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Saturday, October 18, 2008

IOI unit to re-schedule launch of condo project

An artist's impression of Pinnacle Collection in Sentosa Cove

PETALING JAYA: IOI Properties (S) Pte Ltd (IOIP), a wholly-owned unit of IOI Properties Bhd, is looking to launch its maiden upmarket condominium project in Singapore’s Sentosa Cove next year when market sentiment in the city-state improves.

“We have rescheduled the launch of Seascape Collection to next year to coincide with the completion of the Integrated Resort (IR) project on Sentosa island, which would kick-start commercial and tourism activities in Sentosa Cove, and to be in sync with the expected economic rebound,” IOI Properties director Datuk David Tan told StarBiz yesterday.

The relevant approvals for the project have been obtained and the project was initially planned for launch in the middle of this year but was delayed when Singapore’s residental property market softened.

Work on the show unit for Seascape Collection is in progress.

The 3.6-acre Seascape project is a 50:50 joint venture between IOI Properties and its Singapore partner, Ho Bee Investment Ltd.

It will comprise two eight-storey condominium blocks of 151 residences of various sizes. The tentative prices of the residences range from S$2,500 to S$2,800 per sq ft.

Meanwhile, the planning approval for the company’s second project in Sentosa Cove, called Pinnacle Collection, has been granted and the final building plan approval is expected shortly.

The project will be undertaken by Pinnacle (Sentosa) Pte Ltd, which is 65%-owned by IOI Properties and 35% by Ho Bee.

In January, the company successfully tendered for a 5.3-acre land parcel for S$1.1bil.

The 99-year leasehold land parcel is the final piece of condominium land to be launched by Sentosa Cove.

The site will have seven 18-storey blocks and one 20-storey block of luxurious condominiums. The maximum number of units allowed in the development is 357, while the maximum permissible gross floor area is 602,359 sq ft.

It is one of the two condominium parcels flanking the entrance of the marina leading into Sentosa Cove.

Tan said Singapore’s property market was expected to continue its uptrend when world class attractions, such as the IRs, were in place.

“We believe the prospects are good and are confident on the project sales. Besides the fact that Sentosa Cove is essentially a Singapore government-promoted project with world-class infrastructure, the impact of the two IR projects in Sentosa island and Marina Bay will be felt soon.

“A substantial portion of the target buyers are high net-worth individuals from Malaysia/Singapore, Indonesia, India, China and Middle Easterns who are keen to be a part of the most sought-after address in the world,” he said.

Due to land scarcity, the supply of residential properties in Singapore, including Sentosa Cove, is very limited.

“Our projects are the last two remaining and most strategic condominium sites at Sentosa Cove. Due to its exclusivity, prices of luxurious homes in Sentosa Cove are holding well,” Tan added.

By The Star (by Angie Ng)

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