Dr Susan Lim. It was sold to Mr Shael Oswal, a 33-year-old Indian mining mogul.

Most expensive non-landed property ever sold

What: A unit at Turquoise Condominium

How much: Sold for $18 million

When: December 2007

In the first three months of this year, only five units changed hands. Last year, 79 units changed hands, down from 203 units in 2010 and 169 units in 2009.

Source : Stomp – 2012 Jul 7