Tag Archives: Seven Palms

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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Sentosa home to 8,000

Posted on 10 Oct 2009 | Comments Off on Sentosa home to 8,000

Sentosa is shaped like a long, thin wedge. The broad end of the wedge, on the east shore, is where Sentosa Cove is. Out of the total land area of 117ha, about 100ha of land is reclaimed.

  • Land sales started in 2003 for North Cove and completed by early 2007. Land sales for South Cove started in 2006 and were completed last year.
  • By the year’s end, 85 per cent of the projects in North Cove would have obtained their Temporary Occupancy Permit (TOP). The number of residents will increase from 2,300 to 3,000. They will live in 230 landed and 830 condo apartments.
  • The rest of North Cove will get their TOP by 2014. Development in South Cove will also be completed the same year.
  • The entire Sentosa Cove site will have a total of 2,140 units, comprising 1,720 condominium units and 420 landed units by then. It will be home to about 8,000 residents. Today, about 60 per cent of the residents are foreigners, hailing from 21 countries. Continue reading →

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Posted in Luxury Property, Property Price, Sentosa Property

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