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Tuesday, November 18, 2008

YTL Corp bullish on Sandy Island project

An artist's impression of YTL Corp's Sandy Island waterfront villas

PETALING JAYA: YTL Corp Bhd is upbeat on its high-end Sandy Island property project at Sentosa Cove in Singapore as response has been encouraging despite the global financial crisis, said YTL Singapore Pte Ltd international real estate director Kemmy Tan.

Tan said the YTL group was positive about the outlook of the property market in Asia.

“We believe there will be continued growth in interest for Asian properties as the economic downturn will also bring about opportunities for investors,” she told StarBiz in an e-mail interview.

A subsidiary of YTL Corp, YTL Singapore manages all YTL group’s projects in Singapore.

Apart from Sandy Island, YTL Corp has two other projects in Singapore – the Lakefront on Sentosa Island and the Westwood Apartments on Orchard Boulevard.

To date, YTL has sold three of the 18 luxurious waterfront villas on Sandy Island.

“We have received interest from local and regional buyers as well as those from as far as the US and Europe,” Tan said, noting that the current buyers were Singaporeans and other nationalities.

So far, there were no takers from Malaysia but “we will definitely be prospecting buyers from Malaysia,” she said.

The 99-year leasehold properties at Sentosa Cove have built-up areas ranging from 7,500 to 9,200 sq ft, with a starting price of S$13.9mil.

Tan said the growing base of the affluent in Singapore motivated the YTL group to venture into the luxury property market there.

“Singapore is well positioned as the regional financial hub and its competitive economy has made it an ideal place for investments,” she said.

“It is also becoming a regional base for multinational corporations and the increase in foreign talent has boosted the demand for luxury property.”

She added that the exclusiveness of the Sentosa Cove area made it particularly appealing to potential buyers.

“Only 2,500 homes can be developed there, of which 400 are landed. It is an exclusive marina community and is the only place in Singapore that allows foreigners to own landed property,” she said.

The Sandy Island villas, each with its unique design, come with a large living area and master bedroom, private pool, boat berth by the waterway, garden and private lift.

By The Star (by Eugene Mahalingan)

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