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Saturday, April 3, 2010

CDL, Starwood team up for luxury project

SINGAPORE'S City Development Ltd (CDL) and Starwood Hotels & Resorts Worldwide have teamed up to open The Residences at W Singapore Sentosa Cove, which will be sold at S$2,500 to S$300 (RM5,825 to RM699) per sq ft.

Scheduled to be ready in 2012, the project comprises 228 private luxury residences starting from two-bedroom units measuring 1,227 sq ft to penthouses measuring 6,297 sq ft.

This translates into the smallest unit costing between S$3.07 million and S$3.68 million (RM7.15 million and RM8.57 million), and the penthouse from S$15.74 million to S$18.89 million (RM36.67 million to RM44.01 million).

During the launch of the project in Singapore recently, CDL managing director Kwek Leng Joo said he expects the project to attract many investors although there are other residential developments within the cove.
He attributed this to The Residences at W Singapore Sentosa Cove being the only integrated project in Sentosa. It will also have a hotel and retail component.

Asked about the likelihood of Malaysian investors buying the property, Kwek said: "For Singapore, Malaysia has always been a traditional source of buyers and vice versa. I will be surprised if not a single Malaysian buys the property."

The residences will be ready in 2012, and slightly before the hotel and retail portions.

A 240-room marina hotel, operated by W, is said to be the first of such in Singapore while the retail component, focusing on food & beverage and lifestyle products will have a gross area of 86,000 sq ft.

Although Kwek was unable to reveal the construction cost of the developments, he said that it expects the return on investments (ROI) for the hotel portion to take less than seven years.

In 2006, Sentosa Cove was awarded the marina Quayside site, which is collectively called The Quayside Collection. CDL paid S$255 million (RM594.15 million) for the land only, which has a 99-year tenure beginning October 1 2006.

The Residences at W Singapore is conceptualised by architectural firm Wimberly Allison Tong & Goo. It comprises seven six-storey blocks with attic and one basement car park.

The entire site with an area of 250,407 sq ft will have 42 two-bedroom units measuring 1,227 to 1,292 sq ft, 86 three-bedroom units (from 1,625 to 2,626 sq ft), 66 four-bedroom units (2,067 to 2486 sq ft ) and 34 units of penthouse (2,217 to 6,297 sq ft).

By Business Times (by Vasantha Ganesan)

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