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Wednesday, October 15, 2008

IOI Corp to postpone Sentosa Cove launch

PETALING JAYA: IOI Corp Bhd is postponing the launch of its Sentosa Cove projects as the Singapore residential property market is undergoing a slowdown, a company official said yesterday.

He said due to the current situation, it would be better to wait for the market to recover.

The official was commenting on a Citigroup Research report yesterday which stated that the launch had been postponed.

The research house said the previous guidance was for Sentosa Seaview to be launched by this month and The Pinnacle Collection by April next year.

The land cost was S$1,364 (RM3,265) per sq ft per plot ratio for the Sentosa Cove project while the land cost was S$1,822 per sq ft per plot ratio for The Pinnacle Collection.

Citigroup Research said it was removing both projects from its immediate three-year forecasts.

Domestically, it was assuming that the Dengkil land project, with an estimated gross development value of RM2bil, would be postponed to its financial year ending June 30, 2010.

By The Star

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