Sentosa Cove villas relaunched at a discount Ximeng Land, controlled by mainland China parties, is relaunching the balance 12 luxury villas on Pearl Island in Sentosa Cove at $2,185 psf on land area. The price is inclusive of a 5 per cent discount to the $2,300 psf list prices for the units. A year ago, the developers asking price was $2,400 psf. Absolute prices vary from about $14.3 million to $25.5 million per villa. Pearl Island is one of the five man-made islands in the upscale waterfront housing district. Since 2010, Ximeng has sold seven of the projects 19 villas at prices ranging from $1,904 psf to $2,228 psf on land area. The buyers comprise Singaporeans, Indonesians and mainland Chinese. The seven units sold include two adjacent units bought by members of the Liu family that controls Ximeng Land. One was purchased for $17.1 million or $1,904 psf on land and the other, for $19.5 million or $1,906 psf. The highest absolute price achieved for the seven sold units was $27 million (translating to $2,162 psf), for a bungalow on 12,486 sq ft of land - the biggest of Pearl Islands 19 villas. The project received Temporary Occupation Permit in the first half of 2012. The villas sit on plots ranging from 6,555 sq ft to 12,486 sq ft and with total floor areas (including roof terrace) of between 8,000 sq ft and 11,000 sq ft. Each villa comprises two storeys in addition to a roof terrace and basement. All four levels are accessible by a private home lift. The bungalows have five to seven bedrooms with en-suite bathrooms. The basement of each unit houses a lounge and wine cellar, and semi-open garden in addition to a concealed utility area, a maids room and toilet. The top floor houses an entertainment room with powder room and a roof terrace. Each villa is built with wet and dry kitchens fitted with Miele refrigerators, wine chiller, ovens and cooker hoods/hobs. Big imported marble tiles cover the floors of the living, dining and bathrooms. Stairs also have marble slabs. Each villa has its own private berth (imported from France) and swimming pool. Ximeng Land is owned by the majority shareholders of Ximeng Asset Holdings Co, the parent company of Beijing Ximeng Real Estate Co, a developer of luxury building projects in Beijing, Yantai and Jinan, according to a December 2007 news release issued by Sentosa Cove Pte Ltd announcing the award of Pearl Island to Ximeng Land. A company search of Singapore-incorporated Ximeng Land (S) Pte Ltd listed its shareholders as Liu Yangang, Liu Yanguo and Liu Yanqiang, all Chinese citizens based in Beijing. Ximeng Land was awarded the 99-year leasehold site in late 2007 for $215.65 million, or $1,350 psf on its land area of 159,740 sq ft. Sentosa Cove is the only place in Singapore where foreigners who are not Singapore permanent residents (PRs) may buy a landed home, though this is subject to LDAUs nod. A foreigner, whether a PR or not, is allowed to buy only one landed residential property on Sentosa Cove, which must be for owner occupation and cannot be rented out. The one landed property limit is on a per-family basis, including economically dependent children. Thus, if a non-Singaporean couple already owns a landed home in Sentosa Cove, their non-Singaporean children who are still studying and not economically independent would not qualify to buy another landed property in Sentosa Cove. The same treatment applies to grandchildren. However, grown-up children/grandchildren who are economically independent from their parents/grandparents may apply to buy their own landed home on Sentosa Cove. The Sentosa Cove bungalow market is experiencing a dry patch. there has been just one caveat lodged Tfor a bungalow on Sentosa Cove so far this year. BT understands that the deal may not have gone through. Last year, there were 18 bungalow transactions totalling $367 million. The average price works out to $20.16 million per transacted bungalow and $2,096 psf on land area. In 2012, 23 properties were transacted at a total of $461 million - with an average price of $20.5 million per transacted bungalow and $2,164 psf. Source: Business Times – 24 May 2014
Posted on: Mon, 26 May 2014 03:39:58 +0000
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