Foreign buyer's Sentosa Cove deal falls short
A FOREIGN investor who bought two adjoining bungalow plots on
Sentosa Cove in 2008 did not complete the transactions, it has emerged.
Sentosa Cove has since re-sold one of the plots to a local buyer at
the same price that the foreign investor had offered for it - $1,688
per square foot (psf) of land. But the other land parcel is still up
for sale.
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The
plot that was re-sold has a land area of about 9,700 sq ft, which means
that the total amount paid for the site is about $16.4 million.
The land parcel was first put on the market in March 2008, and sold
at the end of that year through a private treaty. But after the foreign
investor, who is understood to be a Chinese national, did not make
payment according to schedule, the plot was put on the market again. It
was sold to the local buyer about two months ago.
Sentosa Cove's general manager Jason Yeo said that the fact that the
plot was re-sold for the same price as in 2008 shows that the
fundamentals of the residential enclave on Sentosa island are intact.
His firm, which handles State land sales at Sentosa Cove, received
offers to buy the property at lower prices. But he held on to it until
someone offered the right price.
However, the second plot, which is slightly bigger, has not yet
received an offer deemed to be acceptable. The parcel, which is around
12,000 sq ft, was sold for about $1,650 psf to the foreign investor.
The total quantum works out to around $19.8 million.